San Francisco 7 May 2019 The Report Internet of Things (IoT) in Retail Market Size, Share & Trends Analysis Report
By Solution, By Hardware (Beacons, RFID Tags, Sensors, Wearables), By Service,
By Technology, And Segment Forecasts, 2018 - 2025
The global internet of
things (IoT) in retail market size
is expected to reach USD 94.44 billion by 2025, according to a new report by
Grand View Research, Inc., exhibiting a 21.5% CAGR during the forecast period.
Increasing demand for improved flexibility, multiple distribution channels,
better service, and enhanced experience are expected to provide impetus to
industry growth over the forecast period. The growth can be also attributed to
merging of digital and in-store operations in retail stores.
Ongoing evolutions in retail such as
omnichannel shopping and rapid smartphone adoption rate are enabling retailers
to create a brick-and-mortar shopping experience. Smart retailers are engaging
with the right technology and making stores more interactive. Smartphones and
tablets enabled with Bluetooth Low Energy (BLE) are used for product
promotions, thereby encouraging social sharing.
Such evolutions have led to increased
spending on connected technologies to monitor products, customer behavior,
premises, and supply chain. Implementation and adoption of connected technologies
solutions allow retailers to analyze and monitor existing processes to enhance
them with incremental investments. However, with growing IoT permeation,
retailers have not been able to exploit the capabilities of IoT.
Furthermore, the emergence of Machine
Learning and Artificial Intelligence (AI) technologies are changing the retail
scenario as they provide better insights to optimize retail execution
efficiently. Retailers can accurately anticipate customer behavior, predict
demand, and personalize customer experience. For instance, retailers are
predicting demand to offer product endorsements based on data received from
customers. Such transformation is expected to occur over the next few years by
deploying machine learning in combination with IoT technologies.
Retailers are striving to gain a
competitive edge through installation of smart shelves and RFID sensors, which
aid in detection of low inventory and track products throughout the respective
supply chain. IoT adoption also helps retailers in revolutionizing delivery
operations and retail supply chain.
Access Research Report of IoT in Retail
Market@ https://www.grandviewresearch.com/industry-analysis/internet-of-things-iot-retail-market
Further key findings from the report suggest:
· Retail IoT software is expected to witness
substantial growth with a revenue share of over 40.0% by 2025; this growth can
be attributed to increasing adoption of retail analytics software to monitor
consumer behavior
· The beacons segment is expected to exhibit
a CAGR of over 23.0% from 2016 to 2025 owing to increasing adoption of beacons
for enhancing customer in-store experience by offering promotional offers and
messages
· The Latin America region is anticipated to
account for a revenue share of over 10.0% by 2025 owing to increasing
investment in retail infrastructure
· Key industry players include RetailNext
Inc.; Losant IoT Inc.; Intel Corporation; Impinj Inc.; and Allerin Tech Pvt.
Ltd.
Browse more reports of this category by Grand View
Research at: https://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has
segmented the global Internet of Things (IoT) in retail market based on
solution, hardware, service, technology, and region:
IoT in Retail Solution Outlook (Revenue,
USD Billion, 2014 - 2025)
·
Hardware
·
Software
IoT in Retail Hardware Outlook (Revenue,
USD Billion, 2014 - 2025)
·
Beacons
·
RFID tags
·
Sensors
·
Wearables
IoT in Retail Service Outlook (Revenue, USD
Billion, 2014 - 2025)
·
Professional services
·
Managed services
IoT in Retail Technology Outlook (Revenue,
USD Billion, 2014 - 2025)
·
Bluetooth low energy
·
Near field communication
·
ZigBee
·
Others
IoT in Retail Regional Outlook (Revenue,
USD Billion, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
Access Press Release of
IoT in Retail Market@ https://www.grandviewresearch.com/press-release/global-internet-of-things-iot-retail-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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