DUBLIN--(BUSINESS WIRE)--The "Internet of Things (IoT) in Retail Market by Platform (Device Management and Application Enablement), Hardware, Service, Application (Smart Shelf, Asset Management, Customer Experience Management, and Geomarketing), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The analyst projects the Internet of Things (IoT) in retail market to grow from USD 14.5 billion in 2020 to USD 35.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period.
Major factors expected to drive the growth of the IoT in retail market include rapidly declining cost of IoT-based sensors and connectivity, increasing adoption of smart payment solutions, and customer demand for a seamless shopping experience.
By offering, the hardware segment to account for the highest market share during the forecast period
Hardware is an essential component for any IoT device to work efficiently. In order to improve customer experiences and similar operations, these technologies or devices have become a necessity. Beacons broadcast radio signals using the Bluetooth Low Energy (BLE) technology. These signals are received by the customer's smartphones and wearables. The use of these technologies enhance customer experiences by sending relevant messages as per consumer requirements.
By application, the operations management segment to hold the largest market size in 2020
The operations management segment for any retail organization is important because it refers to all the activities that maintain the optimum store functioning levels. IoT plays a crucial role in process automation and improves the operational efficiency of retail stores. Operations management in the retail industry includes energy optimization, supply chain optimization, surveillance and security, inventory optimization, and workforce management.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is estimated to be the fastest-growing region in terms of the growth of the IoT in retail market, due to the increasing adoption of new technologies, higher investments for digital transformation, and the growth in Gross Domestic Product (GDP) in the APAC countries. The region is continuously adopting technological advancements as IoT grows in popularity with both governments and companies on a global scale. The APAC is one of the biggest markets for connected devices.
Market Dynamics
Drivers
- Customer Demand for A Seamless Shopping Experience
- Rapidly Declining Cost of Iot-Based Sensors and Connectivity
- Increasing Adoption of Smart Payment Solutions
Restraints
- Security Concerns Due to Vast Data Flow
- Lack of Interoperability and Common Standards
Opportunities
- Integrated IoT Solution to Open New Revenue Streams
- Increased Investment in Retail Automation Providing Wholesome Opportunities for Analytics Providers
Challenges
- Apprehension of Retailers in Switching to New Technologies Due to High Implementation Cost
Companies Profiled
- Cisco
- IBM
- Intel
- Microsoft
- PTC
- Huawei
- Sierra Wireless
- Amazon Web Services
- SAP
- Software AG
- Accenture
- Bosch.Io
- NEC Corporation
- Oracle
- AT&T
- Vodafone
- Happiest Minds
- Telit
- Allerin
For more information about this report visit https://www.researchandmarkets.com/r/36448y
