Global IoT in Retail Market was valued at USD 13.55 billion in 2019 which is expected to grow USD 37.89 billion by 2027 at a CAGR 18.8%.
Latest published report on the IoT in Retail Market, found on the Qualiket Research website revealed a great deal about various market dynamics. These driving factors influence the market from a very miniscule level to its holistic standard and can traverse limitations to assist the market achieve a significant growth rate over the analysis period of 2020-2027. The report is based on an extensive study supervised by adept analysts. Their sound knowledge and expertise in the field help in unearthing of factors and figures. The report is fulfilled with a volume-wise and value-wise analysis.
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IoT is commonly called as internet of things which helps retailers to collect data and produce insights. Rise in adoption of digitalization & automation across various industries including retail industry to gain operational efficiency benefits will grow the IoT in retail market growth.
Increase in demand for Internet of Things in retail industry is the key driving factor which is expected to boost the global IoT in retail market growth. Furthermore, rise in adoption of smart payment solution by consumers is expected to propel the growth of global IoT in retail industry. Moreover, increase in technological developments and innovations will have the positive impact on global IoT in Retail market growth. For instance, in August 2019, Staunch had launched new technology in Indian retail market, which named as YI technologies. YI technologies offer IoT products for India. In addition to that, rise in adoption of omnichannel shopping and rapid penetration of smartphones is expected to drive the growth of global IoT in retail industry.
However, Security and privacy concern regarding data is the major restraining factor which is expected to affect the global IoT in retail market growth. Also, lack of common standards and interoperability is expected to hamper the growth of global IoT in retail market.
Impact of COVID 19 on Market
The COVID 19 pandemic is the major challenging factor which is expected to slow down manufacturing production, and supply chain during this forecast period. Due to increase in COVID 19 confirmed cases and deaths various sectors are facing challenges. Many governments had announced lockdown, which is expected to hamper the global IoT in retail market growth.
Market Key Players
Various key players are discussed in this report such as Software AG, SAP, Amazon Web Services, Sierra Wireless, Huawei, PTC, Microsoft Corporation, Intel, IBM, and Cisco Systems.
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- Device Management
- Application Management
- Network Management
- Connectivity Technology
- Digital Signage
- Supply Chain Management
- Smart Shelf & doors
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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