The IoT in retail market is driven by the growing customer demand for a seamless shopping experience, the increasing adoption of smart payment solutions, and the declining cost of IoT sensors and hardware. However, security concerns due to vast data flow and misconceptions and the lack of knowledge regarding IoT in retail restrain the growth of this market to some extent. However, the increasing investment in retail automation and the growing demand for IoT in retail solutions in developed and developing regions worldwide are expected to offer significant growth opportunities for players operating in this market.
To provide efficient analysis, Meticulous Research® has segmented this market by component (hardware, services, connectivity, platform), application (customer experience management, operations management, asset management), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyses regional and country-level markets.
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Scope of the Report:
Internet of Things in Retail Market, by Component
o Sensors & Actuators
o Network Components
o Other Hardware
o Professional Services
o Managed Services
Internet of Things in Retail Market, by Application
Customer Experience Management
o Smart Payment and Checkout
o Automatic Vending Machine
o Smart Shelves
o Supply Chain Optimization
o Workforce Management
o Surveillance and Security
o Inventory Optimization
o Asset Condition Monitoring
o Predictive Equipment Maintenance
Internet of Things in Retail Market, by Region
o Rest of Europe
o South Korea
o Australia & New Zealand
o Rest of Asia-Pacific
o Rest of Latin America
Middle East & Africa
o Rest of Middle East & Africa
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Based on component, in 2022, the hardware segment is expected to account for the largest share of the Internet of Things in retail market. Factors such as consistent engagement of the industrial sector in improving efficiency, reducing costs, and increasing Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions attribute to the growth of this segment. However, the platform segment is projected to grow at the highest CAGR during the forecast period. The increasing customer demand for a seamless shopping experience and the growing need for superior monitoring technologies drive the growth of this segment.
Based on application, in 2022, the customer experience management segment is expected to account for the largest share of the Internet of Things in retail market. The large market share of this segment is attributed to the increasing need to improve customer engagement and reduce customer churn rates, better customer understanding, and the rising need for collecting all the information on a single platform. However, this segment is also projected to grow with the highest CAGR during the forecast period.
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Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the Internet of Things in retail market. Prominent key players in this region are expected to contribute to the high revenue share due to the rapid economic growth in major countries such as China, Japan, India, and South Korea. Additionally, the advent of Industry 4.0, high, rising demand for retail automation, and high Internet of Things penetration are driving the demand for IoT in retail market in Asia-Pacific.
The key players operating in the Internet of Things in retail market are ABB Ltd. (Switzerland), NEC Corporation (Japan), Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), PTC, Inc. (U.S.), Huawei Technologies Co., Ltd (China), Allerin Tech Pvt Ltd. (India), RetailNext, Inc. (U.S.), Impinj, Inc. (U.S.), Software AG (Germany), Vodafone Group Plc (U.K.), and Sierra Wireless (Canada).
Key questions answered in the report-
Which are the high-growth market segments in terms of the component, application, and geography?
What is the historical market for IoT in retail across the globe?
What are the market forecasts and estimates for the period 20222029?
What are the major drivers, restraints, and opportunities in the global Internet of Things in retail market?
Who are the major players in the global IoT in retail market, and what share of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global Internet of Things in retail market?
What are the different strategies adopted by the major players in the market?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global IoT in retail market, and how do they compete with the other players?
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