Growing need to enhance the in-store customer experience is expected to drive the adoption of IoT in retail market. The emergence of cloud platform and increasing number of connected devices are the primary factors fuelling the growth of IoT in Retail market. The rapid technological advancement and growing trend of digitization are fuelling the growth of IoT in retail market. The increasing number of smart cities projects are also expected to fuel the growth of IoT in retail market. Moreover, the need for IoT in retail is increasing rapidly due to the growing demand for IoT in retail for better customer services and response and to better serve the customer.
Advancements in technology base and increasing the demand for IoT in retail to enhance customer productivity is also one of the major factors which drives the growth of IoT in retail market. Apart from this, social, mobile, and cloud computing are accelerating the demand for IoT in retail market. Furthermore, with the rapid technological shift and continuous deployment & migration of mobile devices, the demand for IoT in retail is increasing rapidly.
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Global IoT in Retail Market: Drivers and Challenges
Drivers
The growing trend of digital infrastructure is the primary factor which is driving the growth of IoT in retail market. Also, the rise in the digital technologies and improvement in the wireless infrastructure, the IoT in retail market is expected to grow rapidly in coming few years. Various retail organizations are adopting IoT in retail solutions due to the growing need for better customer services and response. The increasing internet penetration is also creating potential opportunities for the growth of IoT in retail market.
The rising trend of automation is also driving the growth of IoT in retail market. Moreover, development and implementation of smart technologies is also fuelling the growth of IoT in retail market. Also, the declining cost of IoT components such as sensors and RFID are also driving the demand for IoT in retail. Apart from this, the increasing usage of mobile applications is creating potential opportunities for IoT in retail market.
Challenges
With the development of technology, the risk of threats also increase which is the primary challenge for the IoT in retail market. Issues associated with data privacy and security are expected to hamper the growth of IoT in retail market. Moreover, device compatibility issues and lack of common standards are the major factors which hinders the growth of IoT in retail market.
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Global IoT in Retail Market: Segmentation
Segmentation of the IoT in Retail Market on the Basis of Component:
- Hardware
- Sensors
- RFID tags
- Wearable
- Other
- Software
- Services
- Remote Device Management
- Professional Services
- Managed Services
Segmentation of the IoT in Retail Market on the Basis of Technology:
- Zig bee
- Wi-Fi
- Bluetooth
- Others
Segmentation of the IoT in Retail Market on the Basis of Application:
- Digital Signage
- Advertising & Marketing
- Smart Shelf & Smart Doors
- Supply Chain Management
- Resource Management
- Others
Global IoT in Retail Market: Competition Landscape
Key Players
Prominent players in the global IoT in retail market are
- ARM Holdings
- Google Inc.
- IBM Corporation
- Microsoft Corporation
- Cisco Systems Inc.
- SAP SE
- Zebra Technologies
- Amazon Web Services
- Intel Corporation
- Atmel Corporation
- PTC Inc. and Softweb Solutions.
Global IoT in Retail Market: Regional Overview
On the basis of geography, North America is expected to be a large market for IoT in retail, due to the early adoption of digital technologies and the presence of various key players in the region. The demand for IoT in retail in APAC and Europe is expected to grow rapidly in the coming few years, owing to the rapid development in digital infrastructure. Moreover, the rapid technological shift and continuous deployment & migration of mobile devices in countries such as Japan, China, and India is also driving the demand for IoT in retail in Asia Pacific. The IoT in retail markets in Latin America is expected to witness high growth rates in the coming period, due to the rise in digital technologies and increasing penetration of internet users. The IoT in retail market in MEA is also increasing due to the high adoption of smart phones and tablets in the region.
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