Middle East & Africa Smart Retail Devices Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Technology, and Application

The smart retail devices market in the MEA is expected to grow from US$ 869.65 million in 2019 to US$ 1,391.25 million by 2027; it is estimated to grow at a CAGR of 6.5% from 2020 to 2027. The constant increase in the conversion ratio enhances the average transaction value and maximizes the number of items per transaction. Despite the rapid growth of brick-and-mortar stores, the retail & e-commerce industry continues to be the focal touch point for customers and remains at the forefront of shaping product and brand perceptions. With the adoption of smart technologies such as AI, IoT, and Big Data solutions in the overall retail, transportation, and logistics industries, the efficiency of distribution and production networks can be improved. The technology allows tracking the entire process of the transportation of supplies. With real-time insights, customers can track their purchase orders on their devices and thus can check the delivery status. The integration of smart retail devices helps in tracking and evaluating the performance of delivery agents. Additionally, the retail and e-commerce industry across all the regions has witnessed numerous transformations from the past few years. The growth in the industry has prompted smart retail sensing players to leverage AI, IoT, and Big Data analytics to make smarter business decisions. The use of this technology also provides valuable information on high traffic congestion and popular delivery areas, thereby enhancing the delivery operations. Thus, the growing demand for smart retail sensing is likely to boost the retail experience by integrating CCTV analytics and allowing real-time foot and people counting system, which is essential for the future of retail. With the help of smart retail devices, customers can easily check the in-store availability and pricing of products from their mobile phones before visiting the stores. Therefore, these factors are supporting the growth of smart retail systems significantly and are anticipated to create huge opportunities for the market during the forecast period. Additionally, smart payment portals using blockchain technology is among the other factors expected to fuel the demand for smart retail devices in the MEA.

Based on application, the smart fitting room segment is expected to be the fastest growing segment during the forecast period for the MEA smart retail devices market. Smart fitting rooms are transforming the retail sector for both customers and retailers by enhancing the service experience. These rooms recognize the products and provide their required details and suggestions to the customers. They also offer recommendations and call for the in-store service assistance staff, if required. Smart mirrors are among a few smart devices used to provide highly engaging experience for customers; therefore, the demand for smart fitting rooms is mounting in smart fashion retail outlets. For instance, Ralph Lauren, a fashion brand, introduced a smart fitting room at their Manhattan outlet, which experienced a 90% engagement rate in just a few months of implementation.

Among the MEA countries, Iran has recorded the highest number of COVID-19 confirmed cases. Other major countries facing the economic impact of COVID-19 include Turkey, Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait. The region comprises many growing economies such as which are prospective markets for smart retail devices providers, owing to the huge presence of diverse customer base for the retail and transportation & logistics industry. The COVID-19 pandemic has significantly affected the global economies. Still, the impact on the Middle East region is somewhat more, as there was already a pressure on the economy of various oil-based countries due to falling oil prices. In addition to this, factory and business shutdowns and travel bans further aggravated the economic problems of the countries in the MEA region. Hence, the estimated decline in the MEA's economic condition and the impact of COVID-19 on the growth of various industries in the region is expected to negatively impact the growth of the smart retail devices market in 2020 and 2021.

The overall MEA 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 MEA 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 MEA 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 MEA smart retail devices market.