We have prepared a series of research reports on the new generation of companies across several sectors around the globe. Our coverage includes 11 industries that have been affected the most by cutting-edge technology and are likely to shape the international economic landscape of tomorrow. This series is to be presented during the World Innovators Meet 2019, an annual event that gathers global leaders from a variety of fields at the heart of Beijing.
In this report, we scrutinized the global retail technology industry and picked 50 companies to represent the trailblazers in this field for the past one year. We also pointed out the opportunities behind the accelerating fusion in each retail tech vertical and unveiled challenges that might undermine their best effort. Key highlights from our study are presented below.
- We estimated the retail tech industry a USD 37.85 billion business in 2023 with a five-year CAGR of 22.5% from 2018. IoT possessed the largest market share (over 75%) due to its fast expansion and how it has revolutionized the industry, while AI and robotics represent the highest to the growing sector in the upcoming years with a CAGR of over 35% and 40% respectively. AR/VR, though away from the hype four to five years ago, owns the potential to emerge from vertical use to a broader computing platform and changing the game completely.
- Key participants in the global Retail IoT market are IBM, Google, Intel Corporation, Cisco, Microsoft, Amazon, etc. At the same time, emerging IoT technology rookies also play a crucial role in driving innovation
- 2019 marks the year when AI is more widely used in the retail sector. A growing number of applications and solutions have emerged to meet the need for retailers online and offline. The technology has been expanding into logistics, warehouse management and operations. However, some companies seem to go after complex use cases and miss the easy-to-win AI opportunities that are estimated to worth USD 340 billion in operations.
- The implementation of AR and VR not only offers consumers immersive and engaging shopping experiences but also helps to reduce operating costs. AR and VR in workforce training have seen significant uptake among top retailers.
- The most promising area for robotics now is in the warehouse and logistic field. The Goods-to-Person (G2P) Robots market forecast at USD 400-500 million in 2019, up from USD 250 million in 2018.
50 startups defining the future
Five participants – traditional retailers, online e-commerce platforms, Internet giants, traditional technology enterprises and emerging retail tech companies– are considered as the major players in the retail tech sector. Despite the giant retailers or the traditional tech enterprises, we found substantial vitality in the young retail tech companies which have made their appearance in recent years and demonstrated strong application popularity.
EqualOcean has screened 50 companies established within recent 10 years to represent the trailblazers in retail technology for the past one year from five major verticals: AI, AR/VR, blockchain, robotics and IoT.