(MENAFN- Ameliorate Digital Consultancy)
IoT in retail market will witness a CAGR of around 19% up to 2024 owing to increasing adopting of smart technologies to reduce costs, improve customer experience and enhance overall performance of operations. Rising use of smart devices across the globe along with the rapid expansion of digitization in the retail sector will help drive the industry growth.
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With the accelerating pace of the retail industry, businesses have been increasingly deploying IoT solutions to comprehend the buying behavior, gain shoppers insights and deliver promotions & offers. Additionally, the brick and mortar stores have transformed to digital payment methods, while using digital signages for marketing.
The governments in both European and Asian countries have taken major initiatives to enhance their retail sector and boost IoT in retail market. These initiatives have assisted businesses in deploying advanced as well as digitized products that offer benefits of consumer attraction and high efficiency.
The Indian government has permitted 100% Foreign Direct Investment (FDI) for single-brand retail in the country. The investment shall be under the automatic route which may not need approval from the government and will have liberalized local sourcing norms.
There has been a surging adoption of connectivity technologies like Bluetooth Low Energy (BLE), owing to the rise in IoT solution installations by retailers. The technology helps to detect the registered customers as they enter the stores and send them customized offers and promotions via messages.
BLE is used in applications that require low volume exchange of data as well as consumes lesser power in comparison with the Bluetooth devices. RFID is projected to exhibit significant growth prospects in the forthcoming years on account of a rapid decrease in the RFID tags cost resulting in escalating adoption of the product.
Brazil IoT in retail market size is slated to amass substantial gains over the analysis period owing to the rapid development in manufacturing, retail and automotive industries. Brazilian retail sectors have been receiving sturdy investments which will help escalate the adoption and implementation of IoT solutions in this region.
Few key retail companies have been indulging in the rapid deployment of IoT solutions that will meet the rising needs of the customers. The government in Brazil has taken certain initiatives that will boost new partnerships & collaboration, learning institutes and start-ups that will promote IoT technology and drive IoT in retail market size over the study period.
The country has been receiving several investments to bolster the IoT development strategy. For instance, Qualcomm announced in September 2018, that it has launched a laboratory in Brazil which will help the firm achieve its IoT strategies.
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Partial Chapter of the Table of Content
Chapter 4. IoT in Retail Market, By Platform
4.1. Global IoT in retail market share by platform, 2016 & 2024
4.2. Network management
4.2.1. Market estimates and forecast, 2013 – 2024
4.2.2. Market estimates and forecast, by region, 2013 – 2024
4.3. Device management
4.3.1. Market estimates and forecast, 2013 – 2024
4.3.2. Market estimates and forecast, by region, 2013 – 2024
4.4. Application management
4.4.1. Market estimates and forecast, 2013 – 2024
4.4.2. Market estimates and forecast, by region, 2013 – 2024
Chapter 5. IoT in Retail Market, By Technology
5.1. Global IoT in retail market share by technology, 2016 & 2024
5.2. Sensor
5.2.1. Market estimates and forecast, 2013 – 2024
5.2.2. Market estimates and forecast, by region, 2013 – 2024
5.3. RFID
5.3.1. Market estimates and forecast, 2013 – 2024
5.3.2. Market estimates and forecast, by region, 2013 – 2024
5.4. Connectivity technology
5.4.1. Market estimates and forecast, 2013 – 2024
5.4.2. Market estimates and forecast, by region, 2013 – 2024
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