According to the latest report by GMI Research, IoT in Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2020-2027. The IoT in retail market studies the impact of the COVID-19 pandemic and represents that the market is forecasted to bounce back in 2021 over 2020 and estimated to grow at a higher growth rate from 2022 onwards. Internet of Things (IoT) refers to the concept of connecting any smart device or other connected devices to the internet. IoT helps in connecting things and people, who share and collect data information regarding the way they are used. The retail market has been disrupted by the continuous advancement in IoT due to the massive growth in the technologies.
Competitive Landscape: The IoT in retail market report also scans the competitive landscape and profiles the major players operating in the market, including Google LLC, IBM Corporation, Intel Corporation, Cisco Systems Inc, Huawei Technologies Co. Ltd, AWS, AT&T Inc, NEC Corporation, Oracle Corporation, and SAP SE.
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The major factors accelerating the growth of IoT in retail market size include the accelerating adoption of smart payment solutions, rapidly decreasing cost of IoT-based connectivity and sensors and increasing customer demand for an unforgettable shopping experience. Every retailers is aiming to improve the user experience starting from the decision-making chain to the shopping experience. Thus, in the era of digitalization, retailers are emphasizing on improving customer experience by adopting sensors, latest devices, and connected objects, including shelves and furniture, to beautify their stores with cutting-edge technological systems.
The IoT technology collects information and data for the retailer to analyze the changing needs and preferences of customers. For example, AMW, a U.S. based sportswear brand, uses smart shelf technology with smart optical sensors to display product information about inventory levels. Therefore, the strong demand for enhancing customer experience is boosting the growth of IoT in retail market.
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Market Segments:
Breakup by Offering:
- Hardware
- Beacon
- Sensors
- Gateway
- Radio-frequency Identification (RFID)
- Platforms
- Device Management
- Application Management
- Network Management
- Services
- Professional Services
- Consulting
- System Integration and Deployment
- Support and Maintenance
- Managed Services
Breakup by Application:
- Operations Management On-premises
- Energy Optimization
- Supply Chain Optimization
- Surveillance and Security
- Inventory Optimization
- Workforce Management
- Asset Management
- Asset Condition Monitoring
- Predictive Equipment Maintenance
- Customer Experience Management
- Smart Payment and Checkout
- Queue Management
- Automatic Vending Machine
- Smart Shelves
- Advertising and Marketing
- Geomarketing
- Digital Signage
Breakup by Region:
• North America
o United States of America
o Canada
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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