Global Retail IoT Market is Set to Grow at a CAGR of 18% Over the Forecast Period (2019-2027), Due to Rising Demand for Customer Retention Solutions in Offline Retail Outlets: says Absolute Markets Insights

The advent of a flourishing e-commerce sector has led traditional retail companies to strategize in order to improve customer turnout towards their stores. Implementation of IoT in retail outlets is expected to help offline retail providers towards increasing patron attendance in their stores. The main operations of traditional retail companies range from specialty outlets to supermarkets. In recent years, big box stores have been utilizing IoT solutions and services to provide their customers with an enhanced experience, thereby ensuring maximum customer retention.

The solutions adopted from retail companies primarily comprise of radio identification devices, dedicated applications, and beacons for information transfer amongst others. Radio identification devices allow users to buy products through tags present on them thus, reducing the dependence on traditional teller portals. Furthermore, these establishments are also adopting mobile applications thereby aiding in providing customers that revisit specific outlets with improved loyalty benefits and rewards.

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The integration of these technologies help in creating an interactive and holistic shopping experience for consumers. Sainsbury’s, a UK based super market, has successfully deployed IoT solutions in their retail operations, thereby improving customer’s in-store shopping experience. Through a combination of in-store beacons and mobile application, the retailers focus on exchanging contextual and customized informative text messages, thereby influencing their shopping pattern. In terms of revenue, the global retail IoT market stood at US$ 23,689.0 Mn in 2018 and is anticipated to reach US$ 104,932.2 Mn by 2027, expanding at a CAGR of 18% during the forecast period.

supermarkets/hypermarkets and is expected to increase over the forecast period. Retail providers are striving to create customer interactions in stores that would help in unification of technologies with physical infrastructure. IoT solutions are deployed with the aim to help in this process. The significant presence of traditional retail stores coupled with rising prevalence globally, has become a glove fit for deployment of IoT solutions.”

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The detailed research study provides qualitative and quantitative analysis of the global retail IoT market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further, across all the major countries. The supply side analysis covers regional production volume and capacity analysis. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.

Some of the major players operating in the global retail IoT market are ALLERIN TECH PVT LTD, Alphabet Inc. (Google LLC), Arm Limited, Cisco, Dipole RFID, Impinj, Inc., Intel Corporation, KaaIoT Technologies, LLC, LOSANT IOT, MediaTek Inc., Microsoft, NXP Semiconductors, Qualcomm Technologies, Inc., SAP SE, Scala Digital Signage, SIGFOX, Softweb Solutions Inc. (An Avnet Company), Verizon, Wi2Wi, Inc., Xynage, and Zebra Technologies Corp. amongst others.

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Retail IoT Market

By Offerings

• Hardware
• Software
• Services

By Application

• Product Tracking
• Payments
• Customer Engagement
• Supply Chain Management
• Others

By End Users

• Supermarkets/Hypermarkets
• Specialty Stores
• E-commerce Companies
• Others

By Region

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Nordic Countries
 Denmark
 Finland
 Iceland
 Sweden
 Norway
• Benelux Union
 Belgium
 The Netherlands
 Luxembourg
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Southeast Asia
 Indonesia
 Thailand
 Malaysia
 Singapore
 Rest of Southeast Asia
• Rest of Asia Pacific

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of Middle East and Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America

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This release was published on openPR.