The Asia pacific smart retail market size was valued at USD 7.52 billion in 2022 and is projected to reach USD 61.94 billion by 2031, expanding at a CAGR of 26.4% between 2023 and 2031. The growth of the market is attributed to rising need of better and faster shopping experience.
The term "smart retail" refers to the blending of old-style shopping methods with new "smart" technologies. Data is gathered through the Internet of Things as a result of connectivity between computers and implanted devices. As a result, customers may have access to a more tailored, faster, and intelligent experience.
The Pandemic have forced the governments around the world to impose lockdown and close down offices and schools and colleges. This has resulted, in companies implementing Work from home (WFH) policy. Also schools and colleges have been forced to continue education and regular classes by using online platforms.
The global online retail market has therefore seen a boom due to the pandemic, not only because of WFH policies which are adopted by companies, but also increasing use of internet and mobile telecommunication platforms for daily business operations and many more stay-at-home activities.
This has ultimately led to increased online transactions, and people prefer it more because of safety reasons. Most of the online e-commerce websites have also seen a huge growth during this pandemic.
Market Drivers, Restraints and Opportunities
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Cost-effectiveness of internet and increased usage of internet, and electricity is expected to be one of the key driving factors for market.
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Increasing usage of mobile wallets is anticipated to fuel the market.
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Increased threat of cyber-attacks due to increased online transactions act as major factor restraining the market.
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Increasing demand for online, fast, and efficient shopping services is expected to create lucrative opportunities the market players.
Scope of Asia Pacific Smart Retail Market Report
The report on the Asia Pacific smart retail market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Retail Market – Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Solutions (Software and Hardware), Applications (Smart Label, Intelligent System, Visual Marketing, Smart Payment System, and Others)
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Geographical Scope
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India, China, Japan, and Rest of Asia Pacific
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Amazon; Flipkart; Shopee; and AliBaba Express
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Asia Pacific Smart Retail Market Segment Insights
On the basis of solutions, the market is bifurcated into hardware and software. The hardware segment accounted for a major market share in 2019. It includes devices like RFID, Bluetooth beacon, AR & VR, and others utilized in the preparation of the smart retail solutions. The growing demand for these devices, to supply a seamless in-store searching expertise to customers, is driving the segment.
Besides, increasing technological advancement, in addition to the growing retail trade, particularly the e-commerce trade across countries like China, India, and Japan are also anticipated to fuel the market. The software segment is expected to expand at a high CAGR of 28.3% during the forecast period.
The growth of segment is attributed to increasing adoption, of predictive analytics software system by retailers, to know client behaviour and their specific needs to improve the searching experience and client engagement.
Based on application, the market is divided into visual marketing, smart labels, smart payment systems, intelligent system, and others. The visual marketing segment held major market share in 2019. Digital signage is in high demand to deliver a digital experience as well as an effective approach to connect with customers in physical stores.
In terms of geography, the market is classified as India, China, South Korea, Japan, and Rest of Asia Pacific. China is anticipated to dominate the market during forecast period. Regional market growth is attributed to increasing deployment of smart, reliable retail solutions across the brick-and-mortar stores and supermarkets within the countries.
Additionally, China and Japan have already started using robots for shopping guides, reception, intelligent dressing mirrors, logistics, and product shelf detection that work on technologies, like machine learning, pc vision, AR/VR, and natural language process.
Segments
The Asia Pacific smart retail market has been segmented on the basis of
Solution
Applications Outlook
- Visual Marketing
- Smart Label
- Smart Payment System
- Intelligent System
- Others
Country
Key Players
Competitive Landscape
Key players competing in the advanced ceramics market includes Amazon; Flipkart; Shopee; and AliBaba Express. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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