The global Internet of Things (IoT) in Retail Market size is 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, according to a new report by MarketsandMarkets™.
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.
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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.
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.
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Market Players
Major market players include Cisco (US), IBM (US), Intel (US), Microsoft (US), PTC (US), Huawei (China), Sierra Wireless (Canada), AWS (US), SAP (Germany), Software AG (Germany), Bosch.IO (Germany), Google (US), NEC Corporation (Japan), Oracle (US), AT&T (US), Vodafone (UK), Happiest Minds (India), Telit (UK), and Allerin (India).
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