IoT in Retail Market to grow at 19% CAGR from 2017 to 2024
CAGR: The IoT in Retail Market is set to grow from its current market value of more than $ 9 billion to over $ 30 billion by 2024; according to a new research report by Global Market Insights, Inc.
Increasing adoption of the Internet of Things by retailers to enhance the customer experience, reduce costs and improve overall performance is expected to drive the IoT in the retail market growth over the forecast timeline. The rising trend of digitization across the retail sector coupled with the increasing usage of smart devices contributes significantly to the industry growth. In order to gain shopper insights and understand buying behavior and deliver customized offers & promotions, retailers are increasingly deploying such solutions.
IoT has enormous potential to transform the retail industry. The various benefits include efficient store management, tracking & monitoring inventory, and improvise store security and loss prevention. Automated check-out, tracking product quality, and optimized supply chain management are among the other benefits of implementing the technology. Growing internet connectivity across various regions coupled with the increasing adoption of smartphones is anticipated to propel the IoT in retail market growth. Factors such as a gradual decline in prices of components such as RFID tags & sensors are expected to contribute to the adoption. CAGR.
IoT in retail market, by application, 2016 & 2024 (USD Billion)
Concerns related to data security and privacy might hinder the IoT in retail market growth. Factors such as the high cost associated with the implementation coupled with the interoperability of devices in the system are anticipated to curb the demand for such technological solutions.
Related Posts
Increasing installation of IoT solutions by retailers is expected to drive the adoption of connectivity technology such as Bluetooth Low Energy (BLE) in the IoT retail market. It identifies the registered customers when they enter the stores and sends messages which include customized promotions and offers. BLE is generally used for applications that need the exchange of data in low volume and consumes less power as compared to that Bluetooth. The RFID market is anticipated to grow significantly owing to the increasing adoption coupled with the rapidly declining cost of RFID tags. CAGR.
Wide adoption in applications such as digital signage mainly used for advertising & marketing is expected to fuel the IoT in retail market growth. The advantages of digital signage include offering customers an interactive shopping experience and making innovative advertisements available to the masses in reduced time. The intuitive touch screen offering the customers personalized & relevant content is anticipated to fuel the IoT in retail market growth.
Asia Pacific IoT in the retail market is expected to witness significant growth pertaining to the retail sector in economies such as China, Japan, and India. The increasing disposable income of the middle-class population residing in those economies coupled with the growing user base of smartphones lies as an impetus to the industry growth in the region. Factors such as improving the customer experience followed by speeding up the check-out process are the main reason for implementing such solutions for retailers. CAGR.
North America, being the largest market for retail is expected to grow considerably. This is attributed to the early technology adoption coupled with the presence of an organized retail sector in the region. The retailers in the region mainly focus on enhancing supply chain performance by heavily investing in technologies such as automated inventory verification.
Companies in the IoT in the retail market comprise IBM Corporation, Intel Corporation, Microsoft Corporation, SAP AG, Zebra Technologies, Cisco Systems, and Amazon Web Services (AWS). The players are making huge investments in R&D to gain eminence. Moreover, they increasingly focus on enhancing the overall customer experience by innovating and differentiating the services.
This article was first published here.
Comments are closed.