Global IoT Retail Market is accounted for $22.45 million in 2017 and is expected to reach $112.19 million by 2026 growing at a CAGR of 19.5% during the forecast period. The use of e-commerce platforms is rapidly growing, increasing internet ubiquity and the emergence of the cloud platform are some of the factors fuelling the market growth. However, lack of common standards, skill gap, and security and privacy concerns are restraining the market growth.
The Internet of Things (IoT) in retail has helped retailers in attaining enhanced customer experience and increased revenue. IoT in retail is majorly used to manage inventory, track theft and loss, mobile payments, shopper intelligence, and advertising and marketing inventory.
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Based on Solution, The hardware segment is estimated to have a lucrative growth during the forecast period. The proliferation of connected devices is offering a significant opportunity to manufacturers. Reduction in the total cost of ownership and improved return on investments offered by IoT-based hardware devices are expected to increase their adoption over the coming years. The low cost associated with these devices, along with quick transactions, help in meeting targeted sales and improving labor efficiency, which in turn is expected to fuel market growth. By Geography, North America is likely to have a huge demand due to increased spending on product monitoring and supply chain monitoring. The most advanced consumer economy, the U.S. leads the market with some of the world’s largest retailers, including big box dominators such as Walmart and e-commerce pioneers such as Amazon.
Some of the key players profiled in the IoT Retail market include Oracle, ARM Holdings Plc., Intel corporation, Microsoft Inc., Allerin Tech Pvt. Ltd, Losant IOT Inc., Cisco systems Inc., SAP, Google Inc., Impinj Inc., IBM corporation, Apple, Bosch, AT&T, Honeywell, Fujitsu, General Electric, Samsung, Qualcomm and Siemens.
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– Radio-Frequency Identification (RFID) Tags
– Other Solutions
– Near Field Communication
– Bluetooth Low Energy
– Other Technologies
– Managed Services
– Professional Services
End Users Covered:
– Big Box Retailers
– E-Commerce Providers
– Medium & Small Retailers
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This post was originally published on Chief Analyst