IoT In Retail Market - Forecast(2021 - 2026)

 IoT In Retail Market Overview:

The Internet of Things (IoT) technology has taken the world by storm. According to Intel Corporation headquartered in California, this technology is exploding and reaching across every single device with a fast pace. The company projects 200 billion different objects empowered by this technology by the year 2020.[1] Most of the objects that human access on a daily basis fall in the category of ‘smart’ products, thanks to Internet of Things. Retail analytics market has been disrupted by IoT and has provided massive growth to it. With the incorporation of IoT in retail analytics, companies are able to boost their consumer base and earn noticeable market revenues. Internet of Things will define the retail analytics market in the upcoming years and be the main reason for its upliftment. During the forecast period of 2019-2025, the IoT in retail market will experience a burgeoning growth with a compound annual growth rate (CAGR) of 19.34%, which will be a considerable growth over its 2018 market size at $16.71 billion.

IoT In Retail Market Outlook:

Retail analytics is an important part of a business as it leads to improved supply chain management which helps in attaining better decisions eventually leading to a business’s growth. Using retail analytics, companies are able to improve consumer experience. In the current scenario, key market players are now using Internet of Things to optimize their own supply chain management. Earlier, information tracking was a limited process but with the incorporation of IoT, companies are able to track product information with ease and precision, leading to increase in their revenues. North America which is innovating consistently in the Internet of Things technology field led the global IoT in retail market in the year 2018 with a regional share of 19.34%. Using IoT, several essential functions can be performed including near field communication, digital signage, intelligent payment solution, real-time/ streaming analytics, and resource management. The segment of intelligent payment solution is a promising one and is expected to increase with an outstanding CAGR of 19.34% during the forecast period of 2019-2025.

IoT In Retail Market Growth Drivers:

Ø  Essential In Supply Chain Management

According to Intel Corporation, 8.3% of the entire usage of Internet of Things is in retail sector.[2] IoT is required in several different process including analytics of consumer preferences, purchasing of products through smartphones, tracking of inventory, and application of a smooth supply chain management system. The retail analytics market is relying heavily on Internet of Things for its sensor technology. Using technology such as RFID and GPS sensors, retail analytics key players are able to obtain precise data including storage temperature of a product, or transit time.

IoT In Retail Market Challenges:

A prominent challenge faced by the IoT in retail market is investment in and timely upgrade of IoT related hardware. If companies invest in IoT hardware with an open mind and regularly calibrate IoT wireless sensor networks, this issue would cease to exist, providing impetus to the market simultaneously.

IoT In Retail Market Key Players Perspective:

Several key market players are operating in the IoT in retail market including Intel Corporation Inc., Microsoft Corporation, PTC Inc., IBM Corporation, Cisco Systems Inc., SAP AG, Zebra Technologies, Google Inc., ARM Holdings PLC, Freescale Semiconductor, Inc, Softweb Solutions, Carriots, Xively, Atmel Corporation, Happiest Minds, Amazon Web Services, and Bsquare.

Amazon Web Store has used Internet of Things to launch several services such as Amazon Simple Storage Service, Amazon DynamoDB, Amazon Kinesis, Amazon Lambda, Amazon Simple Notification Service, and Amazon Simple Queue Services. The most popular services out of these is Amazon Kinesis which enables real time processing of data that can be streamed and helps in retail analytics immensely.

Location: United States

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