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According to the new report titled "Smart Retail Market by Solution (Hardware and Software) and Application (Visual Marketing, Smart Label, Smart Payment System, Intelligent System, Robotics, And Analytics) - Global Analysis to 2023", the valuation of the smart retail market was $10.89 Billion in 2017 and is projected to reach $39.21 Billion by 2023, at a CAGR of 25.06% from 2018 to 2023.

The major factors such as growing adoption of smartphones, increasing demand for better customer services, and reducing cost of electronics components has driven the growth of smart retail market. The need for direct connection with customers has supplemented the demand of smart retail.

Visual marketing dominated the smart retail market

Visual marketing accounted for the highest share in the smart retail market in 2017. Visual marketing uses unique and relevant images to attract the customer by using digital signage. The increased need to have customer engagement have driven the demand for visual marketing in smart retail market.

North America led the smart retail market in 2017

North American dominated the smart retail market in 2017. The rising adoption of advanced technologies in retail and presence of leading players in the region have driven growth of the market. However, growing deployment of smart retail solutions in the Asia Pacific is anticipated to grow with highest growth rate in the forecast period.

Key market players operating in the market that are profiled in the report are Google (U.S.), PTC (U.S.), Amazon (U.S.), Cisco System, (U.S.), Intel (U.S.), IBM (U.S.), SoftBank Robotics Holdings Corp. (Japan), Ingenico Group (France), Verifone Holdings, Inc. (U.S.), NVIDIA (U.S.), Samsung Electronics (South Korea), Microsoft (U.S.), NXP Semiconductors (Netherlands), Par Technology Corporation (U.S.), First Data Corporation (U.S.), NCR Corporation (U.S.), and EVRY ASA (Norway).

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