Internet of Things Market in Retail Introduction
Retailers come into direct contact with customers than any organization operating in other industries. Real-time interaction between retailers and customers, from anywhere and anytime, has become a reality with emergence of advanced web-enable and mobile-based communication platforms. Retailer who embraces IoT enabled systems and solutions take lead and gain advantage in competitive environment. Internet of things has become a disruptive force in retail industry transforming the way retailers deliver service and communicate with customers.
Growing focus of retailer to enhance overall customer experience and offer real-time support to its users is expected to boost adoption of IoT solutions in retail sector. This is expected to drive growth of the IoT market in retail. Additionally, increasing introduction of web portals and smart stores across the globe is fueling growth of internet of things market in retail industry. Other factors, such as rising popularity of predictive analytics and online payment gateways is expected to create favorable opportunities for IoT vendors in the near the future.
The global Interne of things market in retail sector covers analysis of various segments and sub-segments. The market is segmented into offering, hardware, software, and services. Based on offering the retail IoT market is bifurcated into software, service, and hardware. The software segment includes inventory management, predictive maintenance, customer experience solution, supply chain management, and other software. By service, the market is sub-segmented into integration & implementation, consulting, outsourcing, and support service. The global IoT market in retail is classified based on hardware into kiosks, digital signage, RFID tags, PoS terminals, and other connected hardware.
The IoT market in retail research study captures insights at regional level. Primary regions covered in this study are North America, Western Europe, Eastern Europe, Latin America, Asia Pacific and Middle East & Africa. Major retailers in North America are tapping into rapidly shifting consumer lifestyle and expectation by bring disruptive connected technologies in-house. This is fueling growth of IoT market in the retail sector in the region. Additionally, Asia Pacific and Latin America are expected to emerge as attractive market for key vendors operating in the retail IoT market. Increasing number of tech savvy consumers in these regions are encouraging retailers to go digital to change various aspects of their operations.
Internet of Things Market in Retail Competitive Landscape
Prominent players offering IoT solutions and services for retail industry are Intel Corporation Inc., Cisco Systems, Inc., PTC Inc., Microsoft Corporation, IBM Corporation, SAP AG, ARM Holding PLC, Zebra Technologies, Stream Technologies, and Accenture plc. These players focus on providing end-to-end solution and one stop shop services to end user retail stores.
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 retail 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.