IoT in Retail Market Size is Projected to Reach USD 28.9 Billion by 2026 - Valuates Reports

IoT in Retail Market Size is Projected to Reach USD 28.9 Billion by 2026 - Valuates Reports

PR Newswire

BANGALORE, India, July 22, 2020

BANGALORE, India, July 22, 2020 /PRNewswire/ --  IoT offers retailers opportunities for the development of an ecosystem that connects the physical and digital world. The retail industry has witnessed a wide utilization of connected products by adopting an integrated platform. IoT has changed the retail market and has provided massive growth. By integrating IoT into retail, companies can improve their customer base and gain significant market revenues.

Valuates Reports

The global IoT in Retail Market size is projected to reach USD 28.9 Billion by 2026, from USD 11 Billion in 2019, at a CAGR of 17.5% during 2020-2026.

IoT is required in different processes, including customer preferences research, mobile purchasing of goods, inventory monitoring, and a smooth supply chain management system implementation. Furthermore, by using technologies such as RFID and GPS sensors, key players in retail analytics can obtain precise data like a product's storage temperature, or transit time.

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TRENDS INFLUENCING THE IOT IN RETAIL MARKET

Major factors that are expected to drive the growth of IoT in Retail Market size include steadily declining IoT-based sensor and connectivity prices, increased acceptance of smart payment solutions, and consumer demand for a seamless shopping experience.

The utilization of IoT in Predictive Equipment Maintenance by retailers is expected to increase the IoT in Retail Market size. Warehouses will often experience equipment failure or fault detection issues. Cooling systems specifically used for cold storage purposes are now equipped with sensors that aid in the retail analytics of the products.

Since every product undergoes a long value chain journey, it is important to keep track of where it stands. IoT has made it easier to know exactly how near or far the product from its destination store is with sensors and GPS technology. This use of IoT in Smart Transportation is expected to increase the IoT in Retail Market size.

The declining cost of sensors worldwide helps businesses to deploy them in even smaller web-based solutions and, in turn, increases the IoT in retail market size. In enhanced devices, the main function of these modules is to collect the surrounding information and forward it to management systems.

Substantial growth is anticipated for the IoT in the Retail Market due to the growing use of retail analytics tools to track customer behavior. In addition, the advent of Machine Learning and Artificial Intelligence ( AI ) technologies is changing the retail scenario as they have better insights for efficiently optimizing retail executions. Retailers can forecast consumer behavior correctly, anticipate competition, and personalize the customer experience. This incorporation of advanced technology is, in turn, expected to increase the IoT in Retail Market size.

A major factor that is expected to limit the IoT in Retail Market growth is the lack of knowledge & awareness among retailers in small & technologically backward economies. In these nations, shop owners and supermarkets are unaware of the advantages of internet-based technology and have limited investment capabilities.

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IOT IN RETAIL MARKET SHARE ANALYSIS

It is expected that Bluetooth Low Energy (BLE) will see the highest growth over the forecast period as this technology is gaining popularity in pre-tailing, payments, and post-payment operations.

By platform, due to the growing use of IoT-based endpoints and applications, the device management platform is expected to have the largest IoT in retail market share.

Over the forecast period, APAC is projected to have the highest growth potential in the IoT in the retail market. This rise can be attributed to ongoing smart city projects and the region's fast-declining sensor costs. China's adoption of IoT technologies is enormous, and India is showing significant growth.

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The following manufacturers are covered in this report:

Internet of things (IOT) in retail Breakdown Data by Type

Internet of things (IOT) in retail Breakdown Data by Application

Internet of things (IOT) in retail Production by Region

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SIMILAR REPORTS :

●  Retail Analytics Market Report

The market in North America is expected to hold the largest market share. In contrast, the APAC region is projected to provide significant opportunities in this market and is expected to grow at the highest CAGR during the forecast period.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-9U1979/global-retail-analytics

●  Smart Retail Market Report

In 2019, the global Smart Retail market size was USD 12.410 Billion, and it is expected to reach USD 30.730 Billion by the end of 2026, with a CAGR of 13.7% from 2021-2026.

Growth in this market is driven primarily by factors such as growing mobile penetration, rising demand for better customer service and shopping experience, declining electronic product costs, and evolving digital technologies that generate new revenue for retailers.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-4D232/smart-retail

●  Augmented Reality in Retail Market Report

The global AR in Retail market size is projected to reach USD 4612.7 Million by 2026, from USD 1544 Million in 2020, at a CAGR of 20.0% during 2021-2026.

The report lists the major players in the regions and their respective market share on the basis of global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and leadership changes to stay ahead in the competition. This will give the reader an edge over others as a well-informed decision can be made looking at the holistic picture of the market.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-2Z282/ar-in-retail

●  Artificial Intelligence (AI) in the Retail Market Report

The global AI in Retail market size is projected to reach USD 14.7 Billion by 2026, from USD 2.7 Billion in 2020, at a CAGR of 32.7% during 2020-2026.

This report focuses on global Artificial Intelligence (AI) in Retail status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Artificial Intelligence (AI) in Retail development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-21S1695/global-artificial-intelligence-ai-in-retail

●  Beacon Technology Market Report

In 2018, the global Beacon Technology market size was 310 Million USD, and it is expected to reach 33700 Million USD by the end of 2025, with a CAGR of 80.0% between 2019 and 2025.

This report studies the Beacon Technology market size by players, regions, product types and end industries, history data 2014-2018, and forecast data 2019-2025.

The Beacon Technology Market report also studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-0X274/beacon-technology

●  RFID Tags Market Report

RFID Tags Market is expected to witness the highest adoption in the Asia Pacific market. RFID tags are a type of tracking system that uses smart barcodes in order to identify items. 

The report includes country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by Type and by Application segment in terms of production capacity, price, and revenue for the period 2015-2026.

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●  Contactless Payments Market Report

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Contactless Payments Market report also studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-39D2532/covid-19-impact-on-contactless-payments

●  Self-Checkout Systems Market

The revenue of Self-Checkout Systems in North America, which is the biggest consumption area in the current market pattern, is expected to reach 96401 Units in 2025 from 40011 Units in 2018. Europe ranks the second largest consumption area, with revenue and market share of 18831 Units and 25.8% in 2018.

Some of the major players in the Self-Checkout Systems Market are NCR, Toshiba, Diebold Nixdorf, Fujitsu, ITAB, Pan-Oston, IBM, Grupo Digicon, Hisense, Modern-Expo Group, and HP.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-23J102/global-self-checkout-systems

●  Retail IoT Software Market Report

The report offers an exhaustive geographical analysis of the global Retail IoT Software market, covering important regions, viz, North America, Europe, China, Japan, Southeast Asia, India, and Central & South America. 

The report includes country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by each application segment in terms of revenue for the period 2015-2026.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-3I276/retail-iot-software

●  Internet of Things (IoT) Market Report

In 2018, the Global IoT market size was USD 164 Billion and it is expected to grow with a CAGR of 38.62% between 2018 and 2025.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-3D175/global-iot

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