The Europe Smart Retail Market would witness market growth of 27.3% CAGR during the forecast period (2023-2030).
Platforms for handheld RFID inventory management will boost revenues, enable rapid and effective replenishing of goods, and enhance customer experience. The use of RFID technology in retail markets in support of the Omnichannel strategy responds to consumers' evolving purchasing preferences.
With the help of RFID technology, lost goods from the sales platform may be tracked. An RFID inventory solution offers greater product visibility and improves inventory management effectiveness. At a time when shops are aggressively competing, RFID technology is also employed to save costs and preserve efficiency. Retailers may increase product availability to aid in sales conversion by minimizing out-of-stock and overstock instances.
The most significant percentage of foreign merchants, the UK is one of the top retail marketplaces in Europe. The retail industry has shown resilience, with revenues expected to exceed £403 billion in 2020. The UK provides various investment options since it has one of the biggest retail markets in Europe. The world's richest consumers spend the most significant average expenditure of any European nation, who spend over £29,000 annually in UK retailers. The market is anticipated to expand in the area due to the region's thriving retail sector and increased acceptance of digital technology.
The Germany market dominated the Europe Smart Retail Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $13,676.5 million by 2030. The UK market is experiencing a CAGR of 26.2% during (2023 - 2030). Additionally, The France market would display a CAGR of 28.2% during (2023 - 2030).
Based on Application, the market is segmented into Visual Marketing, Intelligent System, Smart Payment System, Smart Label, and Others. Based on Solution, the market is segmented into Hardware, and Software. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Smart Retail Market is Projected to reach USD 201.6 Billion by 2030, at a CAGR of 27.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Cisco Systems, Inc, Google LLC (Alphabet Inc.), Honeywell International, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), IBM Corporation, NCR Corporation, NVIDIA Corporation, Intel Corporation, and NXP Semiconductors N.V.
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