Internet of Things (IoT) in Retail Market by Component (Hardware, Services, Connectivity and Platform), Application (Customer Experience Management, Operations Management, Asset Management) – Global Forecast to 2029
Redding, Calif., July 21. 2022 (GLOBE NEWSWIRE) — According to a new market research report titled, ‘internet of things in the retail market by component (hardware, services, connectivity and platform), application (customer experience management, operations management, asset management) – Global forecasts until 2029”, The global IoT retail market is expected to grow at a CAGR of 17.2% from 2022 to 2029, to reach $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 scenarios through various sensors. Retailers are using AI, IoT-enabled sensors, and computer vision techniques to deliver a seamless shopping experience. They are adopting IoT solutions to improve store operations, track product location, improve inventory tracking processes, monitor temperature readings throughout shipping, and achieve high operational efficiency in factories, warehouses and stores.
IoT in the retail market is driven by growing customer demand for a seamless shopping experience, growing adoption of smart payment solutions, and rapidly declining cost of IoT sensors and hardware. Also, increasing investments in retail automation are expected to provide significant growth opportunities for IoT in the retail market. However, security concerns due to vast flow of data, misconceptions and lack of knowledge regarding IoT in retail are limiting 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 many industries, including IoT in retail. Uncertainty over the duration of shutdowns has made it difficult for major 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 as a result, various growth opportunities are expected to emerge for IoT among retail market players owing to the growing demand for a mobile experience. seamless purchasing and growing adoption of smart payment solutions.
However, several companies are working to move IoT in the retail market in the right direction. Local governments are also undertaking several relief measures to mitigate the negative impacts of the COVID-19 pandemic. As a result, IoT in the retail market is expected to pick up after 2023.
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The global IoT in retail market is segmented by component (hardware, services, connectivity, and platform), application (customer experience management, operations management, and asset management) and geography (South America). North, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The study also assesses industry competitors and analyzes the market at country and regional level.
Component-based, in 2022, the hardware segment is expected to account for the largest share of IoT in the retail market. The large market share of this segment is attributed to the growing emphasis on hardware-centric capabilities and the rapid decline in the cost of IoT sensors and hardware. Moreover, the advantages associated with the hardware such as high performance, accountability, reliability and efficiency further increase the growth of this segment. Several vendors are investing in R&D to improve hardware capabilities and make them more affordable for small and medium businesses.
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Based on demand, in 2022, the customer experience management segment is expected to account for the largest share of IoT in the retail market. The large market share of this segment is attributed to the growing need to improve customer engagement and reduce customer churn rates, better understanding of customers and the growing need to collect all information in a single platform. form. However, this segment is also expected to grow with the highest CAGR during the forecast period.
Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the global IoT retail market. The presence of prominent players offering advanced IoT solutions in retail in Asia-Pacific is one of the major drivers for the growth of IoT in the retail market. Additionally, favorable government initiatives, growing demand for retail automation, and high IoT penetration are driving the growth of this regional market.
Besides the growth of infrastructure in the APAC region, especially in China, South Korea, Australia, Singapore, Japan and India, the increasing digital transformation and growing trends in e-commerce and virtual payment are creating huge opportunities for IoT in the retail market. The Asia-Pacific region is also expected to register the highest CAGR during the forecast period.
Some of the major players operating in the global Internet of Things in 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 (US), PTC, Inc. (US), 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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Report Scope:
internet of things in the retail market, by component
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Material
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Sensors and actuators
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Network components
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Other material
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Services
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Professional services
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Managed Services
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Platforms
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Platforms
internet of things in the retail marketper app
internet of things in the retail marketby Geography
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North America
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Europe
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UK
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Germany
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France
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Italy
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Spain
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Poland
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Netherlands
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The rest of Europe
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Asia Pacific
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China
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Japan
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India
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South Korea
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Australia and New Zealand
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Rest of Asia-Pacific
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Latin America
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Brazil
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Mexico
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Rest of Latin America
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Middle East and Africa
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