Smart Retail Market - Market Leadership Article
The smart retail market is anticipated to grow at a CAGR of 24.12% during the forecast period to reach USD 38.51 billion by 2023. Key players in the smart retail market include Intel (US), IBM (US), NVIDIA (US), Samsung Electronics (South Korea), Microsoft (US), Google (US), PTC (US), Amazon (US), Cisco System, (US), and NXP Semiconductors (Netherlands).
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Top 2 players in the smart retail market:
Intel focuses on the proliferation of the market for smart and connected devices and continues toward technological advancements. The company invests in its Internet of Things (IoT) business mainly in growing areas such as smart retail, autonomous vehicle, and industrial segments. The company also focuses on acquisition and strategic investments to stimulate growth in the digital economy, create new business opportunities, and generate financial returns. For example, in 2016, Intel acquired Altera Corporation (US) to combine programmable solutions with Intel’s leading-edge products and manufacturing process to enable new classes of products for data center and the Internet of Things market segments, such as smart retail. Intel has an established position as a supplier of components and software for embedded products specifically for the smart retail market. Intel is also positioned strongly in the next-generation technology development.
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IBM provides cognitive solutions to fulfill the needs of an enterprise and turn vast amount of data into insights and competitive advantage. Watson on the IBM Cloud is accessible to more than 200 million consumers to answer questions, find what they need online, and make recommendations. In December 2017, IBM collaborated with Walmart to ensure transparency in the way food is tracked, transported, and sold to consumers across China and the US.
There are significant opportunities and changes occurring in the IT industry, and IBM has come up with successful solutions for enterprises or smart retail clients. IBM offers industry-based solutions with the help of cognitive technologies on cloud platforms. The company strengthens its position through strategic organic investments and acquisitions, and consolidating its industry expertise, as well as applying advanced analytics across all its offerings. The retail solutions include supply chain solutions, customer experience solutions, and store operation solutions. As of 2016, 80% of global retailers were powered by IBM retail solutions. To offer retailers the technology to create a unique and distinguished customer experience, IBM and Apple Inc. (US) collaborate to transform in-store experience via enterprise mobility backed by big data and analytics.