IoT in Retail Market, By Offering (Platforms, Hardware, Service) By Applications (Operations Management, Asset Management, Customer Experience Management, Advertising, and Marketing), By Region – Global Analysis Forecast Till 2030

IoT in Retail Market to Witness Huge Growth During the forecast period 2030.

The Internet of Things (IoT) is a data network consisting of devices connected to the Internet and exchanging data without human-machine interaction. IoT finds a wide range of applications in the retail sector as it helps to connect the physical and digital worlds by enabling two-way, real-time interactions with consumers both inside and outside the store. It provides functional benefits such as dynamic pricing, inventory tracking, monitoring, and personalized recommendations. Retailers can also monitor client movements and gather information about how they shop.

Market Dynamics:

Drivers:

Increasing penetration rates across applications such as digital signage, payments, and supply chain management are contributing to industry growth. The ongoing evolution of retail, such as omnichannel shopping and rapid smartphone adoption, is enabling retailers to create brick-and-mortar shopping experiences. Smart retailers are using the right technology to make their stores more interactive. Use smartphones and tablets equipped with Bluetooth Low Energy (BLE) to promote products to drive social sharing. The IoT software market in the retail sector is expected to thrive in the coming years due to the increasing use of mobile applications. Hence, businesses are investing more and more in managed IT services due to the growth of the retail industry, driving the IoT in Retail Market.

Beyond this, IoT devices enhance the customer experience (CX) in stores through robots that can be deployed as interactive terminals, virtual or augmented reality (AR/VR) experiences, smart dressing rooms, and smart sales assistants. These advantages coupled with the rapid expansion of the e-commerce industry are fueling the growth of the IoT in Retail Market. Additionally, as IoT hardware costs decrease, small and medium-sized retailers are increasing their investments in IoT technology, which positively impacts the IoT in Retail Market.

Key players:

• Microsoft Corporation

• PTC Incorporation

• Telit Communications PLC

• BM Corporation

• Oracle Corporation

• Smith Micro Software, Inc.

• Advantech Co. Ltd.

• Aeris

• Zentri

Market Segmentation:

IoT in Retail Market, By offering

• Hardware

  • Beacon

  • Sensors

  • Gateway

  • Radio-frequency Identification (RFID)

• Platforms

  • Device Management

  • Application Management

  • Connectivity Management

• Service

  • Professional Services

  • Consulting

  • System Integration and Deployment

  • Support and Maintenance

  • Managed Services

IoT in Retail Market, By Applications

• • Operations Management

    • Energy Optimization

    • Supply Chain Optimization

    • Surveillance and Security

    • Inventory Optimization

    • Workforce Management

  • Asset Management

    • Asset Condition Monitoring

    • Predictive Equipment Maintenance

  • Customer Experience Management

    • Smart Payment and Checkout

    • Queue Management

    • Automatic Vending Machine

    • Smart Shelves

  • Advertising and Marketing

    • Geomarketing

    • Digital Signage

IoT in Retail Market, By Region

• • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • China

    • Australia

    • India

    • South Korea

    • Rest of Asia-Pacific

  • LAMEA

    • Latin America

    • Middle East

    • Africa

Regional Analysis:

North America accounted for over 30% of revenue share in 2020. E-commerce growth in the region has challenged department stores in terms of outperforming business operations. Regional growth can also be attributed to the strong research and development capabilities of major players such as IBM Corporation, Google LLC, Microsoft Corporation, Intel Corporation, and PTC Inc. In 2018, Google launched a pilot project called Project Beacon and started transmitting. Free beacons for physical stores.

The Asia Pacific region is expected to be the leading region for China's largest IoT adoption. India offers tremendous growth potential due to increased investment in the retail sector. The growing adoption of real-time systems and location-based services is expected to contribute to the regional market growth. Increasing government initiatives to promote digitization are expected to impact the growth of the regional retail sector positively. The convergence of technologies such as cloud, analytics, mobility, big data, and declining sensor prices is crucial in spurring IoT adoption in the region.

Scope of the Report:

User

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