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IoT in Retail Market size to achieve considerable growth from Managed services segment

Author : Ronak Bora | Published Date : 2019-05-29 

IoT in Retail Market size in managed services segment is set to register an excellent growth over the forecast timeline. The growth can be credited to the retailers increasingly focusing on reducing the IT related expenses, enabling the workforce to focus more on core activities generating more revenue. The managed service providers are assigned with the responsibility of maintaining the systems, provide security and protection against any type of cyber-attack threat. In additions, they provide services which include deployment, integration, support services as well as consultation to help the clients achieve desired business goals.

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Retailers are focusing on deploying such advanced technological solutions to gain insights into customers purchase behavior, delivering customized promotional offers fueling the IoT in retail market growth. To reduce operational costs and streamlining overall business operations, IoT is currently witnessing high adoption across the sector. Furthermore, increasing implementation of such solutions could be attributed to the cost reduction of RFID tags and sensors, which are used for inventory tracking, theft reduction and enhanced supply chain management resulting in streamlining business operations.

IoT in Retail Market has indeed given rise to a more convenient, smart, and tremendously efficient experience for retailers and consumers. With connected solutions transforming the retail sphere, companies offering IoT and retail solutions have been partnering to provide an all-round, reliable, connected experience to global retail consumers. Demonstrating an instance of this fact, Fujitsu has scarcely collaborated with Arkessa to deploy connected retail and IoT solutions to customers. Through this partnership, Arkessa, a global M2M managed services provider specializing in easing IoT connectivity, plans to enable its ICT solutions for retail, thereby helping Fujitsu’s retailers deliver a first-class consumer experience.

Increasing installation of IoT solutions by retailers is expected to drive the adoption of connectivity technology such as Bluetooth Low Energy (BLE) in the IoT in retail market size. It identifies the registered customers when they enter the stores and send messages which include customized promotions and offers. BLE is generally used for applications which need exchange of data in low volume and consumes less power as compared to that of Bluetooth. RFID market is anticipated to grow significantly owing to the increasing adoption coupled with the rapidly declining cost of RFID tags.

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North America, being the largest industry for IoT in retail market is expected to grow considerably. This is attributed to the early technology adoption coupled with the presence of an organized retail sector in the region. The retailers in the region mainly focus on enhancing the supply chain performance by heavily investing in technologies such as automated inventory verification.

Apart from online retail applications, IoT is primarily used by retailers for connected consumers, supply chain, and smart stores applications. For instance, in order to monitor the entire shopping experience, several retailers have been developing smart stores incorporated with IoT. Prior to its deployment, retailers would spend more on survey projects to keep abreast of consumer interests. Now with the advent of smart stores, retailers can monitor customers demographics through Wi-Fi foot traffic or video monitoring. This would eventually help shopkeepers to adjust the store layout to increase number of customer visits, which will boost IoT in retail market size. In addition to this, the deployment of IoT services is overt to support digital marketing in the stores as well.

In a bid to enable smart transportation, many merchants have been focusing on deploying IoT solutions, for ensuring accurate product tracking, transport maintenance, and route optimization. Taking into account the high degree of accuracy required for route tracking, suppliers have also been increasingly giving preference to smart transport, which will favorably boost IoT retail industry. Estimates in fact, forecast this business space to reach commendable heights in the years ahead – as per analysts, IoT in retail market size is likely to be pegged at USD 30 billion by 2024.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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