Automating business operations is a phenomenal trend that is aiding the productivity and efficiency of any business. On top of it, the emerging IoT solutions across various applications is optimizing store operations by reducing thefts, increasing security, and streamlining the customer shopping experience according to market research report released by IndustryARC. Using statistical information, the analyst has evaluated the market and stated that the global IoT in retail market size was valued at $16.71 billion as of 2018. The ongoing trend of business automation processes is expected to sway the IoT in retail market growth at an outstanding compound annual growth rate (CAGR) of 19.87% through the forecast period of 2019 to 2025.
The report is titled “IoT in Retail Market: By Components (Gateway, RFID, Sensors); By Technology (NFC, Bluetooth, Zigbee, and others); By Applications (Remote Device Management, Professional Services, Managed Services, and Others); By Functional area (Intelligent Payment Solution, Energy Optimization, and others); By Trends & By Geography – Forecast (2019-2025).” This report is inclusive of various IoT in Retail market aspects including and not limited to trends, size, financial analysis, recent developments, opportunities, and challenges.
Global IoT in Retail Market: Leading Segments
North America is the leading region in the global IoT in retail market with the regional share of 35.52% as of 2018. The monumental share reflected by the region in the market is because of the advanced technological development that is happening in this region. Moreover, North America accommodates a fairly large population of people who are earning disposable incomes. Hiked incomes are changing the lifestyles of the people and have made them shift towards a luxurious and easy going lifestyle.
By application, intelligent payment solution vertical is the fastest growing application in the IoT retail market, evaluated to increase at an outstanding CAGR of 19.34% throughout the aforementioned forecast period. With IoT, the payment processes will pace up, subsequently speeding up the business operations. IoT powered devices will reduce the rush at the payment queues and it will increase convenience for the customers in finding their desired products.
Global IoT in Retail Industry Analysis
Smart home and building automation are shifting the gears towards the surge of smart cities. Innovative machine learning technologies and artificial intelligence (AI) technologies are emerging with meaningful and efficient solutions for the retail sector. The in-store shopping experience is optimized by mobile application of the store which allows people to add or remove items from their smart cart which automatically updates the items shopped in the mobile application and further it can be used for the transaction processes. According to Forbes, the e-commerce sector is projected to become the largest retail channel in the world by 2021 and the sector is expected to account for 14% of the total retail sales in the year.  The e-commerce sector among other supermarkets, apparel and footwear retailers and independent grocers is acquiring the highest profits in the retail industry owing to the widespread adoption of innovative technologies and the changing lifestyle of the people.
Global IoT in Retail Market Trends
Cashless and Cardless Shopping: Technology has reached a point where carrying cash and card are getting obsolete. IoT devices enabled with face recognition techniques have flipped the shopping experience for the people. Cashier-free convenience stores have started their pilot projects in China. These stores use smart-shelve sensors, artificial intelligence, and in-store cameras to put an end to the queues and checkout process at the stores.
Inventory Management: Digitalization of stores with the emerging IoT has enabled the store managers to keep a real-time track of the store inventory. Managing product sales and tracking demands have become hassle-free and convenient with the help of IoT devices such as smart shelves, smart counters, and smart storage system. Incorporating IoT in retail stores have enabled the store managers to monitor the product health and its condition, with this the store can ensure availability of better stock.
Global IoT in Retail Market: Competitive Landscape
Some of the key companies identified in the report that are ahead of the curve in the IoT in retail market are Intel Corporation Inc. , Microsoft Corporation, PTC Inc., IBM Corporation, Cisco Systems, Inc. , SAP AG , Zebra Technologies, Google Inc., ARM Holdings PLC , Freescale Semiconductor, Inc , Softweb Solutions, Carriots , Xively, Atmel Corporation, Happiest Minds, Amazon Web Services, and Bsquare.
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A. IoT Communication Technologies Market
B. Industrial Internet of Things Market
What can you expect from the report?
The IoT in retail market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.