Factors such as effective store space monitoring, supply chain management, inventory management, and customer behavior monitoring, coupled with supply chain optimization and automation supply, have driven the growth of the global IoT in the retail market.
PORTLAND, Oregon., August 26, 2022 /PRNewswire/ — Allied Market Research recently released a report titled “IoT in the retail market by Offer (Solution, Service), by Application (Supply Chain Operations Management, Customer Management, Sales and Customer Management, Asset Management, Others), by Deployment Mode (On-premise, Cloud), by Company Size (Large Company , SMEs): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global IoT in the retail industry has been considered $28.14 billion in 2021, and should reach $177.90 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.
Drivers, constraints and opportunities
Factors such as effective store space monitoring, supply chain management, inventory management, and customer behavior monitoring, coupled with supply chain optimization and automation supply, have driven the growth of the global IoT in the retail market. However, concerns over data security and privacy and high costs of implementing and maintaining IoT devices are hampering the growth of the market. On the contrary, advanced technologies such as digital signage, high-end displays, price displays and beacons are expected to open new opportunities in the future.
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- During the Covid-19 pandemic, several companies have adopted work-from-home policies that require cloud-based solutions and a SaaS-based model. This, in turn, has fostered the demand for IoT and automation in retail, as it has eliminated the reliance on staff availability.
- The pandemic has disrupted the normal way of life and forced substantial changes in the policies and activities of organizations, governments and individuals. These changes have played a major catalytic role in increasing the demand for IoT.
Get a detailed analysis of the impact of COVID-19 on IoT in the retail market:
The solutions segment held the largest share
By offering, the solutions segment held the largest share in 2021, accounting for more than two-thirds of global IoT in the retail market, driven by the proliferation of smartphones and the use of mobile apps. However, the services segment is expected to register the highest CAGR of 21.7% during the forecast period. Retail IoT related services provide IoT technology for various strategies and these strategies ensure that any issues in the solutions are working and troubleshooting.
The supply chain operations management segment dominated the market
By application, the supply chain operations management segment captured the lion’s share in 2021, contributing more than a third of the global market IoT in Retail. IoT enables retailers to drive innovation in their supply chains to reduce costs and improve customer services, which has driven the market growth. However, the customer management segment is estimated to show the highest CAGR of 23.1% from 2022 to 2031, as it simplifies the process of communicating with customers and increases their satisfaction with services or products.
Cloud Segment to Show Highest CAGR by 2031
By mode of deployment, the cloud segment is expected to register the highest CAGR of 23.1% during the forecast period. Cloud-based IoT in retail software requires low capital expenditure as well as low maintenance requirements and hence is highly preferred by mid-sized financial institutions. The growth in adoption of cloud-based IoT in retail software among large and medium enterprises is mainly driving the global IoT in retail market growth. However, the on-premises segment led the market in terms of revenue in 2021, accounting for nearly three-fifths of the market. On-premises applications offer many advantages in terms of security, flexibility and customization. These factors are driving the growth of on-premises IoT in the retail market.
Asia Pacific to manifest highest CAGR through 2031
By region, the global IoT market in the retail market across Asia Pacific dominated in 2021, holding more than two-fifths of the market, due to numerous economic and process advantages such as real-time data analysis, network management and industrial automation. However, the market through North America is expected to show the highest CAGR of 23.2% during the forecast period, owing to the adoption of IoT to improve retail sales and customer management performance.
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Main market players
- Cisco System, Inc.
- International Commercial Machinery Society
- intel company
- Microsoft Corporation
- Huawei Technologies Co.Ltd.
- sierra wireless
- Amazon Web Service (AWS)
- SAP SE
- Software SA
- Bosch.IO GmbH
- Google LLC.
- NEC Corporation
- Oracle Corporation
- AT&T Intellectual Property
- Vodafone Idea Limited
- The happiest minds
The report analyzes these key players in the global IoT market in the retail market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of each market player.
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