The
Internet of Things (IoT) in retail assists retail outlets to improve their
revenue by enhancing customer experience. IoT is highly used in every retailing
process such as inventory management, shopper intelligence, smart kiosks, to
track loss and theft, mobile payments and for marketing and advertising
activities. Availability of digital sensors allows Machine to Machine (M2M)
communication to forward product information, discount codes and coupons. The
retailers integrate smart technologies with in-store solutions including
beacons, wearables, video analytics and Bluetooth Low Energy (BLE), which helps
to gather data from customers. The key factors propelling the growth of
internet of things (IoT) in retail market include the rising adoption of smart
payment solutions, rapidly decreasing cost of IoT-enabled connectivity and
sensors, and surging customer demand for a seamless shopping experience. Enhancing
the user experience throughout the decision-making chain right up to the
shopping experience is the primary goal of retailers. Thus, in the era of
digitalization, retailers are significantly focusing on improving customer
experience by adopting sensors, latest devices and connected objects such as
shelves and furniture, which not only embellish the store with cutting-edge
technological systems but also provides a stenographic and interactive
experience to the consumers. The IoT technology gathers information and data
for the retailer to understand habits, requirements and interests of customers.
For example, AMW, a U.S. based sportswear brand, utilizes smart shelf
technology with outfitted edge displays and high-def optical sensors to exhibit
product information which transmits data regarding inventory levels. It also recognizes
a customer’s gender, ethnicity and age as to deliver more specific display
content. Since, the surging demand for improving customer experience is boosting
the growth of internet of things (IoT) in Retail market. However, the limited
knowledge and awareness among retailers in small and technically backward
economies is a factor limiting the internet of things (IoT) in retail market
growth.
Furthermore, the rising penetration of e-commerce platforms
has pushed conventional retailers to become potential of using connected
technologies. Application of IoT in retail stores has enabled retailers to
determine customers’ profiles and their buying preferences by correlate with
wearable devices. M of connected devices and the deployment of collective
standards are leading to the growth of IoT-based capabilities across the retail
industry.
The
global Internet of Things (IoT) in Retail Market is segregated on the basis of Solution
as Hardware and Software. Based on Service the global Internet of Things (IoT)
in Retail Market is segmented in Professional Services and Managed Services.
Based on Technology the global Internet of Things (IoT) in Retail Market is
segmented in Bluetooth low energy, Near field communication, ZigBee and Others.
The
global Internet of Things (IoT) in Retail Market report provides geographic
analysis covering regions, such as Europe, North America, Asia Pacific, and
Rest of The World. The Internet of Things (IoT) in Retail Market for each
region is further segmented for major countries including the U.S., Canada,
Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa,
and others.
Competitive Analysis
Arm
Limited, Cisco Systems Inc., Google LLC, IBM Corporation, Impinj, Inc. and
others are among the major players in the global Internet of Things (IoT) in
Retail Market. The companies studied in terms of product strategy and various n
several growth and expansion strategies to gain a competitive edge in the
market. The major players not only follow value chain integration with business
operations in multiple stages of the value chain.
- In
January 2019, Amazon Web Services, Inc. declared AWS Backup, a
fully-managed, centralized backup service which makes it rapid and simpler for
customers to back up their data across AWS services and on-premises, helping
customers more easily meet their business and regulatory backup compliance needs.
- In July
2018, IBM Watson IoT propelled business transformation in Europe, as
European clients are highly opting for Watson IoT. The examples of the
company’s commitment to enhance operations are - its contracts with a Spanish
electricity grid operator (Red Eléctrica de España), an Italian geriatric care
provider (Cooperativa Sole), a Dutch telecommunications operator (Tele2), and
an Israeli manufacturer of smart air conditioning (Electra Group), with the
power of Artificial Intelligence (AI)-based and IBM’s cloud-based Internet of
Things technologies.
- In 2019,
Kroger Company entered into a partnership with Microsoft Corporation, to
redefine the retail customer experience. The result 0f the partnership is the
developed technology connected by IoT sensors which run on Microsoft Azure to
market a commercial retail-as-a-service (RaaS) product to the industry.
The global Internet of Things (IoT) in Retail
Market has been segmented as below:
Internet
of Things (IoT) in Retail Market, By Solution
- Hardware
- Beacons
- RFID tags
- Sensors
- Wearables
- Software
Internet
of Things (IoT) in Retail Market, By Service
- Professional Services
- Managed Services
Internet
of Things (IoT) in Retail Market, By Technology
- Bluetooth low energy
- Near field communication
- ZigBee
- Others
Internet
of Things (IoT) in Retail Market, By Region
- Europe
- North America
- Asia Pacific
- Rest of The World
Internet
of Things (IoT) in Retail Market, By Company
- Arm Limited
- Cisco Systems Inc.
- Google LLC
- IBM Corporation
- Impinj, Inc.
- Intel Corporation
- Losant IoT
- Microsoft Corporation
- NXP Semiconductors
- PTC Inc.
- RetailNext, Inc.
- SAP SE
- Softweb Solutions Inc.
- Verizon Communications Inc.
- Zebra Technologies Corporation
The
report covers the below scope:
- Global Internet of Things (IoT) in
Retail Market sizes from 2020 to 2026, along with CAGR for 2020-2026
- Market size comparison for 2019 vs
2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to
2026
- Global Internet of Things (IoT) in
Retail Market trends, covering comprehensive range of consumer trends & manufacturer
trends
- Value chain analysis covering
participants from raw material suppliers to the downstream buyer in the global Internet
of Things (IoT) in Retail Market
- Major market opportunities and
challenges in forecast timeframe to be focused
- Competitive landscape with analysis
on competition pattern, portfolio comparisons, development trends and strategic
management
- Comprehensive company profiles of
the key industry players
The
years considered for the study are as follows:
- Base year - 2019
- Estimated year - 2019
- Projected year - 2020
- Forecast period - 2021 to 2026
Report
Scope:
The global Internet of Things (IoT) in Retail
Market report scope includes detailed study covering underlying factors
influencing the industry trends. The report covers analysis on regional and
country level market dynamics. The scope also covers competitive overview
providing company market shares along with company profiles for major revenue
contributing companies. The report scope includes detailed competitive outlook
covering market shares and profiles key participants in the global Internet of
Things (IoT) in Retail Market share. Major industry players with significant
revenue share include Arm Limited, Cisco Systems Inc.,
Google LLC, IBM Corporation, Impinj, Inc. and others.
Why to
Buy this Report:
- Gain detailed insights on the Internet of Things (IoT) in Retail industry trends
- Find complete analysis on the
market status
- Identify the Internet of Things
(IoT) in Retail Market opportunities and growth segments
- Analyse competitive dynamics by
evaluating business segments & product portfolios
- Facilitate strategy planning and
industry dynamics to enhance decision making
Target
Audience:
- The report targeted towards the existing players in
the industry is as follows:
- Market Manufacturers/Service
Providers
- Market Wholesale/Traders
- Investment and Financial
Institutions
Free
and Paid Customization based on the requirement