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.
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
·
U.S.
·
Canada
·
Europe
·
Germany
·
UK
·
Asia Pacific
·
China
·
India
·
Japan
·
Latin America
·
Brazil
·
Mexico
·
MEA
Browse more research reports of this category:
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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