The Asia connected retail solutions market is expected to expand at a CAGR of 25.2% during the 2018-2023 period, owing to the rapid adoption of the Internet of Things (IoT), and the huge surge in online shopping.
Based on application segment insights:
Growing investments to digitize the supply chain process, adoption of omnichannel strategies to integrate both online and offline customer experience, and technological innovations such as IoT, AI, Big Data and blockchain will drive profitability of the market. The supply chain management (SCM) segment will drive a high CAGR (33.1%) during the forecast period. Close on its heels will be the Business Analytics/Business Intelligence segment, anticipated to expand at a CAGR of 25%.
Based on country insights:
In 2018, China represented the largest market share, accounting for 66% of Asia’s connected retail solutions market revenue. China’s mega corporations, Alibaba and Tencent, have heralded the era of digital retail by forging partnerships and pursuing acquisitions and organic business creation strategies to introduce a shared retail ecosystem for customers. However, India is anticipated to expand at the highest CAGR during the forecast period owing to its huge smartphone penetration and the presence of diversified digital payment modes.
• Cisco Systems
• Samsung Electronics