IoT in Retail Market is expecting to record extensive gains by 2024, Rising trend of digitization across the retail sector | Key Players includes Accenture, Amazon, Cisco, Dell, Hewlett Packard Enterprise, Hitachi, Honeywell, Huawei Technologies

IoT in Retail Market growth will be driven by rising demand for improving the purchase experience. In order to bring in innovations in the stores, giving away offers on the basis of browsing history and buying behavior, retail stores across the globe are increasingly implementing IoT solutions. Growing usage of intelligent solutions coupled with the emerging trend of digitization in the sector contributes to the industry demand.

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Managed services segment in the IoT in retail market is anticipated to grow over the forecast timeline. The growth can be credited to the retailers increasingly focusing on reducing the IT related expenses, enabling the workforce to focus more on core activities generating more revenue. The managed service providers are assigned with the responsibility of maintaining the systems, provide security and protection against any type of cyber-attack threat. In additions, they provide services which include deployment, integration, support services as well as consultation to help the clients achieve desired business goals.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Accenture
2. Amazon
3. Cisco
4. Dell
5. Hewlett Packard Enterprise
6. Hitachi
7. Honeywell
8. Huawei Technologies
9. IBM
10. Intel Corporation
11. Microsoft
12. NXP Semiconductors
13. Oracle
14. SAP
15. Verizon
16. Zebra Technologies
17. Telit

As per a recent research study, the Internet of Things is one of the most paramount trends emerging in the retail space. The scope of IoT in retail market travels beyond the frontiers of modest customer satisfaction and retailer convenience, as it provides consumers with high-grade browsing service, digitized real-time coupons & offers, and an overall, sophisticated, connected shopping experience. Additionally, retailers are rewarded with smart store operations, smart pricing strategies, and smart inventory management, which enables further deployment of smart solutions in store, thereby fueling IoT in retail market share.

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IoT, in recent times, has been helping brick-and-mortar stores to combat effectively with online shopkeepers to attract more customers and revamp their business. Major players that are encompassed by IoT in retail market are focusing on development of advanced products that not only ease the shopping process, but also provide an elevated level of privacy to consumers. For instance, RAIN RFID solution company, Imping has developed an RFID tag chip, which provides significant privacy settings for retailers across Europe. This effort has been lauded to be rather commendable, and may have a proportional effect on the regional IoT retail market share. Besides, the government authorized regulatory organizations have also been mandating some norms to provide security to consumers. In fact, European Commission mandates that retailers implementing the RFID technology should deploy Privacy Impact Assessment (PIA) for every application. The efforts undertaken by regulatory bodies would also have a rather noteworthy impact on IoT in retail industry.

Microsoft Corporation, Cisco Systems, Intel Corporation Inc., Zebra Technologies, IBM Corporation, and SAP are some of the renowned players in IoT retail market. Intel® in fact, has recently developed IoT Platform solutions to enable inventory accuracy for supporting omni-channel solutions in the retail space. Retailers have been increasingly using this service for end-to-end analytics, high operational efficiency, and inventory accuracy. The implementation of IoT also reduces the product carry cost to a considerable extent, which would prove rather beneficial for retailers. Speaking along similar lines, the development and advent of IoT and the surging use of mobile devices, would thus undeniably stimulate IoT in retail market size.

Enormous volume of data is generated by the systems in the IoT network, creating the demand for intelligent and sophisticated data management solutions. The device management platforms allow the users to gather and analyze the information to enhance the operational efficiency, optimize store operations and productivity resulting in achieving desired business goals. Due to the rising demand for management of devices in the IoT network, the network device management segment will witness considerable growth.

Browse key industry insights spread across 150 pages with 156 market data tables & 12 figures & charts from the report, Internet of Things in Retail Market in detail along with the table of contents:

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Presence of developed infrastructure followed by the increasing investments by retailers on implementation of smart technologies is expected to drive the North America IoT in retail market growth. Factors such as organized retail industry across the region followed by the awareness related to benefits of using such solutions by various players further contributes to the industry demand.

Apart from online retail applications, IoT is primarily used by retailers for connected consumers, supply chain, and smart stores applications. For instance, in order to monitor the entire shopping experience, several retailers have been developing smart stores incorporated with IoT. Prior to its deployment, retailers would spend more on survey projects to keep abreast of consumer interests. Now with the advent of smart stores, retailers can monitor customers demographics through Wi-Fi foot traffic or video monitoring. This would eventually help shopkeepers to adjust the store layout to increase number of customer visits, which will boost IoT in retail industry size. In addition to this, the deployment of IoT services is overt to support digital marketing in the stores as well.

Accurately defined as one of the top retail technology trends to look out for, the Internet of Things has been drastically disrupting the traditional retail business model, which has had a commendable impact on IoT in retail industry. Traditional retailers, in a bid to attract consumers and consolidate their stance, would have to live up to numerous challenges, in response to which they would need to keep abreast of the latest technologies influencing the retail sphere. This would subsequently have a massive impact on IoT in retail market outlook, given that retailers would desperately sign up to exploit connected solutions for their brick-and-mortar stores. In effect, retailers have been looking forward to outwitting their rivals when it comes to offering the choicest, most unique, comfortable, and tech-savvy retail experience for customers, which would single them out in IoT in retail market. Analyzing the depth to which IoT is being leveraged by retailers, it can be aptly presumed that IoT in retail industry would traverse a rather successful path over the forthcoming seven years.

Top Companies in the IoT in retail market comprise Accenture, Amazon, Bosch Software Innovations, Cisco, Dell, Hewlett Packard Enterprise, Hitachi, Honeywell, Huawei Technologies, IBM, Intel Corporation, Microsoft, NEC Corporation, NXP Semiconductors, Oracle, PTC Inc, SAP, Sierra Wireless, Telit, Verizon, and Zebra Technologies.

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