Internet of Things in Retail Market Scope
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. Itís the technology that connects a customerís mobile to a store window, a sales assistantís 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.
According to AMA, the Global Internet of Things in Retail market is expected to see growth rate of 20.05% and may see market size of USD35984.05 Million by 2026.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Internet of Things in Retail market throughout the predicted period.
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 are Bosch.Io (Germany), NEC Corporation (Japan), Vodafone Group Plc (United Kingdom), Happiest Minds (India), Telit (United Kingdom) and Allerin (India).
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 total available market.
The study have 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 with country level break-up.
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).
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.
On 12 Jan. 2018, Mojix, a leading provider of item chain management solutions for retail, has partnered with the Auburn University RFID Lab to provide a blockchain solution based on its ViZix IoT software platform for Project Zipper, an initiative put forth and supported by the retail industry to better understand the business value of EPC as a serialized data carrier and blockchain technology for secure data exchange within retail supply chain networks.
- Mobile Self-Checkout Is a Growing Trend among Retailers
- Retailers Are Actively Adopting Beacon Technologies
- Increasing Customer Demand for a Seamless Shopping Experience
- Rapidly Declining Cost of IoT-Based Sensors and Connectivity
- Increasing Adoption of Smart Payment Solutions Boosting the Growth of the Market
- Integrated IoT Solution to Open New Revenue Streams
- Increased Investment in Retail Automation Providing Wholesome Opportunities for Analytics Providers
- High implementation cost
- Security Concerns Due to Vast Data Flow
- Lack of Interoperability and Common Standards Hinder the Growth of the Market
- The apprehension of Retailers in Switching to New Technologies Owing to High Implementation Cost
Key Target AudienceIoT in Retail Hardware Manufacturers, IoT in Retail Platform Providers, IoT in Retail Services Providers, Potential Investors, Regulatory & Government Bodies, End Users and Others