Smart Retail System Industry Grows Fast Backed with Internet Development

Smart retail refers to the hybridisation of traditional shopping methods with the latest “smart” technologies. The Internet of Things collects data through communication between embedded devices and computers. As a result, consumers  enjoy a more personalized, faster and smarter experience.

Amazon, Alibaba, SES-imagotag, IBM Corporation, Shinsegae I&C, Google, SOLUM ESL, Pricer, Intel Corporation, and NEC Corporation are the major manufacturers in the global smart retail system market. Among them, Amazon is the largest manufacturer, with a revenue share of over 24% in the global market in 2021. Benefiting from the rapid development of the Internet, the global intelligent retail industry is also growing rapidly every year. Global smart retail system revenue will grow from $2,865.86 million in 2017 to $783.7 million in 2021, at a CAGR of 26.69% from 2017 to 2021, growing to $35109.8 by the end of 2028 expected to reach billions of dollars. It will grow at a CAGR of 24.31% from 2022 to 2028. The market size of China’s smart retail systems in 2021 is estimated at US$ 112.52 million, while smart retail systems in  North America and Europe  are worth US$ 2,491.36 million and US$ 1,864.94 million respectively.

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