Outlook on the Global IoT in Retail Industry, 2025 - Integrated IoT Solutions to Open New Revenue Streams
DUBLIN, March 19, 2020 /PRNewswire/ -- The "Internet of Things (IoT) in Retail Market by Platform (Device Management and Application Enablement), Hardware, Service, Application (Smart Shelf, Asset Management, Customer Experience Management, and Geomarketing), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The analyst projects the Internet of Things (IoT) in retail market to grow from USD 14.5 billion in 2020 to USD 35.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period.
Major factors expected to drive the growth of the IoT in retail market include rapidly declining cost of IoT-based sensors and connectivity, increasing adoption of smart payment solutions, and customer demand for a seamless shopping experience.
The IoT in retail market is segmented by offering (hardware, platforms and services), application, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the IoT in retail market.
By offering, the hardware segment to account for the highest market share during the forecast period
Hardware is an essential component for any IoT device to work efficiently. In order to improve customer experiences and similar operations, these technologies or devices have become a necessity. Beacons broadcast radio signals using the Bluetooth Low Energy (BLE) technology. These signals are received by the customer's smartphones and wearables. The use of these technologies enhance customer experiences by sending relevant messages as per consumer requirements.
By application, the operations management segment to hold the largest market size in 2020
The operations management segment for any retail organization is important because it refers to all the activities that maintain the optimum store functioning levels. IoT plays a crucial role in process automation and improves the operational efficiency of retail stores. Operations management in the retail industry includes energy optimization, supply chain optimization, surveillance and security, inventory optimization, and workforce management.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is estimated to be the fastest-growing region in terms of the growth of the IoT in retail market, due to the increasing adoption of new technologies, higher investments for digital transformation, and the growth in Gross Domestic Product (GDP) in the APAC countries. The region is continuously adopting technological advancements as IoT grows in popularity with both governments and companies on a global scale. The APAC is one of the biggest markets for connected devices.
The following key IoT in retail market vendors are profiled in the report:
- Cisco (US)
- IBM (US)
- Intel (US)
- Microsoft (US)
- PTC (US)
- Huawei (China)
- Sierra Wireless (Canada)
- AWS (US)
- SAP (Germany)
- Software AG (Germany)
- Accenture (Ireland)
- Bosch.IO (Germany)
- Google (US)
- NEC Corporation (Japan)
- Oracle (US)
- AT&T (US)
- Vodafone (UK)
- Happiest Minds (India)
- Telit (UK)
- Allerin (India)
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the IoT in Retail Market
4.2 Market, By Offering, 2020
4.3 Market, By Application, 2018-2025
4.4 Market, By Service, 2020 vs 2025
4.5 Market Investment Scenario
5 Market Overview and Industry Trends
5.1 Market Overview
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Customer Demand for A Seamless Shopping Experience
5.2.1.2 Rapidly Declining Cost of IoT-Based Sensors and Connectivity
5.2.1.3 Increasing Adoption of Smart Payment Solutions
5.2.2 Restraints
5.2.2.1 Security Concerns Due to Vast Data Flow
5.2.2.2 Lack of Interoperability and Common Standards
5.2.3 Opportunities
5.2.3.1 Integrated IoT Solution to Open New Revenue Streams
5.2.3.2 Increased Investment in Retail Automation Providing Wholesome Opportunities for Analytics Providers
5.2.4 Challenges
5.2.4.1 Apprehension of Retailers in Switching to New Technologies Due to High Implementation Cost
5.3 Regulatory Implications
5.3.1 ISO Standards
5.3.1.1 ISO/IEC JTC 1
5.3.1.2 ISO/IEC JTC 1/SWG 5
5.3.1.3 ISO/IEC JTC 1SC 31
5.3.1.4 ISO/IEC JTC 1/SC 27
5.3.1.5 ISO/IEC JTC 1/WG 7 Sensors
5.3.2 IEEE
5.3.3 CEN/ISO
5.3.3.1 CEN/CENELEC
5.3.4 ETSI
5.3.5 ITU-T
5.4 Use Cases
5.4.1 Use Case 1: IBM Helped Bison Schweiz AG to Use Electronic Shelf Labels in Reducing the Burden of Changing Price Tags
5.4.2 Use Case 2: Cisco Helped Domino's Pizza Innovate Its Digital Ordering System By Providing Its Technology Infrastructure
5.4.3 Use Case 3: Amazon Web Services Helped Brooks Brothers Deploy and Operate Its SAP Environments
5.4.4 Use Case 4: Google Helped Conrad Electronic to Develop A Reliable Cloud Infrastructure
6 IoT in Retail Market, By Offering
6.1 Introduction
6.2 Hardware
6.3 Platforms
6.4 Services
7 IoT in Retail, By Application
7.1 Introduction
7.2 Operations Management
7.3 Asset Management
7.4 Customer Experience Management
7.5 Advertising and Marketing
8 Geographic Analysis
8.1 Introduction
8.2 North America
8.3 Europe
8.4 Asia Pacific
8.5 Middle East and Africa
8.6 Latin America
9 Competitive Landscape
9.1 Introduction
9.2 Competitive Leadership Mapping
9.3 Evaluation Criteria
10 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/tos95s
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article