Internet of Things Market in Consumer Goods Introduction
Companies in Consumer Packed Goods (CPG) industry are exploring the ways to user IoT technologies to offer more personalized and real-time consumer services. Although, CPG industry is not among major or large spenders on Internet of things enabled technologies and solutions yet rapid shift towards automating manufacturing and distribution processes is projected to increase the amount spent on advanced solutions.
Changing consumer lifestyle and buying behavior is encouraging CPG companies to embrace connected technology and solutions. This, in turn, is driving growth of the IoT market in CPG industry. Additionally, growing focus of major CPG companies to offer more tailored services and products based on customer preferences and identify problems and shortfalls at the early stage is increasing the demand for customer monitoring and real-time communication solutions, propelling market growth across the globe. However, lack of awareness among end users in under developed countries is expected to impede adoption of IoT solutions and services in CPG industry.
The Internet of things market in CPG industry studied considering major segments and regions. Segmentation section includes offering, hardware/intelligent devices, solution, and service. The offering segment includes hardware, solution, and service segments. Based on solution IoT market in Consumer Packed Goods industries segmented into supply chain management, customer relationship management, order tracking, inventory management & monitoring, and other solutions. The services segment is further sub-segmented into software development, consulting, implementation & integration, support, and outsourcing services.
By region, the IoT market in CPG industry is classified into North America, Latin America, Asia Pacific, Western Europe, Eastern Europe, and Middle East and Africa. Of these regions, North America and Western Europe are expected to witness increase in spending on IoT solutions and system by major CPG companies during the forecast period. However, the market in Asia Pacific region is projected to grow at the healthy CAGR from 2017 to 2023. Major growth is coming from emerging markets such as India and China, where consumers are becoming more tech savvy.
Internet of Things Market in Consumer Goods Competitive Landscape
Prominent players in the market are focused towards introducing customized solution and services to CPG companies to remain ahead in the competition. Some major and emerging players identified in the IoT market in CPG industry are salesforce.com Inc., Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, TABS Analytics, T-Pro Solutions, SAP SE, and AFS Technologies, Inc.
Major Regions/Countries include:
- North America
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on IoT market in consumer goods would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.