IoT in Retail Market Size By Platform (Network Management, Device Management, Application Management), By Technology (Sensors, RFID, Connectivity Technology), By Component (Hardware, Software [Data Management, Streaming Analytics, Security, Remote Monitoring, Bandwidth Management], Service [Professional Service, Managed Service]), By Application (Digital Signage, Supply Chain Management, Payment,

Published Date: July - 2024 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format

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IoT in Retail Market Size By Platform (Network Management, Device Management, Application Management), By Technology (Sensors, RFID, Connectivity Technology), By Component (Hardware, Software [Data Management, Streaming Analytics, Security, Remote Monitoring, Bandwidth Management], Service [Professional Service, Managed Service]), By Application (Digital Signage, Supply Chain Management, Payment,

IoT in Retail Market Size

IoT in Retail Market size valued at USD 10 billion in 2017 and will grow at a CAGR of over 19% from 2018 to 2024.

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Hey there! Listen up, because the future of shopping is all about creating unforgettable experiences. Big-shot retailers like Amazon and Walmart are going crazy over this IoT thing. It's like having a magic wand that transforms boring old stores into mind-blowing playgrounds. With fancy tools like augmented reality (AR), virtual reality (VR), and data analytics, stores can make your online and in-person shopping trips a total blast. Think virtual fitting rooms, interactive product displays, and even AI-powered recommendations that know what you want before you do. It's not just about the cool stuff, though. IoT helps retailers run their stores like clockwork, freeing up time and money for even more epic experiences. Plus, they can track data to see what's working and what's not, so they can keep improving your shopping adventures. As technology keeps getting better, we're going to see even more amazing things from IoT in retail. Stores will become more efficient, more personalized, and more downright fun. So, get ready for the next level of shopping sorcery!

IoT in Retail Market Report Attributes
Report Attribute Details
Base Year 2016
IoT in Retail Market Size in 2016 10 Billion (USD)
Forecast Period 2018 to 2024
Forecast Period 2018 to 2024 CAGR 19%
2024 Value Projection 35 Billion (USD)
Historical Data for 2013 to 2017
No. of Pages 150
Tables, Charts & Figures 168
Segments covered Platform, Technology, Component and Region
Growth Drivers
  • Increasing demand to enhance the customer experience in the U.S.
  • Advanced infrastructure in the U.S. and Europe
  • Technological advancements in the U.S.
  • Declining cost of hardware components in China and India
  • Emerging organized retail industry in India
  • Increasing adoption of cloud platform in EU
Pitfalls & Challenges
  • Data security & privacy concerns
  • Lack of knowledge
  • High implementation cost

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The lack of knowledge & awareness among retailers in small & technically backward economies is a factor limiting the industry growth. Store owners and supermarkets in these countries are unaware of the benefits associated with internet-based technologies and have limited investment capabilities. The rapid development of the global retail industry and the popularity of digitized products will help in overcoming these issues over the forecast timespan.
IoT in Retail Market Analysis

Get ready for a surge in IoT network management solutions! The retail industry is embracing them at an impressive rate, with a projected growth of over 21% annually from 2017 to 2024. These platforms are a lifesaver for service providers, empowering them to fix those pesky network glitches and enhance customer experiences. As the number of connected devices and networks grows, so does the need for these platforms. In the IoT world, electronic devices like computers and printers are like tiny soldiers on a mission. They need constant monitoring and upkeep to stay vigilant against threats. Network management platforms come to the rescue, helping companies save on maintenance costs and keep their IoT networks in tip-top shape. Take Cisco, for example. Back in February 2019, they unveiled a game-changerIoT-enabled hardware that can be controlled through their Cisco DNA Center. Now that's smart network management!

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Imagine you're surrounded by a network of smart devices, like a personal assistant at your fingertips. These devices are powered by tiny sensors that talk to each other, gathering information from their environment. These sensors are like the eyes, ears, and noses of the Internet of Things (IoT). They can measure everything from temperature to how many people are in a room. And they're getting cheaper all the time, making them even more accessible for businesses to use. These sensors play a crucial role in improving our everyday lives. In stores, cameras can track customers and alert staff when someone needs help. In factories, sensors can monitor machines to prevent breakdowns. And in our homes, they can automatically adjust the thermostat or turn on the lights when we walk in. So, there you have it – sensors are the unsung heroes of the IoT, quietly collecting data and making our lives easier and more efficient.

