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

The smart retail devices market in APAC is expected to grow from US$ 3,327.87 million in 2019 to US$ 5,467.51 million by 2027; it is estimated to grow at a CAGR of 6.9% from 2020 to 2027. Several nationalized banks across APAC are leveraging and investing robustly on the deployment of various new technologies for attaining enhanced efficiency and providing better customer experience. Several banks in APAC have started experimenting with the blockchain technology in the process of customer on-boarding. This technology is cryptographically secured and is used to modify the database with each transaction on the network. The technology helps financial institutions gather data from authoritative service providers that permit them to ease the know-your-customer (KYC) process. A few banks have already started using a prototype of blockchain-based KYC solutions. Furthermore, the retail & e-commerce industry is exploring the blockchain technology which would help in resolving the real-world issues for retail businesses. The deployment of blockchain technology in retail provides several benefits, including faster transactions, increased transparency, reduced costs, and improved security. In addition, in October 2017, the consortium of Mitsubishi UFJ Financial Group, OCBC Bank, and HSBC - in conjunction with the Infocomm Media Development Authority - became the first user of the KYC blockchain concept in Southeast Asia. Additionally, surge in demand for smart retail and transportation & logistics is among the other factors expected to fuel the demand for smart retail devices in APAC.



Based on technology, the smart payments segment is expected to be fastest growing segment during the forecast period for APAC smart retail devices market. The advent of contactless payments, cashless payments, and mobile payments is transforming retail stores into smart retail stores. Retailers are adopting new payment technologies to offer safe and more convenient payment processes for enhancing buying experience of customers. The demand for digital payment solutions such as QR code scan payments and smart card contactless payments is increasing with the rising consumption of smartphones in developed and developing nations, as well as expanding base of techno-savvy customer base. Further, the users opting for such new payment solutions win rewards in the form of cashback, instant discount, and others, which is further augmenting the segment growth. Tech start-ups such as Mswipe, Jumbotail, Reliance Jio, and Pine Labs are introducing smart point of sale (POS) machines with Android operating systems for the Indian retail industry. For example, Pine Labs’ PoS machines offer several modes of payment, including UPI and Google Pay.

APAC a significant growth driving region for various markets, including smart retail devices. The retail sector in this region presents a massive opportunity for the growth of the smart retail devices market. The ongoing COVID-19 outbreak is anticipated to cause considerable disruptions in the growth of various industries of the APAC region. For example, China is the hub of manufacturing and the most abundant raw material supplier for multiple industries, and it is one of the worst affected countries. The temporary shutdown of plants and factories in China changes the supply chains and negatively impacts delivery schedules, and sales of multiple products and services.

The overall APAC 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 APAC 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 APAC 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 APAC smart retail devices market.