Smart Retail Tech Industry to See Massive Growth in Next Few Years
The incorporation of technological devices and digital advancements within the retail world has been gaining significant momentum in recent years. Retailers and manufacturers alike are having to adopt digital technologies like AI and IoT to stay competitive within the space, making smart retail tech a near necessity for a business to survive. According to Global Newswire, the smart retail tech industry is projected to reach $26,349.44 billion by the year 2027, with North American making up 34.2% of the market.
While the smart retail boom is bringing increased efficiency and autonomy to the space, the industry is seeing such massive growth that several retailers and manufacturers are struggling to keep up. RetailDive reported that 49% of retail and tech leaders are concerned that AI is moving too fast within their field, while some are concerned with the ongoing debate surrounding ethics and regulation of AI. Traci Gusher, principal of AI at KPMG, said, “Many business leaders do not have a view into what their organizations are doing to control and govern AI and may fear risks are developing.”
A primary factor in the massive growth experienced in the industry were the social distancing and other safety mandates put in place due to COVID-19. The sudden need to remain 6 feet apart from customers and coworkers suddenly and rapidly sped up the various automation efforts. Those efforts initiated at the start of the global pandemic are proving that they are here to stay.
You can learn more about the latest technologies within the retail and manufacturing space, and how industry leaders are staying on top of the trends, at the Smart Retail Tech Expo on September 1st & 2nd, 2021 at the Las Vegas Convention Center. Be sure to secure your free tickets today!