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.
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
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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