Global IoT Retail Market is expected to reach $112.19 million by 2026 growing at a CAGR of 19.5% during the forecast period. The presence of Internet of Things (IoT) in the retail sector is majorly helping retailers in achieving enhanced customer experience and gain increasing revenue. IoT in retail is primarily used for track theft and loss, manage inventory, shopper intelligence, mobile payments, and for advertising and marketing inventory.
Globally, the usage of e-commerce platforms are rapidly growing, there is a rising internet penetration, and the cloud platform has emerged out to be hugely popular. All these factors and more are expected to fuel the growth of the IoT retail market in the coming years. However, on the other side of the spectrum, the skill gap, lack of common standards, and concerns related to security and privacy are all projected to limit the growth of the market. The report published on the global IoT retail market revealed the growth to be at a notable pace. The valuation of the IoT retail market was further stated to surpass its previous valuation.
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Some of the key players profiled in the IoT Retail market include:
ARM Holdings Plc.
Allerin Tech Pvt. Ltd
Losant IOT Inc.
Cisco systems Inc.
SAP Google Inc.
The global IoT retail market has been segmented in terms of type and applications.
By solutions, the market segments into hardware, software, communications, and other solutions. The hardware market segment is further broken down into beacons, wearables, sensors, and radio-frequency identification or RFID tags. The hardware segment is expected to gain massive growth in the comng years of the forecast period. The rising penetration of connected devices is offering a major opportunity to manufacturers. The improving return on investments (ROI) and the reduction in the total cost of ownership that is being offered by IoT-based hardware devices are projected to steer the adoption rate in the coming years. The low cost level of these devices and the ability to make quick transactions helps meet targeted sales objective and improving the labor efficiency level, which is subsequently expected to boost the market growth of the hardware segment.
By technologies, the market includes Zigbee, Bluetooth low energy, near field communication, and other technologies.
By services, the market divides into professional services and managed services.
By end-user, the market narrows down into e-commerce providers, medium & small retailers, and big box retailers.
The global IoT retail market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa.
By Geography, North America is likely to have a huge demand due to increased spending on product monitoring and supply chain monitoring. The most advanced consumer economy, the U.S. leads the market with some of the world’s largest retailers, including big box dominators such as Walmart and e-commerce pioneers such as Amazon.
September 2019, one of the fastest growing cloud communication platform companies, Pareteum Corporation announced today that it has been selected by Coniq as one of the leading CRM and Loyalty providers in Europe.
September 2019, one of the global leaders in POS technology, Posiflex Technology Inc., announced that it will showcase its latest development and integrated serviced IoT Solutions at the 2019 GITEX Technology Week in Dubai WTC.
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