The global internet of things (IoT) in retail market size is expected to reach USD 94.44 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 21.5% CAGR during the forecast period. Increasing demand for improved flexibility, multiple distribution channels, better service, and enhanced experience are expected to provide impetus to industry growth over the forecast period. The growth can be also attributed to the merging of digital and in-store operations in retail stores.
Ongoing evolutions in retail such as omnichannel shopping and rapid smartphone adoption rate are enabling retailers to create a brick-and-mortar shopping experience. Smart retailers are engaging with the right technology and making stores more interactive. Smartphones and tablets enabled with Bluetooth Low Energy (BLE) are used for product promotions, thereby encouraging social sharing.
Such evolutions have led to increased spending on connected technologies to monitor products, customer behavior, premises, and supply chain. Implementation and adoption of connected technologies solutions allow retailers to analyze and monitor existing processes to enhance them with incremental investments. However, with growing IoT permeation, retailers have not been able to exploit the capabilities of IoT.
Furthermore, the emergence of Machine Learning and Artificial Intelligence (AI) technologies are changing the retail scenario as they provide better insights to optimize retail execution efficiently. Retailers can accurately anticipate customer behavior, predict demand, and personalize the customer experience. For instance, retailers are predicting demand to offer product endorsements based on data received from customers. Such transformation is expected to occur over the next few years by deploying machine learning in combination with IoT technologies.
Retailers are striving to gain a competitive edge through the installation of smart shelves and RFID sensors, which aid in the detection of low inventory and track products throughout the respective supply chain. IoT adoption also helps retailers in revolutionizing delivery operations and the retail supply chains.
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Further key findings from the report suggest:
Retail IoT software is expected to witness substantial growth with a revenue share of over 40.0% by 2025; this growth can be attributed to increasing adoption of retail analytics software to monitor consumer behavior
The beacons segment is expected to exhibit a CAGR of over 23.0% from 2016 to 2025 owing to increasing adoption of beacons for enhancing customer in-store experience by offering promotional offers and messages
The Latin America region is anticipated to account for a revenue share of over 10.0% by 2025 owing to increasing investment in retail infrastructure
Key industry players include RetailNext Inc.; Losant IoT Inc.; Intel Corporation; Impinj Inc.; and Allerin Tech Pvt. Ltd.
Grand View Research has segmented the global Internet of Things (IoT) in the retail market based on solution, hardware, service, technology, and region:
IoT in Retail Solution Outlook (Revenue, USD Billion, 2014 - 2025)
IoT in Retail Hardware Outlook (Revenue, USD Billion, 2014 - 2025)
IoT in Retail Service Outlook (Revenue, USD Billion, 2014 - 2025)
IoT in Retail Technology Outlook (Revenue, USD Billion, 2014 - 2025)
Bluetooth low energy
Near field communication
IoT in Retail Regional Outlook (Revenue, USD Billion, 2014 - 2025)
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