The Latin America, Middle East and Africa Smart Retail Market would witness market growth of 31.1% CAGR during the forecast period (2023-2030).
RFID tags can be automatically scanned concurrently and hold more data than barcode labels, significantly speeding up the automated checkout process. Each barcode label must be laboriously scanned by the customer or retailer one at a time. Additionally, AI's analysis of biometric data enables contactless commerce. The possibility of virus transmission has increased the popularity of contactless commerce. Together, these factors support the growth of the market.
Many merchants, particularly SMEs, need more financial means to support sophisticated business systems. To remain competitive and get consumers back into their shops, there is a growing consensus in the industry that businesses must continue to digitize using IoT devices and concentrate on providing improved shopping experiences. Smart retail innovations are also helping the sector to increase demand, for example, by enabling voice-based purchases of completed items.
The United Arab Emirates, a country with the most significant potential in this area, is concentrating on improving the country's entire retail infrastructure by implementing several cutting-edge digital solutions. The Gulf area has seen considerable infrastructure development; commercial infrastructures are growing swiftly and exponentially yearly. Due to this, the market is anticipated to expand in the area.
The Brazil market dominated the LAMEA Smart Retail Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,785.6 million by 2030. The Argentina market is estimated to grow a CAGR of 31.8% during (2023 - 2030). Additionally, The UAE market would witness a CAGR of 30.8% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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