IoT in Retail Market | Rapidly Changing Dynamics of the Industry 2031
The surge in the number of interconnected devices in retail outlets & the decreasing prices of IoT sensors is expected to propel the hardware segment’s growth.
PORTLAND , PORTLAND, OR, UNITED STATE, September 18, 2022 /EINPresswire.com/ — As per the report, the global IoT in retail industry was accounted for $28.14 billion in 2021, and is expected to reach $177.90 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031. Factors including effective store space monitoring, supply chain management, inventory management, and customer behavior monitoring coupled with optimization and automation of the supply chain have boosted the growth of the global IoT in retail market.
However, concerns regarding data security & privacy and high implementation & maintenance cost of IoT devices hinder the market growth. On the contrary, advanced technologies such as digital signage, top-of-the-shelf displays, price displays, and beacons are expected to open new opportunities in the future.
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By offering, the solution segment held the largest share in 2021, accounting for more than two-thirds of the global IoT in retail market, due to proliferation of smartphones and use of mobile applications. However, the services segment is expected to register the highest CAGR of 21.7% during the forecast period. Services related to IoT in retail provide IoT technology for various strategies and these strategies ensure smooth running and troubleshooting of any glitches within the solutions.
By application, the supply chain operation management segment held the lion’s share in 2021, contributing to more than one-third of the global IoT in the retail industry. IoT enables retailers to drive innovation in their supply chains to reduce costs and improve customer services, which boosted market growth.
However, the customer management segment is estimated to manifest the highest CAGR of 23.1% from 2022 to 2031, as it simplifies the process of communicating with customer and increase their satisfaction with services or products.
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By deployment mode, the cloud segment is expected to register the highest CAGR of 23.1% during the forecast period. Cloud-based IoT in retail software has low capital expenditure as well as low maintenance requirements and is, therefore, highly preferred by mid-sized financial institutions. Growth in the adoption of cloud-based IoT in retail software among large and medium-sized enterprises mainly drives the global IoT in retail market growth.
However, the on-premise segment dominated the market in terms of revenue in 2021, accounting for nearly three-fifths of the market. On-premises applications offer many benefits in terms of security, flexibility, and customization. These factors drive the growth of the on-premise IoT in the retail market.
By region, the global IoT in the retail market across Asia-Pacific dominated in 2021, holding more than two-fifths of the market, due to numerous economic and process benefits such as real-time data analytics, network management, and industrial automation. However, the market across North America is projected to portray 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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Some of the key IoT in retail industry players profiled in the report include Cisco System, Inc., International Business Machine Corporation, Intel Corporation, Microsoft Corporation, PTC, Huawei Technologies Co. Ltd., Sierra Wireless, Amazon Web Service (AWS), SAP SE, Software AG, Bosch.IO GmbH, Google LLC., NEC Corporation, Oracle Corporation, AT&T Intellectual Property, Vodafone Idea limited, and Happiest Minds. This study includes market trends, IoT in retail market analysis, and future estimations to determine the imminent investment pockets.
KEY FINDINGS OF THE STUDY
• By Offering, in 2021 the solution segment dominated the IoT in retail market size.
• Depending on deployment, the on-premise generated the highest revenue in 2021 for IoT in retail market share. However, the cloud segment is expected to exhibit significant growth during the forecast period.
• Region-wise, the IoT in the retail market forecast was dominated by the North American region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
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