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2021
Iot In Retail Market

IoT in Retail Market by Component (Hardware, Software and Services), Enterprise Size (Large Enterprises and Small & Medium Enterprises), and Application (Operation Management, Asset Management, Advertising & Marketing, Customer Experience Management, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

A13167
Pages: NA
Nov 2021 | 36 Views
   
Author(s) : Vineet Kumar
Tables: NA
Charts: NA
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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IoT in Retail Market Insights- 2030

The use of IoT technology by the retailers has increased due to its advantages to the growth of the business. Retailers are using IoT technology to improve customer experience, reduce costs, drive growth, and improve the overall performance. IoT sensors connected to a device allow retailers to collect customer feedback after the shopping experience. This data provides real-time customer satisfaction insights that can improve in-store customer experience. The use of IoT sensors by retailers monitors goods throughout the whole supply chain. Retailers are using IoT technology to keep track of lost shopping carts and baskets. Tracking these assets can help stores lower the cost of having to replace them. By placing sensors on assets, such as shopping carts and baskets, retailers will be able to track them to their exact location and receive status updates and alerts whether or not they are damaged.

IoT in Retail Market Scope and Structure Analysis

Report Metric

Details

  Market size available for years

  2020–2030

  Base year considered

  2020

  Forecast period

  2021–2030

  Forecast unit

  Value ($)

  Segments covered

  Component, Enterprise Size, Application, and Region.

  Regions Covered

North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)

  Companies covered

Cisco Systems Inc., International Business Machines Corporation, Intel Corporation, Microsoft Corporation, PTC Inc., Huawei Technologies Co. Ltd., Amazon Web Services, Software AG, Google LLC., Oracle Corporation

 

Impact of COVID-19 on IoT in Retail Market-

  • The COVID-19 virus has impacted the IoT in retail market. Investments toward technological advancement have seen a decline. New developments have been put on hold by the retailers as their main focus was on the continuation of business activities in the economic crisis. However, the market is expected to restore in the post-pandemic situation.
  • The implementation of IoT in retail is expected to gradually increase in the upcoming years. Retailers have already implementing mobile payment methods, autonomous cleaning machines, and contactless checkout counters to decrease human interference and curb the spread of the coronavirus. AI technology, cloud services, and automation are likely to improve the retail industry.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

The effective in-store monitoring, inventory management, supply chain management, and customer behavior observation using IoT devices, advancement of artificial intelligence, and augmented reality in retail stores drives the growth of IoT in retail market. In addition, the use of IoT devices by the retailers to understand the purchasing patterns of older customers, identify the target audience, and offer customized product advertisements to their customers propels the growth of the market. However, high implementation and maintenance cost and risk of cyber-attacks are the factors, which hamper the growth of the market. Furthermore, penetration of smartphones and increased use of mobile applications help in developing app-driven hardware as well as the concentration of retailers on delivering integrated solutions, which is anticipated to deliver lucrative opportunities to the growth of IoT in retail market.

The market trends for IoT in retail market are as follows:

Professional services to drive the market growth

Professional services, which include consulting, application management, and infrastructure management services are expected to drive the market growth. The high adoption of IoT in the retail sector has increased the demand for the infrastructure and the application management services. IoT solution and product suppliers are additionally providing professional services related to installation & deployment, repair & maintenance, and training & helpdesk support as their essential services.

North America is expected to lead the market during the forecast period

Countries in North America are mostly categorized as developed nations. These nations are open to new technological innovations and they adopt these technologies very quickly as compared to the rest of the developed countries. The region is the hub of few of the IoT technology developing companies, such as Amazon, Google, IBM, and others, who are continuously renovating and innovating the technologies to make the best use of it. Moreover, the adoption of IoT devices in the region by the retail sector to improve their services drives the growth of the market.

Key segments covered

Segments

Sub segments

  Component

  1. Hardware
  2. Software 
  3. Services

  Enterprise Size

  1. Large Enterprises
  2. Small & Medium Enterprises

  Application

  1. Operation Management
  2. Asset Management
  3. Advertising & Marketing
  4. Customer Experience Management 
  5. Others

 

Key benefits of the report

  • This study presents analytical depiction of the IoT in retail market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed market analysis based on the present and future competitive intensity of the market.

Questions answered in the IoT in retail market research report

  • Which are the leading players active in the IoT in retail market?
  • What are the detailed impacts of COVID-19 on the market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
 
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