Smart Labels Segment to Dominate North America Smart Retail Devices Market during 2019–2027

According to a new market research study on “North America Smart Retail Devices Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Technology and Application” is expected to reach US$ 8,842.87 million by 2027 from US$ 5,838.00 million in 2019. The market is estimated to grow at a CAGR of 5.8% from 2020 to 2027. The report provides trends prevailing in the North America smart retail devices market along with the drivers and restraints pertaining to the market growth. Rising need for smart transportation is the major factor driving the growth of the North America smart retail devices market. However, issues associated with development and maintenance of smart retail devices being expensive hinders the growth of North America smart retail devices market.

The North America market for smart retail devices is segmented into technology, application, and country. Based on technology the North America smart retail devices market is divided into digital signage, smart labels, smart payments, smart carts, others. Smart payments segment is projected to be the fastest growing segment over the forecast period. On basis of application, the market is segmented into predictive equipment maintenance, inventory management, smart fitting room, foot traffic monitoring, others. Further, in 2019, predictive equipment maintenance led the North America smart retail devices market.

Among the MEA countries, Iran has recorded the highest number of COVID-19 confirmed cases. Other major countries that are facing the economic impact of COVID-19 include Turkey, Saudi Arabia, UAE, Egypt, Morocco, and Kuwait. The region comprises many growing economies, which are prospective markets for retail execution software providers, owing to the huge presence of diverse customer base for the retail & e-commerce industry. The COVID-19 pandemic has significantly affected the global economies. Still, the impact on the Middle East region is somewhat more, as there was already a pressure on the economy of various oil-based countries due to falling oil prices. In addition to this, factory and business shutdowns and travel bans are further aggravating the economic problems of the countries in the MEA region. Hence, the estimated decline in the MEA’s economic condition and impact of COVID-19 on the growth of various industries in the region are expected to negatively affect the growth of the retail execution software market in 2020 and 2021.  

Caper Inc.; Diebold Nixdorf, Incorporated; Intel Corporation; LG Electronics; Nvidia Corporation; Panasonic Corporation; PAX Global Technology Limited; Samsung Group; SoftBank Robotics; and Zebra Technologies Corporation are among the leading companies in the North America smart retail devices market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, The Intel Corporation introduced new advancements in a digital kiosk such as touchless interaction. New software developed by the company is converting a touch-based kiosk into touchless systems.  

The report segments the North America Smart Retail Devices Market follows:

North America Smart Retail Devices Market – By Technology

• Digital Signage
• Smart Labels
• Smart Payments
• Smart Carts
• Others

North America Smart Retail Devices Market – By Application

• Predictive Equipment Maintenance
• Inventory Management
• Smart Fitting Room
• Foot Traffic Monitoring
• Others

North America Smart retail devices Market – By Country

• US
• Canada
• Mexico