Companies providing IoT platforms and solutions offer several professional services that include installation, consulting, and training for the retailers. These companies also provide managed services such as maintenance, upgrades, and repairing of the IoT offerings. These managed services are provided to global customers through the company’s direct facilities or third-party dealers. A major segment in service provision is independent IoT service providers that include certified personnel and trained individuals. For instance, IBM Corporation provides enterprise asset management & facilities management services for the retail segment through its professional and expert employees.

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Imagine shelves and doors that are super smart! They're expected to become more and more popular, with a growth rate of over 16% in the next few years. Supermarkets, fancy malls, and grocery stores are using these to their advantage. The magic behind these smart shelves and doors is a system called RFID (Radio Frequency Identification). RFID uses special tags and antennas to track products in real-time. It's like having a super-fast inventory check at all times. These smart shelves don't just keep track of what's on them, they're also like secret shoppers. They watch how customers move around the products and use this information to help stores understand what customers like. With all this knowledge, stores can make sure they have the right products in stock, freshness is on point, and customers are finding what they need. It's all about making shopping easier and smarter for everyone.

The European retail scene is transforming rapidly, thanks to the power of IoT (Internet of Things) solutions. Picture thissensors, automated checkout systems, and Wi-Fi machines seamlessly connected to make shopping a breeze. These smart gadgets improve connectivity within stores, making it easier for customers to find what they're looking for and check out without hassle. To meet the unique needs of European consumers, retailers are embracing IoT. With its ability to handle diverse requirements and limited customization options, IoT solutions are a perfect fit. This tech revolution has reached major retailers like Walmart, Tesco, and The Home Depot. And it's being driven by the changing face of retail, from food and home improvement stores to electronics and fashion hubs. The growing population, the rise of e-commerce, and the demand for convenient shopping experiences are all fueling the adoption of IoT in European retail. So, get ready for a shopping experience that's smarter, smoother, and more connected!

IoT in Retail Market Share

Prominent players operating in the IoT in retail market include

  • Bosch Software Innovations GmbH
  • Accenture PLC
  • Hewlett-Packard Enterprise
  • Honeywell International, Inc
  • Huawei Technologies Co., Ltd
  • Microsoft Corporation
  • Cisco Systems
  • IBM Corporation
  • Intel Corporation
  • Oracle Corporation, etc.

IoT companies are investing increasingly in the research & development process, opening doors for startups to develop new and innovative platforms and encouraging several small players to enter the retail segment. For instance, in April 2018, Microsoft Corporation announced that it will invest USD 5 billion over the next four years in the IoT technology.

Industry Background

The retail market for IoT is a crowded space, with lots of tech companies, component makers, and service providers all vying for a piece of the pie. And because there are so many players in the industry, competition is fierce. To stand out in this competitive market, companies are focusing on offering high-quality products at affordable prices, while keeping the prices of their competitors in mind. Many retailers are also using IoT in combination with other digital technologies to digitize their supply chains. This allows them to streamline their operations, manage inventory in real-time, and secure their supply chains end-to-end.

 

Table of Content

Report Content

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 industry 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

