Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “IoT in Retail Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, July 22, 2021 (GLOBE NEWSWIRE) — The Global IoT In Retail Market is expected to grow at a CAGR of around 19.8% from 2021 to 2028 and reach the market value of over US$ 40.2 Bn by 2028
North America holds the dominating share for the IoT in retail market from the past and will continue this trend till the forecast period. Asia Pacific to record fastest growing CAGR for the market in the forthcoming years
When it comes to 5G services, LTE-M, and Narrowband-IoT-(NB-IoT) deployment, North America and Europe lead the retail IoT market. Because North America has long been known for its edge computing platforms that simplify, automate, and secure data at the edge, it has had a positive impact on the IoT in retail market’s growth in the North America regional market.
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In contrast, Asia Pacific is expected to have the fastest growing CAGR for the IoT in retail market in the coming years. China and India are the developing countries driving the growth of IoT in the retail market in the Asia Pacific region. It is estimated that approximately 86% of organisations in the APAC regional market use IoT technology in some form or another. It is also predicted that, despite the fact that IoT has a large population base, many people are still unsure of the exact value it brings to organizations, especially since the majority of them have already experienced an IoT-based security breach. As a result, the rise in the retail sector, particularly after the growth of the e-commerce industry, has created lucrative opportunities for IoT in the retail sector in the APAC regional market.
- Retailers are positive about many aspects of IoT deployment as follows:
- 77% of the retailers believe that IoT changes the customer experience
- 89% of the early movers in retail gained high prominence for the customer preference and behaviors from the Internet of Things (IoT)
- 77% if early movers in the IoT in retail create better collaboration with new partners in delivering products and services to the customers.
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The Internet of Things offers retailers opportunities in three critical areas: customer experience improvement, supply chain optimization, and new channels and revenue streams. IoT in retail is becoming a reality at a faster rate, which will allow competitors old and new to capture early IoT mind share and market share.
COVID-19 accelerates growth for IoT in retail market
The pandemic has caused many changes in the retail industry, highlighting the need for businesses to connect with customers and provide services remotely. This proclivity for online technology lays the groundwork for more advanced IoT technology and services. Touch less NFC payments, touch less biometric payment authorization involving customer voice prints at the POS to authorize payments, and automate document authorization for front line worker discounts are all solutions that have a positive influence on the growth of the IoT in retail market.
The global IoT in retail market is segmented as solution, service, and technology. Based on solution, the market is classified into hardware and software. By service, the market is bifurcated into professional services and managed services. Based on technology, the market is segregated as Bluetooth low energy, near field communication, ZigBee, and others.
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The prominent players of IoT in Retail involve Cisco Systems Inc., Arm Ltd., International Business Machines Corporation (IBM), Intel Corporation, Losant IoT, PTC Inc., RetailNext, Inc., and among others.
Some of the key observations regarding IoT in Retail include:
- In July 2018, IBM announced accelerating business transformation in Europe with its IBM Watson Internet of Things (IoT) technologies. Through the expansion will help clients to explore new business models, create service excellence, transform their industries, and eliminate inefficiencies.
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