Europe Smart Retail Devices Market
No. of Pages: 130 | Report Code: TIPRE00020996 | Category: Electronics and Semiconductor
No. of Pages: 130 | Report Code: TIPRE00020996 | Category: Electronics and Semiconductor
Germany, France, Russia, the UK, and Italy are among the major countries in Europe. Western Europe is well-known for its better living conditions, with residents experiencing higher income levels. It is one of the wealthiest regions on the continent of Europe, with more GDP per capita than the other parts. The high standard of living in western European countries is driving the demand for smart retail devices for a safe and fast shopping experience. Also, these countries comprise several retail giants undergoing a digital transformation, which is bolstering the growth of smart retail devices. The digital transformation is irrevocably shaping the retail industry to offer a new level of services for customers in affordable and scalable manners. The European consumers are getting techno-savvy and demanding advanced connectivity-based solutions. The new smart connectivity through Wi-Fi and Bluetooth is improving the human and device interface experience. For instance, smart labels are offering product information on the customers’ devices with a single tap on labels. Also, the self-checkout systems or tap-and-pay payment process with Wi-Fi connectivity are offering a seamless shopping experience for customers. The retail giants are shifting toward digital technologies to improve customer shopping experience. For instance, in July 2020, Auchan (a grocery retailer) formed an agreement with Trax’s autonomous robots to deploy Trax’s suite of autonomous shelf monitoring solutions in their retail store. These shelf monitoring robots are utilized in 34 supermarkets and hypermarkets of Auchan in Portugal to monitor shelf stock and provide insightful data to store staff, enabling them to manage stock effectively. Also, Animatronics and robotics usage increasing is a major factor driving the Europe smart retail devices market.
Spain, Italy, Germany, the UK, and France are some of the worst affected member states in the European region due to the COVID-19 outbreak. Businesses in the region are facing severe economic difficulties as they had to either suspend their operations or substantially reduce their activities. Owing to business shutdowns, travel bans, and supply chain disruptions, the region faced an economic slowdown in 2020, which is most likely continue in 2021 as well. Italy, Spain, and Germany have implemented drastic measures and travel restrictions to limit the spread of coronavirus among its citizens. European countries represent a significant market for smart retail devices, owing to the high purchasing power of individual customers and booming retail industry. However, due to the COVID-19 outbreak, the retail sector has seen a sharp decline in the European countries. The retail and transportation & logistics industries are expected to be under stress in 2021, and they will require time to stabilize. All these factors are expected to impact smart retail devices market growth in European countries. The markets in Italy, Spain, Germany, the UK, and France are anticipated to see negative impact in 2021.
Strategic insights for the Europe Smart Retail Devices provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 5,175.76 Million |
| Market Size by 2027 | US$ 7,978.61 Million |
| Global CAGR (2020 - 2027) | 6.0% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe Smart Retail Devices refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The smart retail devices market in Europe is expected to grow from US$ 5,175.76 million in 2019 to US$ 7,978.61 million by 2027; it is estimated to grow at a CAGR of 6.0% from 2020 to 2027. Several nationalized banks across the world are leveraging and investing robustly on the deployment of various new technologies for attaining enhanced efficiency and providing better customer experience. This technology is cryptographically secured and is used to modify the database with each transaction on the network. The technology helps financial institutions gather data from authoritative service providers that permit them to ease the KYC (i.e., know-your-customer) process. A few of the banks have already started using a prototype of Blockchain-based KYC solutions. Furthermore, the retail and e-commerce are exploring the blockchain technology that helps in resolving the real-world issues for retail businesses. The deployment of blockchain technology in retail provides several benefits, including faster transactions, increased transparency, reduced costs, and improved security.
The Europe market for smart retail devices is segmented into technology, application, and country. Based on technology, the Europe 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 Europe smart retail devices market.
A few major primary and secondary sources referred to for preparing this report on the smart retail devices market in Europe 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; Zebra Technologies Corporation.
The Europe Smart Retail Devices Market is valued at US$ 5,175.76 Million in 2019, it is projected to reach US$ 7,978.61 Million by 2027.
As per our report Europe Smart Retail Devices Market, the market size is valued at US$ 5,175.76 Million in 2019, projecting it to reach US$ 7,978.61 Million by 2027. This translates to a CAGR of approximately 6.0% during the forecast period.
The Europe 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 Europe Smart Retail Devices Market report:
The Europe Smart Retail Devices Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Smart Retail Devices Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Smart Retail Devices Market value chain can benefit from the information contained in a comprehensive market report.
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