Internet of Things in Retail Market

The global internet of things in retail market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rapidly decreasing cost of the sensors, growing adoption of smart payment solutions, and customers demanding for seamless shopping experience.

Internet of things is interconnecting the computing and different devices with the help present internet infrastructure. The technology is evolving day by day and the wireless internet, technologies as well as micro electromechanical systems developed the internet of things. It is about all the things used on the daily basis will be able to interconnect, exchange data, and optimize to fit the preference of the users.

The retail sector is using the internet of things highly as it helps them to result in higher footfalls and also satisfies its customers highly. The covid-19 pandemic has impacted the internet of things in retail market. Many projects were kept on hold by the retailers due to economic crises. Retailers are implementing various technologies to overcome this pandemic such as contactless checkouts to decrease the human interference, mobile payments, and autonomous cleaning robots.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing adoption of internet of things technology is anticipated to propel the market growth in the coming years.
• Rapid growth of the retail sector is major factors fueling the market expansion during the forecast period.
• Data sharing and control of data is estimated to hamper the market growth in the coming years.
• Lack of shared infrastructure and common standard acts as major challenges that can restrict the market expansion.
• R&D investment and technological advancement in internet of things is expected to offer immense opportunities for the market players.

Scope of the Report

The report on the global internet of things in retail market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights:

Software segment is projected to account for a large market share

Based on components, the global internet of things in retail market is divided into software, hardware, and services. The services segment is further bifurcated into professional and managed. The software segment is expected to constitute a key share of the market during the forecast period owing to increasing emphasis on analytics software, usage of mobile applications, and proliferation of Smartphone.

However, the hardware segment is anticipated to expand at a rapid pace during the forecast period due to rising need to adopt internet of things technology for increasing productivity, growing number of interconnected devices, and growing stock efficiency. There are various types of hardware used by the retailers such as RFID tags and sensors. An RFID tag provides real time visibility of inventory for automatic consistency and satisfies the consumer demands.

On the other hand, the service segment is expected to expand at rapid pace in the coming years owing to high adoption of internet of things in retail sector, retailer’s demands for solutions to fuel their productivity and efficiency. These services decrease the cost of IT and also offer gateway solutions as well as terminal management services.

North America is expected to dominate the market

On the basis of regions, the global internet of things in retail market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to good research and development capabilities of the key players. On the other hand, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to rising investments in the retail sector, growing adoption of real time systems, and rise in the number of government initiatives.
 

Segments

Segments Covered in the Report
The global internet of things in retail market has been segmented on the basis of
Components

• Software
• Hardware
• Services
  • Professional
  • Managed

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• IBM
• Microsoft
• Huawei
• AWS
• Software AG
• NEC Corporation
• AT&T
• Happiest Minds
• Cisco; Intel
• PTC
• Sierra Wireless
• SAP
• Oracle
• Allerin

Competitive Landscape

Key players competing in the global internet of things in retail market include IBM; Microsoft; Huawei; AWS; Software AG; NEC Corporation; AT&T; Happiest Minds; Cisco; Intel; PTC; Sierra Wireless; SAP; Oracle; and Allerin. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.