The IoT in Retail Market is anticipated to expand at a robust CAGR during the forecast period (2020-2027).

The factors driving growth of the IoT in Retail Market includes rising focus of companies on enhancing customer’s experience, expansion of smart cities, emergence of mobile wallets, Government initiatives promoting digitalization, and improvements in the living standards. For instance, the market size of mobile transactions across North American region was estimated around USD 682,441 million for 2022 and is expected to reach USD 1,071,636 million by the end of 2025, which will accelerate the Internet of Things in Retail Market size in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Cloud Computing, and Big Data Analytics, increasing penetration of smartphones and connected devices and rapid urbanization, are some of the additional factors supplementing the Internet of Things in Retail Market Growth. In addition, the increasing investments by major companies on research and development, strategic mergers and collaborations between enterprises and growing population growth rates, are further contributing towards the market growth.

However, growth of the IoT in Retail Market is hindered due to growing concerns related to data security and privacy.

The leading players operating in the market are Oracle Corporation, AT&T Inc, NEC Corporation, Cisco Systems Inc, IBM Corporation, Intel Corporation, AP SE, Huawei Technologies Co. Ltd, AWS and Google LLC, among others.

Based on Offering, the Platforms segment is predicted to grow at a remarkable CAGR during the forecast period

Growing demand for electronic devices such as computers and printers, and rising focus of vendors for providing efficient network management platforms to IoT consumers, are propelling growth of the segment.

Based on Application, the Operations Management segment is expected to hold the largest market share over the forecast period

Increasing application of operation IoT based systems in core operations such as workforce management, surveillance, and supply chain optimization, are pushing growth of the segment. 

Based on Region, the Asia-Pacific region is projected to grow at a remarkable CAGR during the forecast period

Presence of the leading players such as NEC Corporation and Huawei Technologies Co. Ltd, increase in Government’s expenditure on smart city projects, growing adoption of advanced technologies, rapid urbanization and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.

Key Development

·         In 2019, Kroger Company, entered into partnership with Microsoft Corporation, to redefine the retail customer experience. Through this partnership, companies developed technology connected by IoT sensors that can be run on Microsoft Azure to market a commercial retail-as-a-service product to the industry.

Market Segmentation

Segmentation by Offering

·         Hardware

·         Beacon

·         Sensors

·         Gateway

·         Radio-frequency Identification (RFID)

·         Platforms

·         Device Management

·         Application Management

·         Network Management

·         Services

·         Professional Services

·         Consulting

·         System Integration and Deployment

·         Support and Maintenance

·         Managed Services

Segmentation by Application

·         Operations Management

·         Energy Optimization

·         Supply Chain Optimization

·         Surveillance and Security

·         Inventory Optimization

·         Workforce Management

·         Asset Management

·         Asset Condition Monitoring

·         Predictive Equipment Maintenance

·         Customer Experience Management

·         Smart Payment and Checkout

·         Queue Management

·         Automatic Vending Machine

·         Smart Shelves

·         Advertising and Marketing

·         Geomarketing

·         Digital Signage

Segmentation by Region

·         Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·         North America

o   United States of America

o   Canada

·         Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·         RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com