The global IoT in retail market is expected to reach USD
94.44 billion by 2025, according to a new report by Grand View Research, Inc.
This growth can be attributed to the merging of digital and in-store operations
in retail stores.
Digital channels are becoming an important touchpoint for
an Omni channel experience. Retailers are focusing on gaining a competitive
advantage by installing smart shelves and RFID sensors, which detect low
inventory and track products throughout the respective supply chain. The
adoption of IoT also helps retailers to revolutionize the delivery operations
and retail supply chain.
The increasing Internet of Things spending in retail
sectors for the purpose of premises monitoring, product monitoring, supply
chain monitoring, and customer monitoring is driving the demand for IoT-based
solutions. Cloud-based IoT solutions are enabling retailers to monitor and
analyze the existing processes to improve them with incremental investments in
capital equipment. However, with the rising degree of IoT penetration,
retailers are still struggling on capitalizing IoT-enabled capabilities.
 |
U.S. IoT in retail market, by hardware, 2014-2025 (USD Billion)
|
The retail Internet of Things market is expected to
witness promising growth as the industry is evolving from the passive approach
of monitoring consumer behavior. Optimizing and automating supply chain is one
of the key factors for the adoption of connected technology among retailers.
However, fragmented technology standards and increasing security concerns are
expected to hamper the industry growth.
In depth research report on
Internet of Things (IoT) In Retail Market
Further key findings from the
report suggest:
·
The
retail IoT software is expected to be the fastest-growing segment owing to the
increasing adoption of retail analytics solutions
·
Beacons
are expected to grow at a CAGR of over 24%. This growth can be attributed to
its increasing adoption for enhancing customer in-store experience
·
Professional
services are expected to dominate the market over the forecast period
·
Solution
providers are focusing on providing Software-as-a-Service (SaaS) and
Payment-as-a-Service (PaaS) to retailers.
·
Bluetooth
Low Energy (BLE) is expected to witness the fastest growth over the forecast
period as this technology is gaining prominence in pre-tailing, payments, and
post-payments operations.
·
Latin
America is expected to reach a revenue share of over 12% by 2025 due to the
demand for innovation in infrastructure technology in retail outlets
·
The
key industry players include Intel Corporation, Impinj Inc., RetailNext Inc.,
Allerin Tech Pvt. Ltd., and Losant IoT Inc.
·
Several
vendors are offering connected ecosystems that provide retailers with a wide
array of devices through a single platform
Grand View Research has segmented the global IoT in retail
market based on solution, hardware, service, technology, and region:
IoT In Retail Solution Outlook
(Revenue, USD Billion, 2014 - 2025)
·
Hardware
·
Software
IoT In Retail Hardware Outlook
(Revenue, USD Billion, 2014 - 2025)
·
Beacons
·
RFID
tags
·
Sensors
·
Wearables
IoT In Retail Service Outlook
(Revenue, USD Billion, 2014 - 2025)
·
Professional
services
·
Managed
services
IoT In Retail Technology Outlook
(Revenue, USD Billion, 2014 - 2025)
·
Bluetooth
low energy
·
Near
field communication
·
ZigBee
·
Others
IoT In Retail Regional Outlook
(Revenue, USD Billion, 2014 - 2025)
·
North
America
o
U.S.
o
Canada
·
Europe
o
Germany
o
UK
·
Asia
Pacific
o
China
o
India
o
Japan
·
Latin
America
o
Brazil
o
Mexico
·
MEA
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more market analysis reports, please
visit: http://www.grandviewresearch.com/
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