DUBLIN--(BUSINESS WIRE)--The "IoT Chip In Retail Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The IoT chip in retail market was valued at US$1,937.783 million for the year 2019. The global retail industry is undergoing a rapid transformation with the growing adoption of the Internet of Things (IoT). IoT has various applications across the retail sector as it helps boost sales, increase customer loyalty, offer a personalized experience, and improve inventory management.
The increasing proliferation of smartphones and connected devices coupled with rising penetration of better and faster internet connectivity is one of the major drivers of IoT chip in retail market. According to the World Bank, the percentage of the population using the internet increased from 20.412% in 2007 to 49.723% in 2017. Simultaneously, the number of households with broadband access has increased significantly in both developed and developing economies. For instance, in China, the subscriptions of fixed broadband increased from 82,879,000 in 2008 to 407,382,000 in 2018. Similarly, in India, it reached 18,170,000 by 2018 from just 5,280,000 in 2008. As broadband internet is becoming more readily available, more and more devices with WiFi capabilities and built-in sensors are being manufactured. With the declining cost of this technology, the market for IoT chip in retail is growing significantly.
An increasing number of connected consumers are positively impacting the demand for IoT solutions across brick-and-mortar locations. As more and more customers are using their smartphones and connected devices to check in-store pricing and local inventory levels, retailers are increasingly opting for IoT solutions in order to stay ahead in the intense competition. Increasing investments in IoT technology for retail applications is further bolstering the market growth during the forecast period. In 2017, Intel launched its latest platform, called the Responsive Retail Platform (RRP), for the retail sector. The platform connects in-store technology making it easier to develop and deploy the Internet of Things (IoT) by bringing together retail hardware, software, APIs, and sensors in a standardized way.
In February 2019, the Posiflex Group introduced its full product portfolio of smart and connected retail solutions with fully-integrated hardware, middleware, and RMS (remote monitoring system).The rapid adoption of digital signage across the retail industry is another factor that is fuelling market growth. Retailers are also using this technology to monitor inventory in order to avoid oversupply, shortage, or thefts in stores. Moreover, they are using IoT solutions to predict equipment failure or detecting other issues in order to ensure food and beverage product safety.
With growing competition, retailers are increasingly focusing on customer loyalty while delivering the best in-store experience is further boosting the adoption of IoT across this sector which, in turn, fuelling the demand for IoT chips. The growing use of wearable devices by consumers is also attracting the retail sector to come up with innovative marketing strategies. For example, Walgreens is using wearables to encourage its customers to walk 10,000 steps per day by giving physical rewards in return as soon as a daily goal is reached. Thus, using wearables as a part of customer loyalty programs is further driving the market growth.
Competitive Insights
Prominent key players in the IoT chip in retail market include Intel Corporation, Qualcomm Technologies, Inc., Texas Instruments Incorporated, Cypress Semiconductor Corporation, and NXP Semiconductors among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the IoT chip in retail market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. IoT chip in retail market Analysis, By Connectivity
5.1. Introduction
5.2. Cellular
5.3. Wi-Fi
5.4. Bluetooth
5.5. ZigBee
5.6. NFC
5.7. MQQT
5.8. Others
6. IoT chip in retail market Analysis, By Geography
6.1. Introduction
6.2. North America
6.3. South America
6.4. Europe
6.5. Middle East and Africa
6.6. Asia Pacific
7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. Company Profiles
8.1. Intel Corporation
8.2. Qualcomm Technologies, Inc.
8.3. Texas Instruments Incorporated
8.4. Cypress Semiconductor Corporation
8.5. NXP Semiconductors
8.6. Silicon Laboratories Inc.
8.7. Analog Devices, Inc.
8.8. STMicroelectronics
8.9. Renesas Electronics Corporation
8.10. Nordic Semiconductor
For more information about this report visit https://www.researchandmarkets.com/r/jnn7q4