Chapter 4.   IoT in Retail Market, By Platform

4.1.  Global IoT in retail market share by platform, 2016 & 2024

4.2.  Network management

4.2.1. Market estimates and forecast, 2013 - 2024

4.2.2. Market estimates and forecast, by region, 2013 - 2024

4.3.  Device management

4.3.1. Market estimates and forecast, 2013 - 2024

4.3.2. Market estimates and forecast, by region, 2013 – 2024

4.4.  Application management

4.4.1. Market estimates and forecast, 2013 - 2024

4.4.2. Market estimates and forecast, by region, 2013 – 2024

Chapter 5.   IoT in Retail Market, By Technology

5.1.  Global IoT in retail market share by technology, 2016 & 2024

5.2.  Sensor

5.2.1. Market estimates and forecast, 2013 - 2024

5.2.2. Market estimates and forecast, by region, 2013 – 2024

5.3.  RFID

5.3.1. Market estimates and forecast, 2013 - 2024

5.3.2. Market estimates and forecast, by region, 2013 – 2024

5.4.  Connectivity technology

5.4.1. Market estimates and forecast, 2013 - 2024

5.4.2. Market estimates and forecast, by region, 2013 - 2024

5.5.  Others

5.5.1. Market estimates and forecast, 2013 - 2024

5.5.2. Market estimates and forecast, by region, 2013 – 2024

Chapter 6.   IoT in Retail Market, By Component

6.1.  Global IoT in retail market share by component, 2016 & 2024

6.2.  Hardware

6.2.1. Market estimates and forecast, 2013 - 2024

6.2.2. Market estimates and forecast, by region, 2013 – 2024

6.3.  Software

6.3.1. Market estimates and forecast, 2013 - 2024

6.3.2. Market estimates and forecast, by region, 2013 – 2024

6.3.3. Data management

6.3.3.1.       Market estimates and forecast, 2013 – 2024

6.3.3.2.       Market estimates and forecast, by region, 2013 – 2024

6.3.4. Streaming analytics

6.3.4.1.       Market estimates and forecast, 2013 – 2024

6.3.4.2.       Market estimates and forecast, by region, 2013 – 2024

6.3.5. Security

6.3.5.1.       Market estimates and forecast, 2013 – 2024

6.3.5.2.       Market estimates and forecast, by region, 2013 – 2024

6.3.6. Remote monitoring

6.3.6.1.       Market estimates and forecast, 2013 - 2024

6.3.6.2.       Market estimates and forecast, by region, 2013 – 2024

6.3.7. Bandwidth management

6.3.7.1.       Market estimates and forecast, 2013 – 2024

6.3.7.2.       Market estimates and forecast, by region, 2013 – 2024

6.3.8. Others

6.3.8.1.       Market estimates and forecast, 2013 – 2024

6.3.8.2.       Market estimates and forecast, by region, 2013 – 2024

Chapter 7.   IoT in Retail Market, By Service

7.1.  Global IoT in retail market share by service, 2016 & 2024

7.2.  Professional services

7.2.1. Market estimates and forecast, 2013 - 2024

7.2.2. Market estimates and forecast, by region, 2013 - 2024

7.3.  Managed services

7.3.1. Market estimates and forecast, 2013 - 2024

7.3.2. Market estimates and forecast, by region, 2013 – 2024

Chapter 8.   IoT in Retail Market, By Application

8.1.  Global IoT in retail market share by application, 2016 & 2024

8.2.  Digital signage

8.2.1. Market estimates and forecast, 2013 - 2024

8.2.2. Market estimates and forecast, by region, 2013 – 2024

8.3.  Supply chain management

8.3.1. Market estimates and forecast, 2013 - 2024

8.3.2. Market estimates and forecast, by region, 2013 – 2024

8.4.  Payment

8.4.1. Market estimates and forecast, 2013 - 2024

8.4.2. Market estimates and forecast, by region, 2013 – 2024

8.5.  Smart shelf & doors

8.5.1. Market estimates and forecast, 2013 - 2024

8.5.2. Market estimates and forecast, by region, 2013 – 2024

8.6.  Others

8.6.1. Market estimates and forecast, 2013 - 2024

8.6.2. Market estimates and forecast, by region, 2013 – 2024

Chapter 9.   IoT in Retail Market, By Region

9.1.  Global IoT in retail market share by region, 2016 & 2024

9.2.  North America

9.2.1. Market estimates and forecast, 2013 - 2024

9.2.2. Market estimates and forecast, by platform,2013 – 2024

9.2.3. Market estimates and forecast, by technology, 2013 – 2024

9.2.4. Market estimates and forecast, by component, 2013 – 2024

9.2.5. Market estimates and forecast, by service, 2013 – 2024

9.2.6. Market estimates and forecast, by application, 2013 – 2024

9.2.7. U.S.

9.2.7.1.       Market estimates and forecast, 2013 – 2024

9.2.7.2.       Market estimates and forecast, by platform,2013 – 2024

9.2.7.3.       Market estimates and forecast, by technology, 2013 – 2024

9.2.7.4.       Market estimates and forecast, by component, 2013 – 2024

9.2.7.5.       Market estimates and forecast, by service, 2013 – 2024

