The global Retail IoT (Internet of Things) Market stood at US$ 23,689.0 Mn in 2018 and is anticipated to reach US$ 104,932.2 Mn by 2027, expanding at a CAGR of 18% during the forecast period.
Retail IoT has helped many retailers in achieving increased revenue and improved customer experience. Retail IoT is used in managing inventory, making mobile payments, tracking losses and theft, enhancing shopper intelligence, and implementing marketing and inventory advertising. The global retails IoT market is mainly driven by easy internet availability globally and declining costs of IoT components like RFID and sensors. Additionally, the acceptance of collective standards and rise in connected devices is also supporting the Retail IoT (Internet of Things) Market. The emergence of digital sensors, coupons, and M2M (Machine-to-Machine) communication to send product information and discount codes has become possible. Retailers have combined smart technologies with in-store solutions, such as BLE (Bluetooth Low Energy), wearable devices, video analytics, and beacons to collect huge volumes of customer data, thus boosting the global Retail IoT (Internet of Things) Market growth.
“Global Retail IoT (Internet of Things) Market is expected to gain demand from supermarkets and hypermarkets. The integration of technologies within existing operations is attributed to be a key factor for enhancing the overall rate of customer satisfaction.”
This increased product awareness would improve the footfall for the stores and aid in their future growth. For instance, digital signage solutions from companies such as Scala Digital Signage and Xynage help retail providers to enhance their marketing capabilities. Also, the inclusion of fast checkout lanes by various retail outlets are reducing the time invested by consumers in the payment processes. Brick and mortar retail providers would be able to cater to consumers with a customer centric approach by utilization of technologies within their stores. Furthermore, supermarkets are leveraging the use of inventory management solutions for strengthening their supply chain. The inclusion of retail IoT solutions has provided retail providers with improvements in consumer feedbacks and is expected to grow over the forecast period across the world. In terms of revenue, the global Retail IoT (Internet of Things) Market stood at US$ 23,689.0 Mn in 2018 and is anticipated to reach US$ 104,932.2 Mn by 2027, expanding at a CAGR of 18% during the forecast period.
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The detailed research study provides qualitative and quantitative analysis of the global Retail IoT (Internet of Things) Market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue as well as sales volume across regions and further, across all the major countries. The supply side analysis covers regional production volume and capacity analysis. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
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Global Retail IoT (Internet of Things) Market Revenue (USD Million), 2018, By Region
Key Findings of the Report:
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Retail IoT (Internet of Things) Market:
- Supermarkets/Hypermarkets is expected to exhibit the highest growth over the forecast period. The segment is anticipated to grow at a CAGR of 19.4%from 2019 to 2027. The growing demand for supply chain visibility is a unique factor assisting this growth.
- Retail IoT solutions used for payments would hold a significant share in the Retail IoT (Internet of Things) Market and is anticipated to grow at the highest growth rate over the forecast period. Increasing usage of digital payments coupled with demand for payment security is aiding the growth of the market.
- Asia Pacific is projected to grow at a CAGR of 18.5% over the forecast period. Also, the region is expected to witness the highest growth rate compared to other regional counterparts. The proliferation of retail infrastructure in the region is attributed to be a major factor for the market growth.
- Key players operating in the global Retail IoT (Internet of Things) Market are Intel Corporation, LOSANT IOT, Cisco, and Microsoft amongst others
Retail IoT (Internet of Things) Market By Application
Retail IoT (Internet of Things) Market By End Users
- Product Tracking
- Customer Engagement
- Supply Chain Management
- Specialty Stores
- E-commerce Companies
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- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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