by The consumer product and retail market offers a wide range of merchandise including apparel, electronics, FMCG, and other products for personal or household use. With the advent of e-commerce platforms, products can be purchased with ease and convenience from anywhere. The growing preference for online shopping due to factors like convenient payment options, multiple payment gateways, hassle-free delivery and return policies have boosted the retail industry.
The global Consumer Product and Retail Market is estimated to be valued at US$ 21.01 Bn in 2023 and is expected to exhibit a CAGR of 7.2.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Online retail adoption is one of the major trends propelling the consumer product and retail market. Shoppers are increasingly turning to e-commerce platforms for fulfillment of both daily and occasional shopping needs. According to estimates, the global e-commerce market will grow to US$ 6.5 trillion by 2025 from US$ 3.5 trillion in 2019. Improved internet penetration, growing adoption of smartphones and availability of affordable data plans have augmented the e-commerce industry. Easy payment options, quick delivery ensured by logistics partners and attractive discounts are some factors driving the consumer demand for online shopping. This trend is expected to significantly contribute to the market growth over the forecast period.
SWOT Analysis
Strength: The consumer product and retail market has strong demand for securing consumer identities across various touchpoints such as smartphones, tablets etc. This provides a solid growth opportunity.
Weakness: High initial investment requirement for deployment of advanced biometric technologies is a challenge for small retail organizations.
Opportunity: Growing adoption of biometrics for payment authentication across developing regions presents a major opportunity. Increased focus on privacy and security also drives the need for advanced authentication.
Threats: Stringent regulations around data privacy and information security pose compliance challenges. Dependence on third party vendors also introduces risks.
Key Takeaways
The Global Consumer Product And Retail Market Size is expected to witness high growth driven by growing demand for securing digital identities and transactions. The global Consumer Product and Retail Market is estimated to be valued at US$ 21.01 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030.
Regional analysis indicates North America dominates currently due to robust technology adoption. However, Asia Pacific is witnessing strongest growth led by countries such as India and China investing heavily in biometric systems for diverse use cases across government and consumer applications.
Key players operating in the consumer product and retail market are IDEMIA, Iritech Inc., IrisGuard UK Ltd., BioEnable Technologies Pvt. Ltd., NEC Corporation, Aware Inc., Gemalto NV (Thales Group), Iris ID Inc., Princeton Identity Inc., HID Global, and EyeLock LLC. These solution providers are focusing on expanding into emerging markets through partnerships and by introducing multimodal biometric solutions to address authentication needs across diverse sectors
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
