Internet of Things in the retail market is exploding so fast | IBM, Microsoft, Google – Business apps today

Internet of Things in the retail market is exploding so fast |  IBM, Microsoft, Google

Internet of Things in the retail market is exploding so fast |  IBM, Microsoft, Google

Published via 11Press : The use of GPS and RFID technologies, which allow companies to track items along the supply chain, is intimately related to the Internet of Things in the retail sector. It gives merchants the clarity they need to track the movement, status and location of their items, as well as pinpoint the precise time of delivery. The applications of IoT in supply chain management are numerous. For example, managers can learn more about the process, experiment with different suppliers, cars and delivery routes, and choose the most practical and safe way to handle goods. The same is true when things are delivered to customers. Recently, the retail sector has been expanding, at least in part due to pandemic-related events. From an average of 2 billion visits per month in 2019 to 2.3 billion in 2020 and a record 2.8 billion in February 2021, the number of monthly visitors to Amazon.com alone has increased substantially. Retail has huge promise in the digital age and the industry is aware of its problems and limitations. In an environment where they could, suppliers face challenges such as changing customer behavior, high demand for delivery services, distrust of online transactions and lack of technological know-how. However, the pandemic has forced companies to reevaluate their strategies and accelerate digitization, mainly through the integration of IoT technology for retail.

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Attributes Details
Study period 2018-2029
Reference year 2022
Unit Value (Million USD)
Dominant application Big business
Key companies profiled IBM (USA), SAP (Germany), Microsoft (USA), Oracle (USA), Intel (USA), Google (USA), Cisco (USA), AT&T (USA), PTC (USA), Huawei (China), Sierra Wireless (Canada), Amazon Web Services (USA), Software AG (Germany), Accenture (Ireland)
  • The Internet of Things market in retail is projected to grow at a CAGR of 19.6% from 2017 to 2029, according to HTF Market Intelligence. This expansion is mainly fueled by IoT technologies which offer retailers a number of benefits, which is what is driving the worldwide IoT market in retail. Operational efficiency, which can be achieved through IoT-enabled supply chain management, inventory control, and retail operations, is a major benefit.
  • As a result, cost reductions and productivity increases are possible, which are crucial in the highly competitive retail sector. Another benefit is the opportunity to personalize shopping experiences for consumers using smart gadgets, including interactive product displays and smart mirrors, which can enhance user experience and drive loyalty. The IoT also offers improved data analytics tools that enable merchants to better understand customer behavior and preferences and make strategic data-driven marketing decisions. These advantages collectively strengthen merchants’ position in the market and are fueling the expansion of Internet-based retailing worldwide.
  • There is a clear market trend globally. Due to R&D expenses and development cycle, the industry in the North American region has been growing at a rapid pace and further growth is expected in the forecasted period to 2029. Major players, such as IBM (USA), SAP (Germany), Microsoft (USA), Oracle (USA), Intel (USA), Google (USA), Cisco (USA), AT&T (USA), PTC (USA), Huawei (China), Sierra Wireless (Canada), Amazon Web Services (USA), Software AG (Germany), Accenture (Ireland).
  • Due to a small number of dominant competitors that control most of the market share, the global Internet of Things market for retail is extremely competitive. Furthermore, a number of small and medium-sized enterprises have started to enter the market, intensifying the rivalry. To improve their product offerings and gain a competitive edge, companies in this industry have spent a lot of money on research and development.
  • Leading companies in this sector include, among others, Qliktag, Evrythng, ThinFilm NC Solutions, Gimbal and Kaa Projects. An IoT-based product named Oracle Retail Xstore Office Cloud Service was introduced in 2021. Real-time inventory management and predictive analytics are provided to retailers via cloud technology, helping them streamline store operations and improve consumer experiences.

