DUBLIN--(BUSINESS WIRE)--The "North America Smart Retail Devices Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Technology, and Application" report has been added to ResearchAndMarkets.com's offering.
The smart retail devices market in North America is expected to grow from US$ 5,838.00 million in 2019 to US$ 8,842.87 million by 2027; it is estimated to grow at a CAGR of 5.8% from 2020 to 2027.
Animatronics is the process of manufacturing and operating lifelike robots that are used for entertainment or films, whereas robotics is the process of designing, constructing, and operating robots. Robots offer enhanced services such as data collection for understanding customer behavior, personalized services, improved in-store services, and enhanced logistics and delivery of goods.
Furthermore, the growing adoption of robots by prominent retail chains such as Walmart is expected to drive the market. For example, in January 2020, Walmart introduced its robot - Alphabot. The robot can pick and pack orders 10 times faster than humans.
The increasing competition in the retail industry is encouraging large enterprises such as Amazon, Walmart, and Kroger to invest in smart technologies such as robots to understand customer behavior, offer enhanced shopping experience, ensure better inventory management, and reduce logistics and delivery time.
Therefore, the growing adoption of robots and animatronics to provide enhanced shopping experience to customers is driving the North America smart retail devices market. Additionally, the rising need for smart transportation is among the other factors expected to fuel the demand for smart retail devices in North America.
North America is one of the most critical regions for the adoption and growth of new technologies. It is due to favorable government policies to boost innovation, the presence of a vast industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the region's economic growth negatively.
The US is a significant market for smart retail devices, especially in retail and transportation & logistics sectors. The massive increase in the number of confirmed cases and rise in reported deaths in the country is affecting the retail sector. The factory and business shutdowns across the US, Canada, and Mexico are negatively impacting the adoption of the smart retail devices.
North America is a home to many manufacturing and technology companies. Thus, the coronavirus outbreak's impact is anticipated to be quite severe in the year in 2021 also. Hence, the ongoing COVID-19 crisis and critical situation in the US will impact the smart retail devices market growth negatively for the next few quarters.
Key Market Dynamics
Market Drivers
- Rising Need for Smart Transportation
- Growing Utilization of Animatronics and Robotics
Market Restraints
- High-Cost of Development and Maintenance of Smart Retail Devices
Market Opportunities
- Smart Retail and Transportation & Logistics at High Demand
Future Trends
- Blockchain Technology Easing Smart Payments
Company Profiles
- Caper Inc.
- Diebold Nixdorf, Incorporated
- Intel Corporation
- LG Electronics
- NVIDIA Corp
- Panasonic Corporation
- PAX Global Technology Limited
- Samsung Group
- SoftBank Robotics
- Zebra Technologies Corporation
For more information about this report visit https://www.researchandmarkets.com/r/3uyln8
