Market Introduction
The APAC smart retail devices market comprises key countries, including China, India, Japan, South Korea, Australia, and the Rest of APAC. The countries in the region are noticing a surge in the middle-class population and urbanization that offers plentiful opportunities for the smart retail devices market players. The rising urbanization has resulted in the growth of smart retail stores in metro cities. New commercial complexes, malls, and others are creating a demand for smart retail stores and devices. The region is the largest continent in the world and is recognized for its technological innovations. Rapid advancement in technologies, along with policy support, and economic digitization are among the major factors that support the transition of economies in APAC from the growing stage to the developed stage. These factors are correspondingly supporting the growth of SMEs. For instance, in India, strategic government initiatives—such as Digital India, Make in India, and Startup India—are providing favorable business condition to the SMEs in the country. APAC has robust IT infrastructure and strong positions in areas of new IoT product development. Moreover, the rise in smartphone and internet penetration in countries in APAC, along with Bring-Your-Own-Device (BYOD) trend is acting as a significant opportunity for players operating in the smart retail devices market. The market in APAC is anticipated to grow at the fastest pace during the forecast period due to the increasing demand for smart retail devices. The strong innovations introduced by Japan and China-based companies such as shop guidance robots, digital signages, and kiosks are augmenting the market growth. The presence of market-leading companies such as LG Electronics, Samsung, and Intel Corporations is strengthening the market growth.
APAC a significant growth driving region for various markets, including smart retail devices. The retail sector in this region presents a massive opportunity for the growth of the smart retail devices market. The ongoing COVID-19 outbreak is anticipated to cause considerable disruptions in the growth of various industries of the APAC region. For example, China is the hub of manufacturing and the most abundant raw material supplier for multiple industries, and it is one of the worst affected countries. The temporary shutdown of plants and factories in China changes the supply chains and negatively impacts delivery schedules, and sales of multiple products and services.
Market Overview and Dynamics
The smart retail devices market in APAC is expected to grow from US$ 3,327.87 million in 2019 to US$ 5,467.51 million by 2027; it is estimated to grow at a CAGR of 6.9% from 2020 to 2027. In the transportation and logistics industry, the adoption of smart transportation solutions is further boosted with the integration of real-time sensors to collect data, streamline logistics operations, and send alerts to optimize delivery routes along with monitoring the performance. The deployment of off-road vehicle sensors permits the business to have a real-time tracking of their fleet, both off-road and on-road. The real-time sensors sense and record accurate data that help in making intelligent business decisions. Furthermore, the idea of smart retail includes the movement of merchandise with the help of smart transportation. The smart transportation application in retail allows users to precisely track the delivery trucks and optimize the routes with the help of GPS navigation. The integration of retail devices in the smart transportation is boosting exponentially across APAC.
Key Market Segments
The APAC market for smart retail devices is segmented into technology, application, and country. Based on technology, the APAC smart retail devices market is divided into digital signage, smart labels, smart payments, smart carts, and 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, and others. Further, in 2019, predictive equipment maintenance led the APAC smart retail devices market.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the smart retail devices market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Intel Corporation; LG Electronics; Nvidia Corporation; Panasonic Corporation; Samsung Group; and Zebra Technologies Corporation.
Reasons to buy report
APAC Smart Retail Devices Market Segmentation
APAC Smart Retail Devices Market - By Technology
APAC Smart Retail Devices Market - By Application
APAC Smart Retail Devices Market - By Country
APAC Smart Retail Devices Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 3,327.87 Million |
| Market Size by 2027 | US$ 5,467.51 Million |
| CAGR (2020 - 2027) | 6.9% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Smart Retail Devices Market is valued at US$ 3,327.87 Million in 2019, it is projected to reach US$ 5,467.51 Million by 2027.
As per our report Asia Pacific Smart Retail Devices Market, the market size is valued at US$ 3,327.87 Million in 2019, projecting it to reach US$ 5,467.51 Million by 2027. This translates to a CAGR of approximately 6.9% during the forecast period.
The Asia Pacific Smart Retail Devices Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Smart Retail Devices Market report:
The Asia Pacific Smart Retail Devices Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Smart Retail Devices Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Smart Retail Devices Market value chain can benefit from the information contained in a comprehensive market report.
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