Redding, Calif., July 21, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled ‘internet of things in retail market by component (hardware, services, connectivity and platform), application (customer experience management, operations management, asset management) – Global forecast to 2029”, The global IoT retail market is expected to grow at a CAGR of 17.2% from 2022 to 2029 and reach US$42.6 billion by 2029.
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IoT technology helps collect data such as temperature, pressure, density, motion, light, and vibration from real-world scenarios via various sensors. Retailers are using AI, IoT-enabled sensors and computer vision techniques to provide a seamless shopping experience. They deploy IoT solutions to improve business operations, track product locations, improve inventory tracking processes, monitor temperature readings during shipping, and achieve high operational efficiencies in factories, warehouses, and stores.
The IoT in retail is being driven by growing customer demand for a seamless shopping experience, increasing adoption of smart payment solutions, and rapidly falling IoT sensor and hardware costs. Additionally, increasing investment in retail automation is expected to provide significant growth opportunities for IoT in the retail market. However, security concerns due to the huge flow of data, as well as misunderstanding and lack of knowledge related to the IoT in retail are hampering the growth of this market.
Impact of COVID-19 on the Internet of Things in the retail market
The COVID-19 pandemic has had a negative impact on the global economy. Nationwide lockdowns and social distancing norms have negatively impacted multiple industries, including retail IoT. Uncertainty about how long lockdowns would last made it difficult for key market players to anticipate the recovery of IoT in the retail market.
However, economies are shifting their focus from pandemic response to economic recovery and hence various growth opportunities for the IoT are expected to emerge among retail market players owing to the growing demand for seamless shopping experiences and increasing adoption of smart payment solutions.
However, several companies are making intensive efforts to steer the IoT in the right direction in the retail market. Local governments are also taking several relief measures to mitigate the negative impact of the COVID-19 pandemic. As a result, IoT in the retail market is expected to recover after 2023.
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The global IoT retail market is segmented by component (hardware, services, connectivity, and platform), application (customer experience management, operations management, and asset management), and geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa) . The study also evaluates industry competitors and analyzes the market at country and regional levels.
Based on component, in 2022, the hardware segment is expected to account for the largest share of IoT in the retail market. This segment’s large market share is attributed to the increasing focus on hardware-centric capabilities and the rapidly declining cost of IoT sensors and hardware. In addition, the benefits associated with hardware such as high performance, accountability, reliability and efficiency continue to drive the growth of this segment. Several vendors are investing in research and development to improve hardware capabilities and make them more affordable for small and medium-sized businesses.
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Based on application, in 2022, the Customer Experience Management segment is projected to account for the largest share of IoT in retail market. The large market share of this segment is attributed to the increasing need to improve customer retention and reduce customer churn rates, improve customer understanding and the increasing need to collect all information on a single platform. However, this segment is also forecast to grow at the highest CAGR over the forecast period.
Based on geography, in 2022 Asia Pacific is projected to account for the largest share of the global IoT in retail market. The presence of prominent players offering advanced retail IoT solutions in Asia Pacific is one of the major factors driving the growth of IoT in retail market. Additionally, favorable government initiatives, rising demand for retail automation, and high IoT penetration are driving the growth of this regional market.
Along with the infrastructure growth in APAC, especially in China, South Korea, Australia, Singapore, Japan and India, the increasing digital transformation and rising trends of e-commerce and virtual payment are creating tremendous opportunities for the IoT in the retail market. The Asia Pacific region is also expected to register the highest CAGR over the forecast period.
Some of the major players in the global IoT retail market are ABB Ltd. (Switzerland), NEC Corporation (Japan), Cisco Systems, Inc. (USA), IBM Corporation (USA), Intel Corporation (USA), Microsoft Corporation (USA), Amazon Web Services, Inc. (USA), PTC, Inc .(USA), Huawei Technologies Co.,Ltd (China), Allerin Tech Pvt Ltd. (India), RetailNext, Inc. (US), Impinj, Inc. (US), Software AG (Germany), Vodafone Group Plc (UK) and Sierra Wireless (Canada).
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Scope of the report:
internet of things in the retail market by component
- Sensors & Actuators
- network components
- other hardware
- Professional Services
- Managed Services
internet of things in the retail marketafter application
- Customer Experience Management
- Smart payment and checkout
- vending machine
- Smart Shelves
- operational management
- Optimization of the supply chain
- workforce management
- surveillance and security
- Inventory Optimization
- asset management
- System status monitoring
- Predictive device maintenance
internet of things in the retail marketof geography
- North America
- United Kingdom
- rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Rest of Middle East and Africa
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Industrial IoT Market by Components (Hardware, Platform, Services and Connectivity), Industries (Agriculture, Manufacturing, Energy and Utilities, Oil and Gas, Aerospace, Retail and Others) and Geography – Global Forecasts to 2029
Retail Analytics Market by Component (Software, Services), Company Size and Application (Financial Management, Marketing, Price Optimization, Human Resources Management, Operations Management) – Global Forecast to 2027
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