IoT in Retail Market Scope
Retailers are embracing the IoT transformation. Retailers are using IoT technology to reinforce customer experience, reduce costs, drive growth and improve overall performance. There are serveral ways in which the retail industry can use IoT technology. The combination of the economic Internet and IoT devices could add quite USD 14 trillion to the worldwide economy by 2030. Currently, sensors are getting used to watch customer satisfaction, provide supply chain insights, monitor food safety, and track assets. IoT sensors connected to a dashboard or set of color-coded buttons allow stores to gather customer feedback immediately after the shopping experience. This data provides real-time shopper satisfaction insights which will improve in-store customer experience. IoT sensors also are getting used by retailers to watch goods throughout the whole supply chain. Tracking systems report valuable data such as location, temperature, humidity, shock. Tracking solutions help if the materials to be delivered are safe. Also, they help to track if the products are delivered in time. IoT is providing value to businesses in logistics. Food and beverage industry retailers are using IoT technology to watch temperature of storage spaces, helping them to make sure food doesn't spoil. IoT technology is revolutionizing the retail industry.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Amazon Web Services (United States), IBM (United States), Intel (United States), Google (United States), Microsoft (United States), Accenture (Ireland), Oracle (United States), Bosch (Germany), PTC (United States) and Huawei (China) |
CAGR | 20.3% |
Internet of Things (IoT) is predicted to be one of the main raising megatrends in technology. The Internet of Things (IoT) is driving innovation and new opportunities by bringing every object, consumer and activity into the digital realm. At the same time, leading businesses are making similar changes within their enterprises by digitizing every employee, process, product and service. Research Analyst at AMA estimates that Germany Players will contribute to the maximum growth of Global IoT in Retail market throughout the predicted period.
Amazon Web Services (United States), IBM (United States), Intel (United States), Google (United States), Microsoft (United States), Accenture (Ireland), Oracle (United States), Bosch (Germany), PTC (United States) and Huawei (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are NEC Corporation (Japan), Software AG (Germany) and Cisco (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global IoT in Retail market by Type , by Application (Operations Management, Asset Management, Customer Experience Management and Advertising and Marketing) and Region with country level break-up.
On the basis of geography, the market of IoT in Retail has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In July 2019,HCL Technologies (HCL), a leading global technology company, today confirmed the official close at the end of June 2019 the previously announced acquisition of select IBM products for security, marketing, commerce, and digital solutions.
In January 2019, Amazon Web Services, Inc. had announced AWS Backup, a fully-managed, centralized backup service that makes it faster and simpler for customers to back up their data across AWS services and on-premises, helping customers more easily meet their business and regulatory backup compliance requirements.
Influencing Trend:
Rising Adoption Of Smart Payment Solution and Increased Investment In Retail Automation Providing Wholesome Opportunities For Analytics Providers
Market Growth Drivers:
Increasing Adoption of E-Commerce Among Personnel and Increasing Demand for More Efficient Logistics and Supply Chains
Challenges:
Technical Issues Due To Multiple Carrier Involvement
Restraints:
High Capital Expenditure for Establishment of IoT in Retail and Understanding and Managing The New Horizon Of Security Trends
Opportunities:
Integrated IoT Solution to Open New Revenue Streams, Increasing Number of Customers in The Smart Home Environment and The Growth of Network-Connected Devices, Systems, And Services That Use IoT Creates Considerable Opportunities
Key Target Audience
Providers of IoT In Retail, End-Users, Potential Investors, Regulatory Bodies, Market Research Firms and Others