(MENAFN- GlobeNewsWire - Nasdaq) Dallas, Texas, June 15, 2020 (GLOBE NEWSWIRE) -- The 'Internet of Things (IoT) in Retail Market by Type (Software and Services), Application (Merchandising, Marketing, Supply Chain, Store Operations, Strategy & Planning, and Others), Solutions (In-Store Transformation, Omnichannel Retail Transformation, Insights & Marketing Automation, Security & Infrastructure transformation, and Others), and by Region, Global Forecast 2018 to 2025' study provides an elaborative view of historic, present and forecasted market estimates.
The global IoT in retail market size was valued at USD 32 billion in 2025. Increasing usage of smartphones is likely to drive the market growth. This can be attributed to the increase in internet penetration in developing countries such as India, China, and others. Moreover, developments in technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), machine learning, and big data are also fuelling the demand for the Internet of Things (IoT) in retail market growth.
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Globally the retailers are progressively adopting advanced and innovative technologies to provide their customers with an enhanced experience while shopping online as well as in-store. However, with the growing competition, many retailers are facing problems in running their business efficiently and failing to optimize their resources. Therefore, the Internet of Things (IoT) in retail solutions enable retailers to gain insights from the past as well as real-time data that allow retailers to provide products based on their previous purchase history and which section they visit the most.
Additionally, the growing need to provide better consumer experience and increase in need to get insights on customer preferences & choices are also some of the essential factors boosting the adoption of the Internet of Things (IoT) in retail solutions. However, initial setup cost and legacy retail systems are hampering the market growth. Furthermore, the advent of cloud-based analytics is expected to provide growth opportunities for the IoT in the retail market in the forthcoming years
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In 2019, the hardware segment gathered the highest market revenue and it is anticipated to govern the IoT in the retail market throughout the forecast period. Hardware Companies engaged in manufacturing semiconductor components have partnered with hardware, networking, and solution providers with industry associations, and academic consortiums to develop informal and formal standards for IIoT applications. On the contrary, the software segment is projected to gather the highest CAGR during the forecast period.
The report also throws light on various aspects of the global IoT in retail by assessing the market using value chain analysis. The report covers several qualitative aspects of the IoT in the retail industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
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The global IoT in the retail market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
Based on the application, the market is segmented into operations management, asset management, customer experience management, advertising and marketing, and others. The market for operations management is anticipated to hold the largest market share in 2019 since it comprises core operations that include workforce management, supply chain optimization, and surveillance & security.
Asia-Pacific region is expected to hold the highest CAGR during the forecast period 2020–2025. The growth of this region is mainly attributed to the increasing penetration of smartphones. Also, the growing adoption of internet services is driving e-commerce in this region. Moreover, North America dominated the IoT in the retail market during the forecast period due to the presence of major market players and a rising number of retail chains in the region.
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The major players of the global IoT in the retail market are Cisco, IBM, Intel, Microsoft, PTC, Huawei, Sierra Wireless, AWS, SAP, Software AG, Bosch.IO, Google, and more. The IoT in the retail market is fragmented with the existence of well-known global and domestic players across the globe. Also, recognized companies are coming up with innovative and new IoT in retail technologies and solutions.
Major points from Table of Contents:
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Market Outlook
Chapter 5 IoT in the Retail market by Type
Chapter 6 IoT in Retail market by Application
Chapter 7 IoT in Retail Market by Region
Chapter 8 Competitive Landscape
Chapter 9 Company Profiles
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