According to a report, “Internet of Things in Retail Market Size, Share & Trends Analysis Report By Solution, By Hardware (Beacons, RFID Tags, Sensors, Wearables), By Service, By Technology, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc. The global internet of things in retail market size is expected to reach USD 94.44 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 21.5% CAGR during the forecast period. Increasing demand for improved flexibility, multiple distribution channels, better service, and enhanced experience are expected to provide impetus to industry growth over the forecast period. The growth can be also attributed to the merging of digital and in-store operations in retail stores.
The Internet of Things is now revolutionizing the retail sector with multiple new innovations such as omnichannel shopping which is enabling retailers to create a brick-and-mortar shopping experience. Also, in this initiative retailers are immensely helped by growing adoption of smartphones, as smartphones and tablets enabled with Bluetooth Low Energy (BLE) are used for product promotions, thereby encouraging social sharing. These connected devices are playing a crucial role in helping retailers to analyze and monitor existing processes to enhance them with incremental investments, leading to better growth prospects for the market.
In addition to this, the growing fervor in support of Machine learning and Artificial Intelligence (AI) in the market is proving to be a great help in changing the retail scenario as they provide better insights to optimize retail execution efficiently. Retailers can accurately anticipate customer behavior, predict demand, and personalize the customer experience. Such transformation is expected to occur over the next few years by deploying machine learning in combination with IoT technologies.
Another aspect of deploying IoT in retail is correct detection of low inventory levels and tracking products throughout its supply chain. IoT adoption also helps retailers in revolutionizing delivery operations and the retail supply chains.
IoT in Retail Market Report Highlights
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Collaborations form an important part of the strategy for market expansion for key market players. For instance, in February 2021, Russia’s leading retail analytics company, and the author of the Watcom Shopping Index, has signed off on an exclusive distribution agreement of the US-based RetailNext’s advanced suite of in-store analytics to drive additional value for its Russian retailer customer base
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New innovations drive the market steadfastly. For example, in January 2020, Azure announced the addition of a sixth IoT Central retail application template for retail solution builders. The Micro-fulfilment center template showcases how connectivity and automation can reduce cost by eliminating downtime, increasing security, and improving efficiency.
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On the basis of solutions, Retail IoT software is expected to witness substantial growth with a revenue share of over 40.0% by 2025; this growth can be attributed to increasing adoption of retail analytics software to monitor consumer behavior
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On the basis of hardware, beacons’ segment is expected to exhibit a CAGR of over 23.0% from 2016 to 2025 owing to increasing adoption of beacons for enhancing customer in-store experience by offering promotional offers and messages
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On the basis of region, Latin America region is anticipated to account for a revenue share of over 10.0% by 2025 owing to increasing investment in retail infrastructure
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Key industry players include RetailNext Inc.; Losant IoT Inc.; Intel Corporation; Impinj Inc.; and Allerin Tech Pvt. Ltd.
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IoT in Retail Market Segmentation
Grand View Research has segmented the global IoT in retail market based on solution, hardware, service, technology, and region:
IoT in Retail Solution Outlook (Revenue, USD Billion, 2014 – 2025)
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Hardware
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Software
IoT in Retail Hardware Outlook (Revenue, USD Billion, 2014 – 2025)
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Beacons
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RFID tags
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Sensors
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Wearables
IoT in Retail Service Outlook (Revenue, USD Billion, 2014 – 2025)
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Professional services
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Managed services
IoT in Retail Technology Outlook (Revenue, USD Billion, 2014 – 2025)
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Bluetooth low energy
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Near field communication
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ZigBee
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Others
IoT in Retail Regional Outlook (Revenue, USD Billion, 2014 – 2025)
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North America
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The U.S.
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Canada
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Europe
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Germany
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The U.K.
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Asia Pacific
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China
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India
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Japan
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Latin America
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Brazil
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Mexico
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MEA
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