9.2.7.6.       Market estimates and forecast, by application, 2013 – 2024

9.2.8. Canada

9.2.8.1.       Market estimates and forecast, 2013 – 2024

9.2.8.2.       Market estimates and forecast, by platform,2013 – 2024

9.2.8.3.       Market estimates and forecast, by technology, 2013 – 2024

9.2.8.4.       Market estimates and forecast, by component, 2013 – 2024

9.2.8.5.       Market estimates and forecast, by service, 2013 – 2024

9.2.8.6.       Market estimates and forecast, by application, 2013 – 2024

9.3.  Europe

9.3.1. Market estimates and forecast, 2013 - 2024

9.3.2. Market estimates and forecast, by platform,2013 – 2024

9.3.3. Market estimates and forecast, by technology, 2013 – 2024

9.3.4. Market estimates and forecast, by component, 2013 – 2024

9.3.5. Market estimates and forecast, by service, 2013 – 2024

9.3.6. Market estimates and forecast, by application, 2013 – 2024

9.3.7. UK

9.3.7.1.       Market estimates and forecast, 2013 – 2024

9.3.7.2.       Market estimates and forecast, by platform,2013 – 2024

9.3.7.3.       Market estimates and forecast, by technology, 2013 – 2024

9.3.7.4.       Market estimates and forecast, by component, 2013 – 2024

9.3.7.5.       Market estimates and forecast, by service, 2013 – 2024

9.3.7.6.       Market estimates and forecast, by application, 2013 – 2024

9.3.8. Germany

9.3.8.1.       Market estimates and forecast, 2013 – 2024

9.3.8.2.       Market estimates and forecast, by platform,2013 – 2024

9.3.8.3.       Market estimates and forecast, by technology, 2013 – 2024

9.3.8.4.       Market estimates and forecast, by component, 2013 – 2024

9.3.8.5.       Market estimates and forecast, by service, 2013 – 2024

9.3.8.6.       Market estimates and forecast, by application, 2013 – 2024

9.3.9. France

9.3.9.1.       Market estimates and forecast, 2013 – 2024

9.3.9.2.       Market estimates and forecast, by platform,2013 – 2024

9.3.9.3.       Market estimates and forecast, by technology, 2013 – 2024

9.3.9.4.       Market estimates and forecast, by component, 2013 – 2024

9.3.9.5.       Market estimates and forecast, by service, 2013 – 2024

9.3.9.6.       Market estimates and forecast, by application, 2013 – 2024

9.3.10. Italy

9.3.10.1.     Market estimates and forecast, 2013 – 2024

9.3.10.2.     Market estimates and forecast, by platform,2013 – 2024

9.3.10.3.     Market estimates and forecast, by technology, 2013 – 2024

9.3.10.4.     Market estimates and forecast, by component, 2013 – 2024

9.3.10.5.     Market estimates and forecast, by service, 2013 – 2024

9.3.10.6.     Market estimates and forecast, by application, 2013 – 2024

9.3.11. Spain

9.3.11.1.     Market estimates and forecast, 2013 – 2024

9.3.11.2.     Market estimates and forecast, by platform,2013 – 2024

9.3.11.3.     Market estimates and forecast, by technology, 2013 – 2024

9.3.11.4.     Market estimates and forecast, by component, 2013 – 2024

9.3.11.5.     Market estimates and forecast, by service, 2013 – 2024

9.3.11.6.     Market estimates and forecast, by application, 2013 – 2024

9.3.12. Russia

9.3.12.1.     Market estimates and forecast, 2013 – 2024

9.3.12.2.     Market estimates and forecast, by platform,2013 – 2024

9.3.12.3.     Market estimates and forecast, by technology, 2013 – 2024

9.3.12.4.     Market estimates and forecast, by component, 2013 – 2024

9.3.12.5.     Market estimates and forecast, by service, 2013 – 2024

9.3.12.6.     Market estimates and forecast, by application, 2013 – 2024

9.4.  Asia Pacific

9.4.1. Market estimates and forecast, 2013 - 2024

9.4.2. Market estimates and forecast, by platform,2013 – 2024

9.4.3. Market estimates and forecast, by technology, 2013 – 2024

9.4.4. Market estimates and forecast, by component, 2013 – 2024

9.4.5. Market estimates and forecast, by service, 2013 – 2024

9.4.6. Market estimates and forecast, by application, 2013 – 2024

9.4.7. China

9.4.7.1.       Market estimates and forecast, 2013 – 2024

9.4.7.2.       Market estimates and forecast, by platform,2013 – 2024

9.4.7.3.       Market estimates and forecast, by technology, 2013 – 2024

9.4.7.4.       Market estimates and forecast, by component, 2013 – 2024

9.4.7.5.       Market estimates and forecast, by service, 2013 – 2024

9.4.7.6.       Market estimates and forecast, by application, 2013 – 2024

9.4.8. India

9.4.8.1.       Market estimates and forecast, 2013 – 2024

9.4.8.2.       Market estimates and forecast, by platform,2013 – 2024

