Using statistical information, the analyst has evaluated the market and stated that the global IoT in retail market size was valued at $16.71 billion as of 2018. The ongoing trend of business automation processes is expected to sway the IoT in retail market growth at an outstanding compound annual growth rate (CAGR) of 19.87% through the forecast period of 2019 to 2025.The report is titled “[URL=https://industryarc.com/PressRelease/975/IoT-In-Retail-Market-Research.html]IoT In Retail Market[/URL]: By Components (Gateway, RFID, Sensors); By Technology (NFC, Bluetooth, Zigbee, and others); By Applications (Remote Device Management, Professional Services, Managed Services, and Others); By Functional area (Intelligent Payment Solution, Energy Optimization, and others); By Trends & By Geography – Forecast (2019-2025).”
Global IoT in Retail Market: Leading Segments
North America is the leading region in the global IoT in the retail market with a regional share of 35.52% as of 2018. The monumental share reflected by the region in the market is because of the advanced technological development that is happening in this region.
By application, intelligent payment solution vertical is the fastest growing application in the IoT retail market, evaluated to increase at an outstanding CAGR of 19.34% throughout the aforementioned forecast period. With IoT, the payment processes will pace up, subsequently speeding up the business operations.
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Global IoT in Retail Industry Analysis
Smart home and building automation are shifting the gears towards the surge of smart cities. According to Forbes, the e-commerce sector is projected to become the largest retail channel in the world by 2021 and the sector is expected to account for 14% of the total retail sales in the year. The e-commerce sector among other supermarkets, apparel and footwear retailers and independent grocers are acquiring the highest profits in the retail industry owing to the widespread adoption of innovative technologies and the changing lifestyle of the people.
Global IoT in Retail Market Trends
Cashless and Cardless Shopping: IoT devices enabled with face recognition techniques have flipped the shopping experience for the people. Cashier-free convenience stores have started their pilot projects in China.
Inventory Management: Managing product sales and tracking demands have become hassle-free and convenient with the help of IoT devices such as smart shelves, smart counters, and smart storage systems.
Global IoT in Retail Market: Competitive Landscape
Some of the key companies identified in the report that are ahead of the curve in the IoT in retail market are Intel Corporation Inc. , Microsoft Corporation, PTC Inc., IBM Corporation, Cisco Systems, Inc. , SAP AG , Zebra Technologies, Google Inc., ARM Holdings PLC , Freescale Semiconductor, Inc , Softweb Solutions, Carriots , Xively, Atmel Corporation, Happiest Minds, Amazon Web Services, and Bsquare.
About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.