Automating business operations
is a phenomenal trend that is aiding the productivity and efficiency of any
business. On top of it, the emerging IoT solutions across various applications
is optimizing store operations by reducing thefts, increasing security, and
streamlining the customer shopping experience according to market research
report released by IndustryARC. Using statistical information, the analyst has
evaluated the market and stated that the global IoT in retail market size was
valued at $16.71 billion as of 2018. The ongoing trend of business automation
processes is expected to sway the IoT in retail market growth at an outstanding
compound annual growth rate (CAGR) of 19.87% through the forecast period of
2019 to 2025.
The report is titled “IoT in
Retail Market: By Components (Gateway, RFID, Sensors); By Technology (NFC,
Bluetooth, Zigbee, and others); By Applications (Remote Device Management,
Professional Services, Managed Services, and Others); By Functional area
(Intelligent Payment Solution, Energy Optimization, and others); By Trends
& By Geography – Forecast (2019-2025).” This report is inclusive of various
IoT in Retail market aspects including and not limited to trends, size,
financial analysis, recent developments, opportunities, and challenges.
Global IoT in Retail Market: Leading Segments
North America is the leading
region in the global IoT in retail market with the regional share of 35.52% as
of 2018. The monumental share reflected by the region in the market is because
of the advanced technological development that is happening in this region.
Moreover, North America accommodates a fairly large population of people who
are earning disposable incomes. Hiked incomes are changing the lifestyles of
the people and have made them shift towards a luxurious and easy going
lifestyle.
By application, intelligent
payment solution vertical is the fastest growing application in the IoT retail
market, evaluated to increase at an outstanding CAGR of 19.34% throughout the
aforementioned forecast period. With IoT, the payment processes will pace up,
subsequently speeding up the business operations. IoT powered devices will
reduce the rush at the payment queues and it will increase convenience for the
customers in finding their desired products.
Global IoT in Retail Industry Analysis
Smart home and building
automation are shifting the gears towards the surge of smart cities. Innovative
machine learning technologies and artificial intelligence (AI) technologies are
emerging with meaningful and efficient solutions for the retail sector. The
in-store shopping experience is optimized by mobile application of the store
which allows people to add or remove items from their smart cart which
automatically updates the items shopped in the mobile application and further
it can be used for the transaction processes. According to Forbes, the
e-commerce sector is projected to become the largest retail channel in the
world by 2021 and the sector is expected to account for 14% of the total
retail sales in the year. [1] The e-commerce sector among other supermarkets,
apparel and footwear retailers and independent grocers is acquiring the
highest profits in the retail industry owing to the widespread adoption of
innovative technologies and the changing lifestyle of the people.
Global IoT in Retail Market Trends
Cashless and Cardless Shopping: Technology has reached a point
where carrying cash and card are getting obsolete. IoT devices enabled with
face recognition techniques have flipped the shopping experience for the
people. Cashier-free convenience stores have started their pilot projects in
China. These stores use smart-shelve sensors, artificial intelligence, and in-store
cameras to put an end to the queues and checkout process at the stores.
Inventory Management: Digitalization of stores with the emerging
IoT has enabled the store managers to keep a real-time track of the store
inventory. Managing product sales and tracking demands have become hassle-free
and convenient with the help of IoT devices such as smart shelves, smart
counters, and smart storage system. Incorporating IoT in retail stores have
enabled the store managers to monitor the product health and its condition,
with this the store can ensure availability of better stock.
Global IoT in Retail Market: Competitive Landscape
Some of the key companies
identified in the report that are ahead of the curve in the IoT in retail
market are Intel Corporation Inc. , Microsoft Corporation, PTC Inc., IBM
Corporation, Cisco Systems, Inc. , SAP AG , Zebra Technologies, Google Inc.,
ARM Holdings PLC , Freescale Semiconductor, Inc , Softweb Solutions, Carriots ,
Xively, Atmel Corporation, Happiest Minds, Amazon Web Services, and Bsquare.
Talk to one of our sales
representative about the full report by providing your details in the link
below:
https://www.industryarc.com/support.php?id=16316
Related Reports:
A. IoT Communication
Technologies Market
https://www.industryarc.com/Report/15499/iot-communication-technologies-market.html
B. Industrial Internet of Things Market
https://www.industryarc.com/Report/7385/industrial-internet-of-things-(IIoT)-market-report.html
What can you expect from
the report?
The IoT in retail market is prepared with the
main agenda to cover the following 20 points:
1. Market Size by
Product Categories & Application
11. Demand Analysis (Revenue & Volume)
2. Market trends &
Relevant Market Data 12. Country level Analysis
3. Manufacturer
Landscape 13. Competitor Analysis
4. Distributor Landscape
14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user
Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market
Landscape Analysis
9. Mergers &
Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
Frequently Asked
Questions:
Q. Does IndustryARC
provide customized reports and charge additionally for limited customization?
Response: Yes, we can customize
the report by extracting data from our database of reports and annual
subscription databases. We can provide the following free customization:
1. Increase the level of
data in application or end user industry.
2. Increase the number
of countries in geography chapter.
3. Find out market
shares for other smaller companies or companies which are of interest to you.
4. Company profiles can
be requested based on your interest.
5. Patent analysis,
pricing, product analysis, product benchmarking, value and supply chain
analysis can be requested for a country or end use segment.
Any other custom
requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting
services.
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About IndustryARC: IndustryARC is a
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[1]https://www.forbes.com/sites/michellegrant/2018/08/14/e-commerce-set-for-global-domination/#3f049cb6bfaf