About Internet of Things in Retail
The Internet of things (IoT) in the retail industry allows users to benefit from brand-related digital solutions while using physical stores. This way, retail companies can achieve collaboration between online and in-store experiences. The retail industry is seeing a rapid transformation, with IoT solutions taking the center stage in the sector. Having plenty of applications, IoT helps increase customer loyalty, boost sales, improve inventory management, and offer a personalized experience. In retail, the IoT is the technology that will drive truly connected, an RFID clothing label to a smart changing room, and omnichannel experiences. It’s the technology that connects a customer’s mobile to a store window, a sales assistant’s tablet to an e-commerce site. Moreover, IoT plays a key role in the evolutions that are happening within retail facilities, from supermarkets to chains of smaller stores in a sense of facility management and optimization, business continuity and innovation for better shopping experiences while enabling store monitors to be sure all systems are running at all time.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 20.05% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Internet of Things in Retail market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), SAP (Germany), Oracle (United States), Intel (United States), Cisco (United States), AT&T (United States), Microsoft (United States), PTC (United States), Huawei (China), Sierra Wireless (Canada), Google (United States), Amazon Web Services (United States), Software AG (Germany) and Accenture (Ireland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Bosch.Io (Germany), NEC Corporation (Japan), Vodafone Group Plc (United Kingdom), Happiest Minds (India), Telit (United Kingdom) and Allerin (India).
Segmentation Overview
AMA Research has segmented the market of Global Internet of Things in Retail market by , Application (Operations Management, Asset Management, Customer Experience Management and Advertising and Marketing) and Region.
On the basis of geography, the market of Internet of Things 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). If we see Market by Technology, the sub-segment i.e. NFC (Near Field Communication) will boost the Internet of Things in Retail market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offering, the sub-segment i.e. Hardware {Beacons, Sensors, Gateways, Radio Frequency Identification} will boost the Internet of Things in Retail market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Mobile Self-Checkout Is a Growing Trend among Retailers and Retailers Are Actively Adopting Beacon Technologies
Market Growth Drivers:
Increasing Customer Demand for a Seamless Shopping Experience, Rapidly Declining Cost of IoT-Based Sensors and Connectivity and Increasing Adoption of Smart Payment Solutions Boosting the Growth of the Market
Challenges:
The apprehension of Retailers in Switching to New Technologies Owing to High Implementation Cost
Restraints:
High implementation cost, Security Concerns Due to Vast Data Flow and Lack of Interoperability and Common Standards Hinder the Growth of the Market
Opportunities:
Integrated IoT Solution to Open New Revenue Streams and Increased Investment in Retail Automation Providing Wholesome Opportunities for Analytics Providers
Market Leaders and their expansionary development strategies
On 28 Oct 2019, Microsoft Corp. announced new capabilities that further simplify the customer journey and deliver highly secured IoT solutions. These solutions help customers embrace IoT as a core strategy to drive better business outcomes, improve safety and address social issues by predicting and preventing equipment failures, optimizing smart buildings for space utilization and energy management, improving patient outcomes and worker safety, tracking assets across a supply chain, and more.
Jun-2021: Software AG formed a partnership with Laird Connectivity. Under this partnership, Software AG joined the PartnerConnect partner program by Liard Connectivity. The Cumulocity cloud helps customers who are looking forward to leverage an IoT cloud with Laird Connectivity IoT sensors & gateways. Together, the companies streamline the IoT journey for enterprise clients looking to get to market instantly.
Key Target Audience
IoT in Retail Hardware Manufacturers, IoT in Retail Platform Providers, IoT in Retail Services Providers, Potential Investors, Regulatory & Government Bodies, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.