Smart Retail Devices Market Size, Trends and Growth Analysis by 2027

The smart retail devices market was valued at approximately US$ 17,043.48 billion in 2019 and is anticipated to grow to US$ 26,349.44 billion by 2027. This growth represents a compound annual growth rate (CAGR) of 6.1% from 2020 to 2027.

This global market can be divided into five key regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). In 2019, North America dominated the smart retail devices market, accounting for 34.2% of the total revenue. The region's strong embrace of digital technologies in both commercial and infrastructural sectors, particularly in developed nations like the United States and Canada, has significantly contributed to this leadership.

Conversely, the Asian market is experiencing remarkable growth in smart retail devices, driven by the rapid adoption of digital technologies and internet services in emerging economies such as India and China. The increasing number of tech-savvy individuals in these countries is a key factor in this trend. Additionally, Japan holds a substantial share of the smart retail devices market, thanks to its high rate of digital technology adoption and internet usage. In Europe, countries like the United Kingdom, Italy, and France are increasingly moving towards digitalization and automation, further propelling market growth.

Within North America, the United States stands out as the most technologically advanced nation. As an early adopter of innovative technologies, the potential for newly developed smart retail devices is particularly high in this region. The level of smart retail technology adoption in the US surpasses that of other North American countries, which motivates providers of smart retail devices to create more sophisticated systems tailored for retailers.

The Middle East is expected to witness significant growth during the forecast period, despite a slower acceptance of digital technologies among consumers. Traditionally dominated by the oil and gas sector, the region is now shifting its focus towards industrialization and digitization due to a decline in sector growth. This transition presents a substantial opportunity for the smart retail devices market as the region seeks new technologies to support its economy.

The overall size of the smart retail devices market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the smart retail devices market. This approach not only provides a comprehensive overview and forecast of the market but also covers all segments across the five major regions: North America, Europe, Asia Pacific, MEA, and SAM.

Furthermore, primary interviews were conducted with industry participants and commentators to validate the data and gain deeper analytical insights into the market. The interviewees included industry experts such as Vice Presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the smart retail devices sector.

In summary, the smart retail devices market is on a robust growth trajectory, driven by technological advancements and increasing digital adoption across various regions. North America currently leads the market, but significant growth is also expected in Asia and the Middle East as these regions embrace new technologies to enhance their retail environments.