(Internet of Things) IoT in Retail Market worth over $30bn by 2024
Published Date: September 13, 2017 Author: Global Market Insights, Inc.
IoT in Retail Market size is set to exceed USD 30 billion by 2024; according to a new research report by Global Market Insights, Inc.
Increasing adoption of the Internet of Things by retailers to enhance the customer experience, reduce costs and improve overall performance is expected to drive the IoT in retail market growth over the forecast timeline. Rising trend of digitization across the retail sector coupled with the increasing usage of smart devices contributes significantly to the industry growth. In order to gain shopper insights and understand the buying behavior and deliver customized offers & promotions, retailers are increasingly deploying such solutions.
IoT has enormous potential to transform the retail industry. The various benefits include efficient store management, tracking & monitoring inventory and improvise the store security and loss prevention. Automated check-out, tracking the product quality and optimized supply chain management are among the other benefits of implementing the technology. Growing internet connectivity across various regions coupled with the increasing adoption of smartphones is anticipated to propel the IoT in retail market growth. Factors such as gradual decline in prices of components such as RFID tags & sensors is expected to contribute to the adoption.
Concerns related to data security and privacy might hinder the IoT in retail market growth. Factors such as high cost associated with the implementation coupled with the interoperability of devices in the system is anticipated to curb the demand for such technological solutions.
Browse key industry insights spread across 150 pages with 156 market data tables & 12 figures & charts from the report, “IoT in Retail Market Size By Platform (Network Management, Device Management, Application Management), By Technology (Sensors, RFID, Connectivity Technology), By Component (Hardware, Software [Data Management, Streaming Analytics, Security, Remote Monitoring, Bandwidth Management]), By Service (Professional Service, Managed Service), By Application (Digital Signage, Supply Chain Management, Payment, Smart Shelf & Doors), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, South Korea, Malaysia, Singapore, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Increasing installation of IoT solutions by retailers is expected to drive the adoption of connectivity technology such as Bluetooth Low Energy (BLE) in the IoT in retail market. It identifies the registered customers when they enter the stores and send messages which include customized promotions and offers. BLE is generally used for applications which need exchange of data in low volume and consumes less power as compared to that of Bluetooth. RFID market is anticipated to grow significantly owing to the increasing adoption coupled with the rapidly declining cost of RFID tags.
Wide adoption in applications such as digital signage mainly used for advertising & marketing is expected to fuel the IoT in retail market growth. Advantages of digital signage include offering the customers an interactive shopping experience and making the innovative advertisements available to the masses in reduced time. The intuitive touch screen offering the customers with personalized & relevant content is anticipated to fuel the IoT in retail market growth.
Asia Pacific IoT in retail market is expected to witness significant growth pertaining to the retail sector in economies such as China, Japan and India. Increasing disposable income of the middle-class population residing in those economies coupled with the growing user base of smartphones lies impetus to the industry growth in the region. Factors such as improving the customer experience followed by speeding up the check-out process is the main reason for implementing such solutions by the retailers.
North America, being the largest market for retail is expected to grow considerably. This is attributed to the early technology adoption coupled with the presence of an organized retail sector in the region. The retailers in the region mainly focus on enhancing the supply chain performance by heavily investing in technologies such as automated inventory verification.
Companies in the IoT in retail market comprise IBM Corporation, Intel Corporation, Microsoft Corporation, SAP AG, Zebra Technologies, Cisco Systems, Amazon Web Services (AWS). The players are making huge investments in R&D to gain eminence. Moreover, they increasingly focusing on enhancing the overall customer experience by innovating and differentiating the services.
IoT in retail market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
Internet of Things in Retail Market, By Platform
- Network Management
- Device Management
- Application Management
Internet of Things in Retail Market, By Technology
- Connectivity technology
Internet of Things in Retail Market, By Component
- Data Management
- Streaming Analytics
- Remote Monitoring
- Bandwidth Management
Internet of Things in Retail Market, By Service
- Professional service
- Managed service
Internet of Things in Retail Market, By Application
- Digital signage
- Supply chain management
- Smart shelfs & doors
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East
- South Africa
- Saudi Arabia