The global internet of things (IoT) in retail market size is expected to reach USD 94.44 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 21.5% CAGR during the forecast period. Increasing demand for improved flexibility, multiple distribution channels, better service, and enhanced experience are expected to provide impetus to industry growth over the forecast period. The growth can be also attributed to merging of digital and in-store operations in retail stores.
Ongoing evolutions in retail such as omnichannel shopping and rapid smartphone adoption rate are enabling retailers to create a brick-and-mortar shopping experience. Smart retailers are engaging with the right technology and making stores more interactive. Smartphones and tablets enabled with Bluetooth Low Energy (BLE) are used for product promotions, thereby encouraging social sharing.
Such evolutions have led to increased spending on connected technologies to monitor products, customer behavior, premises, and supply chain. Implementation and adoption of connected technologies solutions allow retailers to analyze and monitor existing processes to enhance them with incremental investments. However, with growing IoT permeation, retailers have not been able to exploit the capabilities of IoT.
Furthermore, the emergence of Machine Learning and Artificial Intelligence (AI) technologies are changing the retail scenario as they provide better insights to optimize retail execution efficiently. Retailers can accurately anticipate customer behavior, predict demand, and personalize customer experience. For instance, retailers are predicting demand to offer product endorsements based on data received from customers. Such transformation is expected to occur over the next few years by deploying machine learning in combination with IoT technologies.
Retailers are striving to gain a competitive edge through installation of smart shelves and RFID sensors, which aid in detection of low inventory and track products throughout the respective supply chain. IoT adoption also helps retailers in revolutionizing delivery operations and retail supply chain.
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Further key findings from the report suggest:
- Retail IoT software is expected to witness substantial growth with a revenue share of over 40.0% by 2025; this growth can be attributed to increasing adoption of retail analytics software to monitor consumer behavior
- The beacons segment is expected to exhibit a CAGR of over 23.0% from 2016 to 2025 owing to increasing adoption of beacons for enhancing customer in-store experience by offering promotional offers and messages
- The Latin America region is anticipated to account for a revenue share of over 10.0% by 2025 owing to increasing investment in retail infrastructure
- Key industry players include RetailNext Inc.; Losant IoT Inc.; Intel Corporation; Impinj Inc.; and Allerin Tech Pvt. Ltd.
Access press release of this research report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/internet-of-things-iot-retail-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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