BANGALORE, India, July 22, 2020 /PRNewswire/ -- IoT offers retailers opportunities for the development of an ecosystem that connects the physical and digital world. The retail industry has witnessed a wide utilization of connected products by adopting an integrated platform. IoT has changed the retail market and has provided massive growth. By integrating IoT into retail, companies can improve their customer base and gain significant market revenues.
The global IoT in Retail Market size is projected to reach USD 28.9 Billion by 2026, from USD 11 Billion in 2019, at a CAGR of 17.5% during 2020-2026.
IoT is required in different processes, including customer preferences research, mobile purchasing of goods, inventory monitoring, and a smooth supply chain management system implementation. Furthermore, by using technologies such as RFID and GPS sensors, key players in retail analytics can obtain precise data like a product's storage temperature, or transit time.
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TRENDS INFLUENCING THE IOT IN RETAIL MARKET
Major factors that are expected to drive the growth of IoT in Retail Market size include steadily declining IoT-based sensor and connectivity prices, increased acceptance of smart payment solutions, and consumer demand for a seamless shopping experience.
The utilization of IoT in Predictive Equipment Maintenance by retailers is expected to increase the IoT in Retail Market size. Warehouses will often experience equipment failure or fault detection issues. Cooling systems specifically used for cold storage purposes are now equipped with sensors that aid in the retail analytics of the products.
Since every product undergoes a long value chain journey, it is important to keep track of where it stands. IoT has made it easier to know exactly how near or far the product from its destination store is with sensors and GPS technology. This use of IoT in Smart Transportation is expected to increase the IoT in Retail Market size.
The declining cost of sensors worldwide helps businesses to deploy them in even smaller web-based solutions and, in turn, increases the IoT in retail market size. In enhanced devices, the main function of these modules is to collect the surrounding information and forward it to management systems.
Substantial growth is anticipated for the IoT in the Retail Market due to the growing use of retail analytics tools to track customer behavior. In addition, the advent of Machine Learning and Artificial Intelligence ( AI ) technologies is changing the retail scenario as they have better insights for efficiently optimizing retail executions. Retailers can forecast consumer behavior correctly, anticipate competition, and personalize the customer experience. This incorporation of advanced technology is, in turn, expected to increase the IoT in Retail Market size.
A major factor that is expected to limit the IoT in Retail Market growth is the lack of knowledge & awareness among retailers in small & technologically backward economies. In these nations, shop owners and supermarkets are unaware of the advantages of internet-based technology and have limited investment capabilities.
IOT IN RETAIL MARKET SHARE ANALYSIS
It is expected that Bluetooth Low Energy (BLE) will see the highest growth over the forecast period as this technology is gaining popularity in pre-tailing, payments, and post-payment operations.
By platform, due to the growing use of IoT-based endpoints and applications, the device management platform is expected to have the largest IoT in retail market share.
Over the forecast period, APAC is projected to have the highest growth potential in the IoT in the retail market. This rise can be attributed to ongoing smart city projects and the region's fast-declining sensor costs. China's adoption of IoT technologies is enormous, and India is showing significant growth.
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The following manufacturers are covered in this report:
Internet of things (IOT) in retail Breakdown Data by Type
Internet of things (IOT) in retail Breakdown Data by Application
Internet of things (IOT) in retail Production by Region
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