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

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.

Based on technology, the smart labels segment led the North America smart retail devices market in 2019. The implementation of smart labels enables retailers to enhance customer engagements and provide better shopping experience. The technology helps them update product information and pricing in real time. Further, customers can access the product information on their smartphones by merely tapping the smart labels. Digital smart labels enable retailers to automate the large-scale pricing process; moreover, they can update the shelf edge pricing remotely and integrate them with retail POS systems. Further, improvements in wireless connectivity are catalyzing the advancements in smart electronic shelf labels, thereby ensuring more effective information access for customers. In 2019, Smartrac Technology Group and Compass Marketing, collaboratively, delivered new Smart Retail Label (SRL) tags to the Modern Retail Collective store in the Mall of America, Minnesota. Customers can access product details with a simple tap on the SRL tags; they can access this information on their smartphones without the need for a specific app.

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.

The overall North America 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 North America 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 North America smart retail devices market. Caper Inc.; Diebold Nixdorf, Incorporated; Intel Corporation; LG Electronics; NVIDIA CORPORATION; Panasonic Corporation; PAX Global Technology Limited; Samsung Group; SoftBank Robotics; and Zebra Technologies Corporation are among the key players operating in the North America smart retail devices market.