Internet of Things in Retail Market Is Booming So Rapidly | IBM, Microsoft, Google
Updated · May 31, 2023
Published Via 11Press : The use of GPS and RFID technologies, which let businesses track items along the supply chain, is intimately related to the Internet of Things in the retail industry. It gives merchants the clarity they need to monitor the movement, state, and position of their items while also pinpointing the precise time of delivery. Applications for IoT in supply chain management are numerous. For instance, managers may learn more about the procedure, experiment with different vendors, cars, and delivery routes, and choose the most practical and safe system for handling goods. The same is true when things are delivered to customers. Recently, the retail industry has expanded, which is at least partially due to pandemic-related events. From an average of 2 billion visits per month in 2019 to 2.3 billion in 2020 and a record 2.8 billion in February 2021, the number of monthly visitors to Amazon.com alone climbed considerably. Retail has immense promise in the digital era, and the industry is aware of its own issues and limitations. In an environment where they could, vendors face challenges such shifting customer behavior, high demand for delivery services, distrust about online transactions, and a lack of technological know-how. However, the pandemic has compelled companies to reevaluate their strategies and quicken digitization, mostly through integrating IoT technology for Retail.
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|Unit||Value (USD M)|
|Dominating Application||Large Enterprises|
|Key Companies Profiled||IBM (US), SAP (Germany), Microsoft (US), Oracle (US), Intel (US), Google (US), Cisco (US), AT&T (US), PTC (US), Huawei (China), Sierra Wireless (Canada), Amazon Web Services (US), Software AG (Germany), Accenture (Ireland)|
- The market for the Internet of Things in Retail is anticipated to grow at a CAGR of 19.6% from 2017 to 2029, according to HTF Market Intelligence. This expansion is mostly fueled by IoT technologies that provide retailers with a number of benefits, which is what is driving the worldwide market for IoT in retail. Operational efficiency, which may be attained through IoT-enabled supply chain management, inventory control, and retail operations, is one of the main benefits.
- Cost reductions and increased productivity are possible as a result, which are crucial in the fiercely competitive retail sector. Another benefit is the opportunity to personalize shopping experiences for consumers using smart gadgets, including interactive product displays and smart mirrors, which may improve the user experience and foster loyalty. IoT also offers improved data analytics tools that let merchants better understand customer behavior and preferences and make data-driven marketing strategy decisions. These benefits collectively strengthen merchants’ position in the market and are fueling the expansion of internet-based retailing worldwide.
- There is a clear market trend at the global level. Due to the R&D expenditures and development cycle, the sector in the North American area has been growing at a strong rate, and more growth is anticipated over the projected period until 2029. Major players, such as IBM (US), SAP (Germany), Microsoft (US), Oracle (US), Intel (US), Google (US), Cisco (US), AT&T (US), PTC (US), Huawei (China), Sierra Wireless (Canada), Amazon Web Services (US), Software AG (Germany), Accenture (Ireland).
- Due to a few number of dominant competitors who control the bulk of the market share, the worldwide Internet of Things market for retail is extremely competitive. Additionally, a number of small and medium-sized businesses have started joining the market, escalating the rivalry. To enhance their product offerings and acquire a competitive edge, businesses in this sector have been spending a lot of money on R&D.
- The leading companies in this industry include, among others, Qliktag, Evrythng, ThinFilm NC Solutions, Gimbal, and Kaa Projects. An IoT-based product named Oracle Retail Xstore Office Cloud Service was introduced in 2021. Real-time inventory management and predictive analytics are provided to retailers via cloud technology, assisting them in streamlining shop operations and enhancing consumer experiences.
The report offers Major leading Key players:
- Sierra Wireless
- Amazon Web Services
- Software AG
Breakdown by Application:
- Small & Medium Size Enterprise(SMEs)
- Large Enterprise
Breakdown by Type:
- Operations Management
- Asset Management
- Customer Experience Management
- Advertising and Marketing
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- In the global retail market, automation, real-time inventory tracking, and robotics are prominent developments. Automation in retail can boost productivity, cut costs, and enhance customer satisfaction. Robots, chatbots, and autonomous cars automate repetitive chores to free up workers from manual labor.
- By integrating IoT sensors and software to detect product movement, real-time inventory management optimizes the supply chain, decreasing out-of-stock situations and improving revenues. Restocking shelves, cleaning floors, and providing customer service are just a few examples of how robotics in retail improves operational efficiency and the consumer experience. Retailers gain from lower labor expenses, cleaner stores, and more individualized consumer experiences.
Market Growth Drivers:
- IoT technologies provide retailers with a number of benefits, which is what is driving the worldwide market for IoT in retail. Operational efficiency, which may be attained through IoT-enabled supply chain management, inventory control, and retail operations, is one of the main benefits. Cost reductions and increased productivity are possible as a result, which are crucial in the fiercely competitive retail sector. Another benefit is the opportunity to personalize shopping experiences for consumers using smart gadgets, including interactive product displays and smart mirrors, which may improve the user experience and foster loyalty.
- IoT also offers improved data analytics tools that let merchants better understand customer behavior and preferences and make data-driven marketing strategy decisions. These benefits collectively strengthen merchants’ position in the market and are fueling the expansion of internet-based retailing worldwide.
- Security concerns are only one of the obstacles preventing the Internet of Things from taking off in the retail sector. Security is a major worry since IoT devices are susceptible to cyber-attacks because they are linked to the internet. The insufficient infrastructure needed to support the enormous volumes of data created by IoT devices is another issue. Retailers find it challenging to handle and retain the massive volumes of data created by IoT devices due to this as well as data management difficulties.
- The need for merchants to invest in new hardware, software, and staff in order to manage the IoT ecosystem results in increased operating expenses, which is another major obstacle to adoption. Another issue is a lack of standardization, since various IoT devices may utilize various communication protocols, making it challenging to incorporate them into current systems. Government rules governing data security and privacy are also a problem since businesses must adhere to them in order to secure client information.
The Internet of Things in Retail Market research approaches employed by HTF Market Intelligence is targeted and grounded in reality, enabling analysis of the relevant market dynamics across multiple geographies. Furthermore, in order to give customers and enterprises the chance to lead in Internet of Things niche markets in the retail industry and expand in developing nations, our experts undertake in-depth analyses on specific geographic locations.
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Individualization of the Report
HTF Market Intelligence provides not only detailed market projections but also considerable value-added analysis on the following topics: – Retail Market Maturity Indicators for the Internet of Things – Internet of Things in the Retail Market: Growth Drivers and Restrictions – Analysis of Entry/Exit Barriers and New Entrants in the Retail Internet of Things Market An Unbiased Perspective on Market Performance Indicators – To Seize Powerful Market Opportunities – To Identify Key Business Segments, Market Proposition, and Gap Analysis in the Internet of Things in Retail Industry
In light of this difficult backdrop, the Internet of Things in Retail Study sheds light on the current state and essential aspects of the market. HTF Market Intelligence analysts organized and conducted surveys of the key figures in the Internet of Things in the Retail market to put an end to this. The resulting snapshot provides a platform for comprehending the reasons for and ways in which the sector might be anticipated to evolve. Where and how the Internet of Things is going in the retail sector. Financial analysis, polls, and industry consultants are used to reach conclusions. How can each firm in this broad group of businesses negotiate the newly emerging Internet of Things retail market competitive landscape and adopt a business plan to maintain and advance their position in which they may claim or seize the new addressable opportunity?
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