MarketsandMarkets projects the Internet of Things in Retail Market to grow from USD 14.5 billion in 2020 to USD 35.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period. Major factors expected to drive the growth of the IoT in retail market include rapidly declining cost of IoT-based sensors and connectivity, increasing adoption of smart payment solutions, and customer demand for a seamless shopping experience.
By offering, the services segment to account for the highest CAGR during the forecast period
The demand for IoT in retail market services is driven by the growing number of customers each year, data transfer issues, and customer experience issues. Services in IoT in retail market provide security, and expert assurance, helping the entire business to be more productive. Professional services are important in the management of the entire lifecycle of a solution until its deployment. Managed services, on the other hand assess the business network, monitor health of the infrastructure, and perform remote maintenance activities.
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By application, the customer experience management segment to account for the highest CAGR during the forecast period
The customer experience management segment is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increased use of applications through IoT. The use of IoT technology enables shoppers with customized in-store visit experiences by tracking their online journey via their choice of products. By implementing micro-location technologies and advanced retail mobility solutions, retailers gain insights about the consumer’s recent online browsing history. IoT further provides smart payment and checkout systems for customers to make hassle-free transactions from anywhere and at any time.
Europe to hold the largest market size during the forecast period
In Europe, the number of active IoT connections in the retail sector is expected to increase over the years. As the retail sector is driving the economy, the region is adopting logical steps to make the retail sector more efficient in promoting the development of technologies for the same. The UK is the leading country in Europe in terms of online shopping penetrationEarly adoption of technology and presence of organized retail sector are the major factors driving the adoption of IoT in retail in the region.
Key and emerging market players include Cisco (US), IBM (US), Intel (US), Microsoft (US), PTC (US), Huawei (China), Sierra Wireless (Canada), Amazon Web Services (US), SAP (Germany), Software AG (Germany), Accenture (Ireland), Bosch SI (Germany), Google (US), NEC Corp. (Japan), Oracle (US), AT&T (US), Vodafone (UK), Happiest Minds (India), Telit (UK), and Allerin (India). These players have adopted various strategies, such as new product launches and product enhancements; expansions; acquisitions; and partnerships, agreements, and collaborations, to grow in the IoT in retail market.
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Cisco (US) is a prominent player in the IoT in retail market. The company offers solutions in IoT networking, IoT management, IoT data management, and built-in security. IoT networking accelerates IoT with secure connectivity by deploying a flexible, scalable, and secure switching in the user’s industrial network and also extends intent-based networking to the IoT edge. IoT management solution enables the user to keep IoT operations running smoothly via tools, such as Cisco Digital Network Architecture (DNA) and center and field network director to integrate Information Technology (IT) and Operational Technology (OT) infrastructure. The company has adopted inorganic growth strategies, such as collaborations and acquisitions, to expand its retail business with the help of IoT. For instance, in October 2019, Cisco acquired CloudCherry, a privately-held company based in the US. Both the companies will together help clients transform their contact center from delivering reactive care to providing predictive support and move from isolated customer interactions to cohesive, engaging experiences for improved business outcomes. The acquisition is also expected to enhance the customer engagement required in retail operations.
IBM (US) is another key player in the IoT in retail market, which is a leading provider of cloud platform services and cognitive solutions. The company offers a range of retail solutions for improving customer experience in retail stores. IBM iX is provided in combination with the Adobe Creative Cloud and Adobe Experience Cloud solutions. The company offers supply chain management solutions through the IBM Food Trust and IBM Sterling supply chain. IBM Food Trust is used to increase visibility across all touchpoints and IBM Sterling supply chain is used to gain real-time insights. IBM Multicloud Manager provides the visibility and expertise to optimize multi-cloud architecture that consists of distinct delivery models. The company adopted inorganic growth strategies, such as partnerships, to expand its business operations. For instance, in January 2020, IBM launched the IBM Sterling Supply Chain platform in coordination with companies, such as Salesforce, Publicis Sapient, project44, and Flooid. The intent of the launch was to facilitate returns and address logistics issues. IBM Sterling Supply Chain suite is integrated with MuleSoft connector to derive desired results. The aim of this partnership is to help retailers deliver omnichannel customer experiences to help reduce operational costs.
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