Internet of Things (IoT) is a concept of connecting any device to the internet and other connected devices. IoT is a giant network of connected things and people, who share and collect data about the way they are used and about the environment around them. The retail market has been disrupted by IoT by providing a massive growth to the technology. With the amalgamation of IoT in retail analytics, companies are able to enhance their customer base and earn noticeable market revenues.
The major factors accelerating the growth of IoT in Retail market include the increasing adoption of smart payment solutions, rapidly declining cost of IoT-based connectivity and sensors, and rising customer demand for a seamless shopping experience. Improving the user experience throughout the decision-making chain right up to the shopping experience is the primary goal of retailers. Therefore, in the era of digitalization, retailers are mainly focusing on enhancing customer experience by adopting sensors, latest devices, and connected objects such as shelves and furniture, which not only beautify the store with cutting-edge technological systems but also offers a stenographic and interactive experience to the consumers. The IoT technology collects information and data for the retailer to understand habits, need, and preference of customers. For instance, AMW, a U.S. based sportswear brand, uses smart shelf technology with outfitted edge displays and high-def optical sensors to display product information that transmits data about inventory levels. It also identifies a customer’s gender, ethnicity, and age in order to deliver more specific display content. Hence, the growing demand for enhancing customer experience is catalyzing the growth of IoT in Retail market.
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Based on Region, the Asia-Pacific region is projected to grow at a higher CAGR in IoT in Retail market during the forecast period owing to the rapidly declining cost of sensors and ongoing smart city initiatives in the region. Moreover, countries like China and India illustrates the highest demand for IoT in the retail sector due to the rising population rate in these countries. The North America region is expected to grow at higher CAGR over the forecast period. The advent of e-commerce technology and the incorporation of the best in-store experience is driving the growth of IoT in Retail market in the region.
The prominent players in the market include Cisco Systems Inc, IBM Corporation, Intel Corporation, Huawei Technologies Co. Ltd, AWS, Google LLC, Oracle Corporation, AT&T Inc, NEC Corporation, and SAP SE among others.
The Global IoT in Retail market has been segmented based on Offering and Application. Based on the Offering, the market is segmented into Hardware, Platforms, and Service. Based on the Application, the market is segmented into Operations Management, Asset Management, Customer Experience Management, Advertising and Marketing.
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