Global IoT in Retail Market was valued at USD 13.55 billion in 2019 which is expected to grow USD 37.89 billion by 2027 at a CAGR 18.8%.
IoT is commonly called as internet of things which helps retailers to collect data and produce insights. Rise in adoption of digitalization & automation across various industries including retail industry to gain operational efficiency benefits will grow the IoT in retail market growth.
Information and communication technologies will go through a continuous evolution due to dependence on hi-speed Internet and availability of smartphones and other smart devices. The information and communication technology (ICT) sector is likely to forge ahead due to continuous investments for developing networking technologies and software. Large rate of employment, as well as its role in hiking up the GDP of countries, is an indicator of its success. The high rate of chip manufacturing combined with the presence of branches of software conglomerates in various countries, can augur favorably for the sector.
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Increase in demand for Internet of Things in retail industry is the key driving factor which is expected to boost the global IoT in retail market growth. Furthermore, rise in adoption of smart payment solution by consumers is expected to propel the growth of global IoT in retail industry. Moreover, increase in technological developments and innovations will have the positive impact on global IoT in Retail market growth. For instance, in August 2019, Staunch had launched new technology in Indian retail market, which named as YI technologies. YI technologies offer IoT products for India. In addition to that, rise in adoption of omnichannel shopping and rapid penetration of smartphones is expected to drive the growth of global IoT in retail industry.
However, Security and privacy concern regarding data is the major restraining factor which is expected to affect the global IoT in retail market growth. Also, lack of common standards and interoperability is expected to hamper the growth of global IoT in retail market.
Impact of COVID 19 on Market
The COVID 19 pandemic is the major challenging factor which is expected to slow down manufacturing production, and supply chain during this forecast period. Due to increase in COVID 19 confirmed cases and deaths various sectors are facing challenges. Many governments had announced lockdown, which is expected to hamper the global IoT in retail market growth.
Global IoT in Retail Market is segmented into platform such as Device Management, Application Management, and Network Management, by technology such as Connectivity Technology, RFID, Sensor, and Others. Further, Global IoT in Retail Market is segmented into component such as Software, Hardware, and Services, by application such as Digital Signage, Supply Chain Management, Payment, Smart Shelf & doors, and others.
Also, Global IoT in Retail Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Software AG, SAP, Amazon Web Services, Sierra Wireless, Huawei, PTC, Microsoft Corporation, Intel, IBM, and Cisco Systems.
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