PUNE, India, March 12, 2019 /PRNewswire/ --
As per latest research report, Retail IoT Market is expected huge growth of 18% CAGR by forecast period 2019 to 2027.
Retailers are experiencing a paradigm shift in their business model by harnessing the potential of emerging technologies. Global Retail IoT market is expected to suffice the requirement of the retail sector through innovative solutions that lead towards business growth. Internet of Things (IoT) is one such technology that is connecting different machines, devices and objects with an aim to create a smart world. IoT applications are gaining momentum in the retail sector, with an aim to improve customer engagement and experience by helping retailers in understanding customer's shopping habits. Some of the initiatives undertaken to utilize technological aids include digital signage, information beacons and radio frequency identification devices, which is helping to improve buying experience of customers. Marketing initiatives at particular locations using digital signage is one of the factors responsible for product awareness in stores.
This increased product awareness would improve the footfall for the stores and aid in their future growth. For instance, digital signage solutions from companies such as Scala Digital Signage and Xynage help retail providers to enhance their marketing capabilities. Also, the inclusion of fast checkout lanes by various retail outlets are reducing the time invested by consumers in the payment processes. Brick and mortar retail providers would be able to cater to consumers with a customer centric approach by utilization of technologies within their stores. Furthermore, supermarkets are leveraging the use of inventory management solutions for strengthening their supply chain. The inclusion of retail IoT solutions has provided retail providers with improvements in consumer feedbacks and is expected to grow over the forecast period across the world. In terms of revenue, the global retail IoT market stood at US$ 23,689.0 Mn in 2018 and is anticipated to reach US$ 104,932.2 Mn by 2027, expanding at a CAGR of 18% during the forecast period.
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"Global Retail IoT Market is expected to gain demand from supermarkets and hypermarkets. The integration of technologies within existing operations is attributed to be a key factor for enhancing the overall rate of customer satisfaction."
The detailed research study provides qualitative and quantitative analysis of the global retail IoT market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue as well as sales volume across regions and further, across all the major countries. The supply side analysis covers regional production volume and capacity analysis. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
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Global Retail IoT Market Revenue (USD Million), 2018, By Region
Key Findings of the Report:
- Supermarkets/Hypermarkets is expected to exhibit the highest growth over the forecast period. The segment is anticipated to grow at a CAGR of 19.4%from 2019 to 2027. The growing demand for supply chain visibility is a unique factor assisting this growth.
- Retail IoT solutions used for payments would hold a significant share in the market and is anticipated to grow at the highest growth rate over the forecast period. Increasing usage of digital payments coupled with demand for payment security is aiding the growth of the market.
- Asia Pacific is projected to grow at a CAGR of 18.5% over the forecast period. Also, the region is expected to witness the highest growth rate compared to other regional counterparts. The proliferation of retail infrastructure in the region is attributed to be a major factor for the market growth.
- Key players operating in the global retail IoT market are Intel Corporation, LOSANT IOT, Cisco, and Microsoft amongst others
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Retail IoT Market:
- Product Tracking
- Customer Engagement
- Supply Chain Management
By End Users
- Specialty Stores
- E-commerce Companies
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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