Worldwide IoT in Retail Industry is Estimated to Reach $177.9 Billion by 2031
Internet of Things (IoT) describes the network of physical objects that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet. These devices range from ordinary household objects to sophisticated industrial tools.
Over the past few years, IoT has become one of the most important technologies across the globe. IoT devices share the data that is collected by IoT sensors or other edge devices where data is sent to cloud server to be analyzed. These devices further communicate with other related devices and act on the information they get from one another. These devices do most of their work without human intervention, although people can interact with these devices.
Use of IoT in the retail industry is closely related to GPS and RFID technologies that help brands track products throughout the entire supply chain process. It gives retailers visibility they need to track product movement, conditions, and track location, as well as predict an exact delivery time.
Factors such as effective store space monitoring, inventory management, supply chain management, and customer behavior monitoring drive demand for internet of things (IoT) in the retail market. Moreover, optimizing and automating the supply chain is one of the main factors for IoT adoption among retailers. Connectivity technologies, including digital signage, top-of-the-shelf displays, beacons, and price displays, provide opportunities for a brand to access large volumes of data on customer activity during in-store shopping.
However, data security & privacy concerns and high implementation & maintenance cost of IoT devices restrain growth of the market globally. On the contrary, reduction in cost of connected devices and IoT traction among SMEs is expected to create lucrative opportunities for expansion of the IoT in retail market globally.
The IoT in retail market is segmented on the basis of offering, organization size, deployment, application, and region. On the basis of offering, the market is segmented into solutions and services. Depending on solutions, the market is segmented into hardware and platforms. Depending on platforms, the market is segmented into device management, application management, and connectivity management.
According to organization size, it is fragmented into large enterprises and SMEs. On the basis of deployment, the market is segmented into cloud and on-premise. Depending on application, the market is segregated into supply chain operations management, customer management, sales & customer management, asset management, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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