IoT in Retail market in digital signage applications are anticipated to witness high growth over the years owing to the rising focus of the retailers to provide innovative & interactive shopping experience, leaving an impression on the shopper. It is helping the marketers to save costs related to traditional print media, making it less time-consuming for the advertisement to be made available to the masses. Signage solution such as intuitive touchscreen providing customers with personalized content is expected to drive the IoT in retail market.
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Global IoT in Retail market is expected to grow at a CAGR of over 19% from 2018 to 2024 and to expand USD 30 billion by 2024. Rising demand for improving the purchase experience is anticipated to drive the IoT in retail market over the estimated timeframe. In order to bring in innovations in the stores, giving away offers on the basis of browsing history and buying behavior, retail stores across the globe are increasingly implementing IoT solutions. Growing usage of intelligent solutions coupled with the emerging trend of digitization in the sector contributes to the industry demand.
Increasing installation of IoT solutions by retailers is expected to drive the adoption of connectivity technology such as Bluetooth Low Energy (BLE) in the IoT in retail market. It has huge potential to grow in the customer engagement & marketing verticals followed by contactless payments. As compared to Bluetooth, BLE uses much less power and are used for applications requiring exchange of less amount of data over shorter distances. Other connectivity technologies such as NFC have gained popularity and are used for understanding customer preferences.
Enormous volume of data is generated by the systems in the IoT network, creating the demand for intelligent and sophisticated data management solutions. The device management platforms allow the users to gather and analyze the information to enhance the operational efficiency, optimize store operations and productivity resulting in achieving desired business goals. Due to the rising demand for management of devices in the IoT network, the network device management segment will witness considerable growth
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U.S. IoT in retail market accounted for majority of the overall revenue share, which is due to the high investments in the IoT infrastructure. North America, being the largest market for retail is expected to grow considerably. This is attributed to the early technology adoption coupled with the presence of an organized retail sector in the region. The retailers in the region mainly focus on enhancing the supply chain performance by heavily investing in technologies such as automated inventory verification.
Industry players in the IoT in retail market include Intel Corporation Inc., Microsoft Corporation, IBM Corporation, Cisco Systems, SAP AG and Zebra Technologies. The industry is fragmented with the entry of new players with innovative products and advanced technologies. Strategies followed by the industry players include mergers & acquisitions, new product launches in order to achieve growth and enter into new markets.
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