IoT in Retail Market to Cross USD 35 Bn by 2024: Global Market Insights, Inc.

SELBYVILLE, Del., August 30, 2019 (Newswire.com) - ​The expansion of IoT in retail market share bears evidence how IoT has revolutionized retail, a trend that is predicted to continue with considerable vitality in the upcoming years. The precedent for such a trend has been set forth by the Amazon Go stores that are being established all over the U.S.

Amazon has been reported to be aiming to open almost as many as 3000 Amazon Go stores by 2021 which will be located in busy office areas, college campuses and airports. The automated concept that Amazon Go uses makes the stores very favorably designed for customers on the go who want to avoid the hassle of waiting in lines. Amazon Go stores are equipped with countless cameras, sensors and other hardware that makes them easy to shop at and have therefore received enthusiastic customer response from San Francisco to New York.

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Though in many cases the use of IoT in retail is not as obvious as in the case of Amazon Go, yet it has unanimously agreed upon by IoT in retail market players that the advent of connected technology is about to revolutionize the retail space. IoT is expected to fundamentally disrupt the retail industry in the coming years due to the fact that with connected technologies retailers can introduce and maintain streamlined supply chain and management systems.

Apparently, close to 72% of North American retailers have expressed interest in reinventing their supply chain with real-time visibility enabled by IoT based automation, sensors, and analytics.

Proximity marketing is one of the emerging opportunities offered by IoT that is being utilized well by the retail industry. With geo-fences installed around the store, IoT system can send updates to nearby visitors on latest discounts and special offers on products. For instance, shoppers in the proximity of a store can be notified about special offers an discounts at the store which can present a compelling allure to consumers while widening the scope of the retail store.

With studies indicating that 70% of retail decision makers across the world are interesting in adopting IoT technologies by 2021, IoT in retail sector is projected to garner considerable proceeds from such a willingness of technological adoption.

IoT in retail industry is changing fundamental elements in supermarkets such as the display shelves. Smart supermarket shelves are being equipped with RFID, personalized advertisements and electronic labels to display information particularly catered to increase sales. For instance, an American retail giant recently deployed cloud-based display solution for its store shelves that display advertisements, nutritional data, prices, videos and coupons. Customers can instantly compare nutritional information between the brands of products and scan coupons with their phones.

IoT in retail market is carving out new growth scopes for itself with such technologies as IoT sensors which can be used in supermarkets for temperature maintenance. IoT sensors can be fitted into freezers to check temperatures to make sure they are appropriate, collect data from smart shelves and transmit it to store associates for analysis and help in understanding which products appeal to consumers so that stores can arrange items on display accordingly.

Digital signage is yet another IoT element that is adding to the growth scope of IoT in retail market as digital signage has been found to be significantly effective in bringing prospective shoppers to the store. According to a study conducted by a reputed digital signage software company, more than 75% of consumers have felt persuaded to enter a store because the sign interested them while more that 68% made a purchase after entering the site.

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The development of advanced technology has also made digital signage interactive. For instance, heat mapping sensors fitted in digital signage can help it identify areas of high traffic and upsell certain items in such areas.

IoT in retail markets of developed nations of North America and Europe are much more suited to the adoption of advanced technologies but emerging economies with their smart consumers are quickly catching up. This has made Asia Pacific highly suited for the expansion of global market. Asian omni-channel distributors are lately noticing the potential in the India retail market for IoT products and aim to introduce a collection of such products in the region, a move that clearly underlines the promise market holds in India and other Asian economies.

What does this report offer?

This IoT in retail market report covers a detailed analysis of every segment of the industry that span over different technologies, applications, platforms, components, regional share and company profiles. The report provides insights into growth drivers, market segmentation, industry landscape, competitive landscape and global trends that are anticipated to shape the market outlook in the coming years.

The technology segment of the market is subdivided into sensor, RFID, connectivity technology and others. The subsegments of the technology segment are discussed in detail and the market share anticipated to be registered by each during the forecast period is also elaborated on in the report.

The component segment of the IoT in retail market is divided into hardware and software subsegments. The software subsegment is further divided into data management, streaming analytics, security, remote monitoring, bandwidth management and others. Both the subsegments elaborate on a collection of industry scope and leading driving factors.

Browse key industry insights spread across 150 pages with 130 market data tables & 12 figures & charts from the report, “IoT in Retail Market Size By Platform (Network Management, Device Management, Application Management), Technology (Sensors, RFID, Connectivity Technology), Component (Hardware, Software, Service), Application (Digital Signage, Supply Chain Management, Payment, Smart Shelf & Doors), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/iot-internet-of-things-retail-market

A detailed analysis of the application segment of IoT in retail industry is also presented and the segment is subdivided into digital signage, payment, supply chain management, smart shelf & doors and others.

A detailed analysis of the companies operating in IoT in retail market is included in the research report. Regionally, the market report is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each region is discussed in terms of consumer base, presence of industry players, market distribution, and other aspects.

The industry report also discusses current as well as anticipated revenues to be garnered by various subsegment during forecast timeframe.

The IoT in retail market report consists of an assortment of significant parameters that can facilitate the process of decision-making for stakeholders. The report also consists of information such as industry drivers and SWOT analysis.

The report comprises an executive summary, a synopsis of industry insights, industry landscape analysis, technology scenario, current and upcoming projects etc. Regulatory as well as competitive landscape of the market are also elaborated upon. Various business tactics adopted by the industry players to increase revenue share are also discussed in detail.

Table of Contents (ToC) of the report:

Chapter 3.   IoT in Retail Market Insights

3.1.  Industry segmentation

3.2.  Industry landscape, 2013 - 2024

3.3.  Industry ecosystem analysis

3.3.1. Component suppliers

3.3.2. Software providers

3.3.3. Technology providers

3.3.4. Service providers

3.3.5. System integrators

3.3.6. Vendor matrix

3.3.7. Distribution channel analysis

3.4.  Technology & innovation landscape

3.5.  Regulatory landscape

3.5.1. U.S.

3.5.2. EU

3.5.3. China

3.6.  Industry impact forces

3.6.1. Growth drivers

3.6.1.1.       Increasing demand to enhance the customer experience in the U.S.

3.6.1.2.       Advanced infrastructure in the U.S. and Europe

3.6.1.3.       Technological advancements in the U.S.

3.6.1.4.       Declining cost of hardware components in China and India

3.6.1.5.       Emerging organized retail industry in India

3.6.1.6.       Increasing adoption of cloud platform in EU

3.6.2. Industry pitfalls & challenges

3.6.2.1.       Data security & privacy concerns

3.6.2.2.       Lack of knowledge

3.6.2.3.       High implementation cost

3.7.  Growth potential analysis

3.8.  Porter's analysis

3.9.  Company market share analysis, 2016

3.9.1. Strategy dashboard

3.10.      PESTEL analysis

Browse Complete Table of Contents (ToC) @

https://www.gminsights.com/toc/detail/iot-internet-of-things-retail-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Source: Global Market Insights, Inc.