Internet of Things in retail

The report offers the top major key players:

  • IBM
  • SAP
  • Microsoft
  • Oracle
  • intel
  • Google
  • Cisco
  • AT&T extension
  • PTC extension
  • Huawei
  • Sierra Wireless
  • Amazon Web Services
  • Software AG
  • Accenture

Breakdown by application:

  • Small and Medium Enterprises (SMEs)
  • Big Business

Breakdown by type:

  • Operations management
  • Resource management
  • Customer experience management
  • Advertising and Marketing

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Influence trend:

  • In the global retail marketplace, automation, real-time inventory tracking and robotics are major developments. Automation in retail can increase productivity, reduce costs and improve customer satisfaction. Robots, chatbots and autonomous cars automate repetitive tasks to free workers from manual labor.
  • By integrating sensors and IoT software to detect the movement of products, real-time inventory management optimizes the supply chain, reducing out-of-stock situations and improving revenues. Stocking shelves, cleaning floors, and providing customer service are just a few examples of how robotics in retail improve operational efficiency and consumer experience. Retailers benefit from lower labor costs, cleaner stores, and more personalized consumer experiences.

Market Growth Drivers:

  • IoT technologies offer retailers a number of benefits, which is what is driving the worldwide IoT market in retail. Operational efficiency, which can be achieved through IoT-enabled supply chain management, inventory control, and retail operations, is a major benefit. As a result, cost reductions and productivity increases are possible, which are crucial in the highly competitive retail sector. Another benefit is the opportunity to personalize shopping experiences for consumers using smart gadgets, including interactive product displays and smart mirrors, which can enhance user experience and drive loyalty.
  • The IoT also offers improved data analytics tools that enable merchants to better understand customer behavior and preferences and make strategic data-driven marketing decisions. These advantages collectively strengthen merchants’ position in the market and are fueling the expansion of Internet-based retailing worldwide.

Challenges:

  • Security issues are just one of the obstacles preventing the Internet of Things from taking off in the retail sector. Security is a major concern as IoT devices are susceptible to cyber attacks because they are connected to the internet. The insufficient infrastructure required to support the massive volumes of data created by IoT devices is another problem. Retailers find it difficult to manage and maintain the massive volumes of data created by IoT devices due to this and data management challenges.
  • The need for merchants to invest in new hardware, software, and personnel to manage the IoT ecosystem results in increased operating expenses, which is another major barrier to adoption. Another problem is the lack of standardization, since various IoT devices can use various communication protocols, making it difficult to incorporate them into current systems. Government rules governing data security and privacy are also an issue as companies need to comply with them to protect customer information.

The Internet of Things in retail The market research approaches employed by HTF Market Intelligence are targeted and rooted in reality, allowing for the analysis of relevant market dynamics across multiple geographic areas. In addition, to enable customers and businesses to lead the Internet of Things niche markets in the retail sector and expand into developing countries, our experts carry out in-depth analysis on specific geographical areas.

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Individualization of the Report

HTF Market Intelligence provides not only detailed market projections, but also considerable value-added analysis on the following topics: Retail Market Maturity Indicators for the Internet of Things Internet of Things in the retail market: growth drivers and restraints Analysis of entry/exit barriers and new IoT retail market participants An unbiased perspective on market performance indicators to capture powerful market opportunities To identify the key business segments, market proposition and analysis of the gaps in the Internet of Things in the retail sector

In light of this difficult context, the Internet of Things in Retail Study sheds light on the current state and essential aspects of the market. HTF Market Intelligence analysts have organized and conducted surveys of the key figures of the Internet of Things in the Retail market to put a stop to this. The resulting snapshot provides a platform for understanding why and how the industry might evolve. Where and how the Internet of Things is going in the retail sector. Financial analysis, surveys and industry consultants are used to draw conclusions. How can each company in this large group of companies negotiate the competitive landscape of the newly emerging Internet of Things retail market and adopt a business plan to maintain and advance their position where they can claim or seize the new addressable opportunity ?

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Craig Francis (PR and Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Telephone: +1 434 322 0091
[email protected]

The content was published via 11press. for more details please contact at [email protected]

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