The analyst projects the Internet of Things (IoT) in retail market to grow from USD 14.5 billion in 2020 to USD 35.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period. Major factors expected to drive the growth of the IoT in retail market include rapidly declining cost of IoT-based sensors and connectivity, increasing adoption of smart payment solutions, and customer demand for a seamless shopping experience.
By offering, the hardware segment to account for the highest market share during the forecast period
Hardware is an essential component for any IoT device to work efficiently. In order to improve customer experiences and similar operations, these technologies or devices have become a necessity. Beacons broadcast radio signals using the Bluetooth Low Energy (BLE) technology. These signals are received by the customer’s smartphones and wearables. The use of these technologies enhance customer experiences by sending relevant messages as per consumer requirements.
By application, the operations management segment to hold the largest market size in 2020
The operations management segment for any retail organization is important because it refers to all the activities that maintain the optimum store functioning levels. IoT plays a crucial role in process automation and improves the operational efficiency of retail stores. Operations management in the retail industry includes energy optimization, supply chain optimization, surveillance and security, inventory optimization, and workforce management.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is estimated to be the fastest-growing region in terms of the growth of the IoT in retail market, due to the increasing adoption of new technologies, higher investments for digital transformation, and the growth in Gross Domestic Product (GDP) in the APAC countries. The region is continuously adopting technological advancements as IoT grows in popularity with both governments and companies on a global scale. The APAC is one of the biggest markets for connected devices.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the IoT in retail market.
The breakup of the profiles of the primary participants is given below:
- By Company Type: Tier 1-55%, Tier 2-27%, and Tier 3-18%
- By Designation: C-Level Executives–33%, Director Level-25%, and Managers–42%
- By Region: North America-38%, Europe-19%, APAC-14, and RoW-29%
The following key IoT in retail market vendors are profiled in the report:
- Cisco (US)
- IBM (US)
- Intel (US)
- Microsoft (US)
- PTC (US)
- Huawei (China)
- Sierra Wireless (Canada)
- AWS (US)
- SAP (Germany)
- Software AG (Germany)
- Accenture (Ireland)
- Bosch.IO (Germany)
- Google (US)
- NEC Corporation (Japan)
- Oracle (US)
- AT&T (US)
- Vodafone (UK)
- Happiest Minds (India)
- Telit (UK)
- Allerin (India)
Research Coverage
The IoT in retail market is segmented by offering (hardware, platforms and services), application, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the IoT in retail market.
Reasons to Buy the Report
The report would help the market leaders and new entrants in the following ways:
- It comprehensively segments the IoT in retail market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities in the market.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes the competitor ecosystem, new service developments, partnerships, and acquisitions.
Table of Contents
Companies Mentioned
- AT&T
- Accenture
- Allerin
- Amazon Web Services
- Bosch.Io
- Cisco
- Happiest Minds
- Huawei
- IBM
- Intel
- Microsoft
- NEC Corporation
- Oracle
- PTC
- Right-To-Win
- SAP
- Sierra Wireless
- Software AG
- Telit
- Vodafone
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 158 |
| Published | March 2020 |
| Forecast Period | 2020 - 2025 |
| Estimated Market Value ( USD | $ 14.5 billion |
| Forecasted Market Value ( USD | $ 35.5 billion |
| Compound Annual Growth Rate | 19.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 21 |
