IoT (Internet of Things) in Retail Market Trends, Competitive Market Share & Forecast, 2017 – 2024: Global Market Insights Inc.

IoT in Retail Market size is anticipated to witness growth over the forecast timeline, owing to the increase in retailers need to attain high revenue and enhanced customer experience. IoT demand in retail sector is expected to propel significantly, due to merging of in-store operations with digital in retail stores.

IoT consists of interconnected computing devices, sensors, objects, people, processes, back-end systems, supply chains and mechanical & digital machines and have unique identifiers which can transmit data over network without the requirement of human-to-computer or human-to-human communication. IoT in retail is mainly used for activities such as inventory management, shopper intelligence, theft & loss tracking and mobile payments. Growing popularity and usage of online media for shopping and payments is expected to enhance the IoT in retail market growth over the forecast timeframe. Vast adoption of IoT in various retailing processes such as advertising & marketing, vending machines, smart kiosks, and customer payments coupled with falling prices of IoT components such as RFID & sensors is expected to propel the IoT in retail market growth.

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Software market in IoT is expected to flourish rapidly, due to increasing mobile applications usage. Niche players including Carriots and ThingWorx are developing platforms, which are expected to positively impact IoT in retail market growth. For instance, ThingWorx has developed IoT platform for RFID Solutions and Real Time Location Services for the joint venture of Stanley Black & Decker, Inc. and RF Controls. Emergence of cloud technology is another factor driving on IoT in retail market growth over the period as it enables retailers to analyze and monitor the processes to improve them with increasing investment in capital equipment. Increasing IoT functionalities in retail include tracking real-time shopping behavior of customer, using in-store devices to automatically alert customers, and send tailored offers. Technological advancements such as beacons is expected to have positive impact on IoT in retail market. Beacons help retailers to automatically send discounts and notifications to shoppers when they enter the store.

Emergence of the technology in retail sector has raised several concerns regarding security and safety of customer data. Hardware components, smart devices, software applications in IoT system are susceptible to several cyber threats such as DDoS. These vulnerabilities are expected to restrain IoT in retail market growth over forecast timeline. Retailers are struggling on capitalizing IoT capabilities, owing to high implementation costs, lack of common standards for IoT solutions and interoperability of devices.

The technology used IoT in retail market is classified as Bluetooth low energy (BLE), ZigBee, Wi-Fi, and near field communication (NFC). BLE technology is expected to witness fastest growth during the forecast period, owing to its gaining importance in payments & post-payment options and pre-tailing. The retailers are making increasing use of NFC technology to understand consumer preferences and serve the customer exactly according to their needs and requirements. Retailers are using WiFi to provide digital content such as advertisements, retailer apps, and customer feedback to be used on laptop or mobile devices escalating the IoT in retail market demand. IoT in retail market applications include digital signage, advertising & marketing, energy optimization, supply chain management, intelligent payment solutions, smart vending machines, real time/streaming analysis, smart shelves & smart doors, resource management, and safety & security.

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North America dominates the IoT in retail market, owing to a high e-commerce market share and presence of organized retail sector in the regionIn the U.S., retailers are focused on improving supply chain performance by increasingly investing in technologies such as automated inventory verification. they are focused on improving customer service by digitizing the in-store experience with the help IoT technologies such as beacons to create personalized shopper offers.

The Asia Pacific IoT in retail market is projected to have a steady growth, owing to rapid technological advancements and fast developing e-commerce industry. Growing economic stability and increasing smart devices usage is expected to drive IoT in retail market growth in the region. Innovators in the region such as China Unicorn and Jasper are capitalizing on increasing penetration of IoT to deliver mobile payment services and wireless POS in retail. The retailers in Asia Pacific IoT in retail market are implementing IoT to speed up checkout lines and enhance customer experience. For instance, Gain City, a Singapore-based electronics goods supplier uses virtual sales assistants, in combination with video analytics to modify its offerings based on customer preferences.
Players operating in the IoT in retail market include IBM Corporation, Microsoft Corporation, Intel Corporation Inc., Cisco Systems Inc., Accenture, PTC Inc., Broadcom, Zebra Technologies, Freescale, Texas Instrument, APM, Telit Wireless Solutions, Sierra Wireless, and Stream Technologies.

The IoT in retail market is highly fragment with small, niche players entering the industry with specialized products and innovative technologies. However, lack of funds or finance rely on bigger players for developing technology platforms. Partnerships & collaborations are some strategies used by industry players to achieve growth and enter newer markets. New product launches are the strategies undertaken by retail giants. For instance, in 2013, Mondelez International launched smart shelves developed by Dell and Panasonic. This state-of-art technology was developed to track customer age, sex, and preference towards Oreo. In addition, Amazon Inc. introduced its Wi-Fi connected device, Dash Button, which lets customers record products of their choice by simply pushing a button.

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