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IoT in Retail Market: Regional Growth Drivers, Trends, and Forecasts to 2024

Author : Ronak Bora | Published Date : 2020-09-14 

The deployment of 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.

Managed services segment in the IoT in retail market is anticipated to grow 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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Enormous volume of data is generated by the systems in the IoT network, creating the demand for intelligent and sophisticated data management solutions. The device management platforms allow the users to gather and analyze the information to enhance the operational efficiency, optimize store operations and productivity resulting in achieving desired business goals. Due to the rising demand for management of devices in the IoT network, the network device management segment will witness considerable growth.

An insight into some of the most innovative developments witnessed by IoT in retail market in 2017:

  • In the middle of September 2017, an LA-based IoT technology provider, Mojix, announced a merger with CXignited, a European IoT firm, with an intent to create a global connected solution providing platform that would help retailers and brand owners boost their consumer experiences and automate their inventory management procedures. The joint entity is slated to be operating under the individual brand names, and is certain to have a considerable impact on IoT in retail market share.
  • Merely a few days post the Mojix-CXignited JV was announced, the renowned France-based fashion retail giant, Kiabi, declared the onset of a technology alliance with one of the world’s most trusted and reliable IoT device management solution providers, Soti. Kiabi’s intent behind the supposed runway ready collaboration was to exploit Soti’s integrated mobility platform for its stock transfers, delivery processing, and inventory control. The retailer’s alliance with Soti is remnant of how robustly IoT in retail industry has been making rapid inroads onto the path of success.
  • The onset of October witnessed IBM’s cognitive AI platform, Watson, helping Indian retailers to decode consumer behavior and reach out to the most appropriate target audience. IBM thus, directs Watson to analyze data collected via IoT sensors, and collect insights for forecasting and upgrading the performance of machines and components to deliver tailor-made solutions to clients. IBM’s move to exploit IoT for the Indian retail space is one of the most dynamic instances depicting the vast expanse of IoT in retail market.

Presence of developed infrastructure followed by the increasing investments by retailers on implementation of smart technologies is expected to drive the North America IoT in retail market growth. Factors such as organized retail industry across the region followed by the awareness related to benefits of using such solutions by various players further contributes to the industry demand.

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Companies operating in the IoT in retail market include: SAP AG, IBM Corporation, Zebra Technologies, Intel Corporation, Cisco Systems and Microsoft Corporation. The industry is currently witnessing increasing entry of players with innovative solutions. Players are following strategies such as new product launches, merger & acquisitions to increase hold and expand into potential markets.

Table of Contents (ToC) of the report:

Chapter 1.   Methodology & Scope

1.1.  Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope, definition and research parameters

1.2.  Data Sources

1.2.1. Primary

1.2.2. Secondary

Chapter 2.   Executive Summary

2.1.  IoT in retail market 360º synopsis, 2013 - 2024

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Platform trends

2.1.4. Technology trends

2.1.5. Service trends

2.1.6. Component trends

2.1.7. Application trends

Chapter 3.   Industry Insights

3.1.  Industry segmentation

3.2.  Industry landscape, 2013 - 2024

3.3.  Industry ecosystem analysis

3.3.1. Component suppliers

3.3.2. Software providers

3.3.3. Technology providers

3.3.4. Service providers

3.3.5. System integrators

3.3.6. Vendor matrix

3.3.7. Distribution channel analysis

3.4.  Technology & innovation landscape

3.5.  Regulatory landscape

3.5.1. U.S.

3.5.2. EU

3.5.3. China

3.6.  Industry impact forces

3.6.1. Growth drivers

3.6.1.1.       Increasing demand to enhance the customer experience in the U.S.

3.6.1.2.       Advanced infrastructure in the U.S. and Europe

3.6.1.3.       Technological advancements in the U.S.

3.6.1.4.       Declining cost of hardware components in China and India

3.6.1.5.       Emerging organized retail industry in India

3.6.1.6.       Increasing adoption of cloud platform in EU

3.6.2. Industry pitfalls & challenges

3.6.2.1.       Data security & privacy concerns

3.6.2.2.       Lack of knowledge

3.6.2.3.       High implementation cost

3.7.  Growth potential analysis

3.8.  Porter's analysis

3.9.  Company market share analysis, 2016

3.9.1. Strategy dashboard

3.10.      PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/iot-internet-of-things-retail-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia 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. [email protected] | https://twitter.com/RonakBora26

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