Europe Smart Retail Devices Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Technology, and Application

Europe Smart Retail Devices Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Technology, and Application

  • April 2021 •
  • 130 pages •
  • Report ID: 6064961 •
  • Format: PDF
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. Benefits offered by smart devices such as smart payments and smart carts are boosting their demand from numerous end use industries such as transportation and logistics. Owing to the rising demand for efficient asset tracking system while in-transit, smart transportation across the retail sector is increasingly being adopted. The smart transportation offers the user with various ways to precisely manage the route, monitor driver activity, vehicle monitoring, and fuel consumption analysis. In the transportation & 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 helps 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 Europe. Additionally, increasing use of animatronics and robotics is among the other factors expected to fuel the demand for smart retail devices in Europe.

Based on application, the predictive equipment maintenance segment led the Europe smart retail devices market in 2019.The predictive equipment maintenance systems are used to predict equipment failure, manage energy consumption, and detect other issues related to store machines.

Retail stores are equipped with a variety of equipment such as refrigerators, digital machines, and payment terminals.These types of equipment require timely maintenance to continue operations.

These equipment are integrated with smart sensors and devices to make the machine data available for predicting the future maintenance requirement.The demand for IoT smart devices in retail stores is increasing with the integration of predictive analytic tools in-store systems.

The smart sensors and monitoring devices help monitor and analyze machines with modern cloud platforms and software tools.

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.

The overall Europe smart retail devices market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the Europe smart retail devices market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the Europe smart retail devices market. Intel Corporation, LG Electronics, NVIDIA CORPORATION, Panasonic Corporation, Samsung Group, and Zebra Technologies Corporation are among the key players operating in the Europe smart retail devices market.

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