9.4.8.3.       Market estimates and forecast, by technology, 2013 – 2024

9.4.8.4.       Market estimates and forecast, by component, 2013 – 2024

9.4.8.5.       Market estimates and forecast, by service, 2013 – 2024

9.4.8.6.       Market estimates and forecast, by application, 2013 – 2024

9.4.9. Japan

9.4.9.1.       Market estimates and forecast, 2013 – 2024

9.4.9.2.       Market estimates and forecast, by platform,2013 – 2024

9.4.9.3.       Market estimates and forecast, by technology, 2013 – 2024

9.4.9.4.       Market estimates and forecast, by component, 2013 – 2024

9.4.9.5.       Market estimates and forecast, by service, 2013 – 2024

9.4.9.6.       Market estimates and forecast, by application, 2013 – 2024

9.4.10. South Korea

9.4.10.1.     Market estimates and forecast, 2013 – 2024

9.4.10.2.     Market estimates and forecast, by platform,2013 – 2024

9.4.10.3.     Market estimates and forecast, by technology, 2013 – 2024

9.4.10.4.     Market estimates and forecast, by component, 2013 – 2024

9.4.10.5.     Market estimates and forecast, by service, 2013 – 2024

9.4.10.6.     Market estimates and forecast, by application, 2013 – 2024

9.4.11. Australia

9.4.11.1.     Market estimates and forecast, 2013 – 2024

9.4.11.2.     Market estimates and forecast, by platform,2013 – 2024

9.4.11.3.     Market estimates and forecast, by technology, 2013 – 2024

9.4.11.4.     Market estimates and forecast, by component, 2013 – 2024

9.4.11.5.     Market estimates and forecast, by service, 2013 – 2024

9.4.11.6.     Market estimates and forecast, by application, 2013 – 2024

9.4.12. Singapore

9.4.12.1.     Market estimates and forecast, 2013 – 2024

9.4.12.2.     Market estimates and forecast, by platform,2013 – 2024

9.4.12.3.     Market estimates and forecast, by technology, 2013 – 2024

9.4.12.4.     Market estimates and forecast, by component, 2013 – 2024

9.4.12.5.     Market estimates and forecast, by service, 2013 – 2024

9.4.12.6.     Market estimates and forecast, by application, 2013 – 2024

9.4.13. Malaysia

9.4.13.1.     Market estimates and forecast, 2013 – 2024

9.4.13.2.     Market estimates and forecast, by platform,2013 – 2024

9.4.13.3.     Market estimates and forecast, by technology, 2013 – 2024

9.4.13.4.     Market estimates and forecast, by component, 2013 – 2024

9.4.13.5.     Market estimates and forecast, by service, 2013 – 2024

9.4.13.6.     Market estimates and forecast, by application, 2013 – 2024

9.5.  Latin America

9.5.1. Market estimates and forecast, 2013 - 2024

9.5.2. Market estimates and forecast, by platform,2013 – 2024

9.5.3. Market estimates and forecast, by technology, 2013 – 2024

9.5.4. Market estimates and forecast, by component, 2013 – 2024

9.5.5. Market estimates and forecast, by service, 2013 – 2024

9.5.6. Market estimates and forecast, by application, 2013 – 2024

9.5.7. Brazil

9.5.7.1.       Market estimates and forecast, 2013 – 2024

9.5.7.2.       Market estimates and forecast, by platform,2013 – 2024

9.5.7.3.       Market estimates and forecast, by technology, 2013 – 2024

9.5.7.4.       Market estimates and forecast, by component, 2013 – 2024

9.5.7.5.       Market estimates and forecast, by service, 2013 – 2024

9.5.7.6.       Market estimates and forecast, by application, 2013 – 2024

9.5.8. Mexico

9.5.8.1.       Market estimates and forecast, 2013 – 2024

9.5.8.2.       Market estimates and forecast, by platform,2013 – 2024

9.5.8.3.       Market estimates and forecast, by technology, 2013 – 2024

9.5.8.4.       Market estimates and forecast, by component, 2013 – 2024

9.5.8.5.       Market estimates and forecast, by service, 2013 – 2024

9.5.8.6.       Market estimates and forecast, by application, 2013 – 2024

9.6.  Middle East & Africa (MEA)

9.6.1. Market estimates and forecast, 2013 - 2024

9.6.2. Market estimates and forecast, by platform,2013 – 2024

9.6.3. Market estimates and forecast, by technology, 2013 – 2024

9.6.4. Market estimates and forecast, by component, 2013 – 2024

9.6.5. Market estimates and forecast, by service, 2013 – 2024

9.6.6. Market estimates and forecast, by application, 2013 – 2024

9.6.7. Saudi Arabia

9.6.7.1.       Market estimates and forecast, by platform,2013 – 2024

9.6.7.2.       Market estimates and forecast, by technology, 2013 – 2024

9.6.7.3.       Market estimates and forecast, by component, 2013 – 2024

9.6.7.4.       Market estimates and forecast, by service, 2013 – 2024

9.6.7.5.    &nbs

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