Internet of Things in Retail Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
The “Internet of Things in Retail Market” report offers qualitative and quantitative insights and a detailed analysis of market size & growth rate for all possible segments in the market. The Global Internet of Things in Retail Industry presents a market overview, product details, classification, and market concentration. The report also provides an in-depth survey of key players in the market which is based on various competitive intelligence parameters like company profiles, product picture and specification, capacity, production, price, cost, revenue, and contact information. The Internet of Things in Retail Market report provides an in-depth study of SWOT analysis i.e. Strength, Weakness, Opportunities, and Threat to the organization. Market Insights Report analysed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The global internet of things in retail market was valued at USD 35.63 billion in 2020 and is expected to reach USD 67.60 billion by 2026 witnessing a CAGR of 11.3% over the forecast period (2021 – 2026).
The retail industry has witnessed significant impact from IoT, in terms of boosting profitability and offering the enhanced, omni-channel experience to retailers.
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– January 2019 – Amazon Web Services, Inc. announced AWS Backup, a fully-managed, centralized backup service that makes it faster and simpler for customers to back up their data across AWS services and on-premises, helping customers more easily meet their business and regulatory backup compliance requirements.
– July 2018 – IBM Watson IoT accelerated business transformation in Europe, as European clients are increasingly opting for Watson IoT. The examples of the companys commitment to improving operations are – its contracts with a Spanish electricity grid operator (Red Elctrica de Espaa), an Italian elderly care provider (Cooperativa Sole), a Dutch telecommunications operator (Tele2), and an Israeli manufacturer of smart air conditioning (Electra Group), with the power of Artificial Intelligence (AI)-enabled and IBMs cloud-based Internet of Things technologies.
Key Market Trends
Software Component Expected to Hold Significant Share
– The major growth of internet shopping can be attributed to higher transaction values and increased order frequency. IoT can optimize supply chain management, reduce inventory error, and decrease labor costs. Ultimately, IoT can help your traditional brick-and-mortar shop compete with todays online-first shopping world, by exponentially improving customer experience and decreasing unnecessary expenses.
– There are different kinds of software solutions that IoT provide for the betterment of retail sector: Qliktag, Evrythng, ThinFilm NC solutions, Gimble, Kaa Projects, Wise Shelf, Swirl, Memomi, Authentic or Not, Queuehop.
– NFC-enabled technology creates noninvasive opportunities for retailers to inform and persuade shoppers. For instance, national supermarket chain Kroger Co. piloted smart shelf tags to display product information.
– NFC provides significant functionalities to IoT by solving the challenges of unpowered objects lacking network access, providing the simplest, most intuitive way to indicate a users interest to take an action, connecting devices easy and intuitive. Hence, an increase in the usage of NFC solution is penetrating the retail market.
North America to Hold Largest Share
– The growth of network-connected devices, systems, and services that use IoT creates considerable opportunities and benefits. Moreover, US consumers are increasingly using IoT devices, for various applications.
– According to the US Census Bureau, retail sales hit a record of USD 5.7 trillion in 2017, with a y-o-y rise of 4.5%, and a 42% increase from 2009’s record low of USD 4.06 trillion. The major shift in US retail can be attributed to two significant shifts, i.e., technology and changes in consumer behavior.
– The advent of e-commerce technologies and incorporation of the best in-store experience have been the major factors responsible for the paradigm shift in US retailing. Retailers are prioritizing their spending toward the provision of omnichannel retailing, by moving from purely online store to brick-and-mortar store, and vice-versa.
– The IoT is also being used by retailers to provide a personalized experience, to their customers. For example, Walmart uses IoT in its the United States, to gain insights about the products that are popular on social media.
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Internet of Things in Retail Market report studies the market in-depth and provides an all-inclusive analysis of the key growth factors, Internet of Things in Retail market share, latest trends, key players, and their projections for the future. Also, Internet of Things in Retail Market report provides growth rate, market demand, and supply, the market potential for each geographical region. The analysis provides an exhaustive investigation of the market along with the future projections to assess the investment feasibility. Furthermore, the report includes both quantitative and qualitative analyses of the Internet of Things in Retail Market throughout the forecast period. This report analyses the impact of the COVID-19 on the Internet of Things in Retail market share in the short and long term.
At the beginning of 2021, COVID-19 disease began to spread around the world, millions of people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries have been greatly impacted, and Internet of Things in Retail industries have also been greatly affected. With the slowdown in world economic growth, the Internet of Things in Retail industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Internet of Things in Retail market size to maintain the average annual growth rate of 15 from 2015 to 2021, in the next few years, Internet of Things in Retail market size will be further expanded, we expect that by 2027.
The Study Objectives of Internet of Things in Retail Market Report Are:
- Focuses on the key Internet of Things in Retail manufacturers, to study the sales, value, market share, and development plans in the future.
- Focuses on the global key manufacturers, to define, describe and analyze the market competition landscape, SWOT analysis.
- To define, describe and forecast the market by type, application, and region.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To identify significant market trends and factors driving or inhibiting the market growth.
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The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts. The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
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