IoT Market in Retail Sector: E-Commerce Causing Major Disruptions
Posted by industryarc on August 7th, 2019
Automating business operations is a phenomenal trend that is aiding the productivity and efficiency of any business. On top of it, the emerging IoT solutions across various applications is optimizing store operations by reducing thefts, increasing security, and streamlining the customer shopping experience according to market research report released by IndustryARC. Using statistical information, the analyst has evaluated the market and stated that the global IoT in retail market size was valued at .71 billion as of 2018. The ongoing trend of business automation processes is expected to sway the IoT in retail market growth at an outstanding compound annual growth rate (CAGR) of 19.87% through the forecast period of 2019 to 2025.
The report is titled “IoT in Retail Market: By Components (Gateway, RFID, Sensors); By Technology (NFC, Bluetooth, Zigbee, and others); By Applications (Remote Device Management, Professional Services, Managed Services, and Others); By Functional area (Intelligent Payment Solution, Energy Optimization, and others); By Trends & By Geography – Forecast (2019-2025).” This report is inclusive of various IoT in Retail market aspects including and not limited to trends, size, financial analysis, recent developments, opportunities, and challenges.
View Full Table Of Content Of IoT in Retail Market:
By application, intelligent payment solution vertical is the fastest growing application in the IoT retail market, evaluated to increase at an outstanding CAGR of 19.34% throughout the aforementioned forecast period. With IoT, the payment processes will pace up, subsequently speeding up the business operations. IoT powered devices will reduce the rush at the payment queues and it will increase convenience for the customers in finding their desired products.
Global IoT in Retail Industry Analysis
Global IoT in Retail Market Trends
Cashless and Cardless Shopping: Technology has reached a point where carrying cash and card are getting obsolete. IoT devices enabled with face recognition techniques have flipped the shopping experience for the people. Cashier-free convenience stores have started their pilot projects in China. These stores use smart-shelve sensors, artificial intelligence, and in-store cameras to put an end to the queues and checkout process at the stores.
Inventory Management: Digitalization of stores with the emerging IoT has enabled the store managers to keep a real-time track of the store inventory. Managing product sales and tracking demands have become hassle-free and convenient with the help of IoT devices such as smart shelves, smart counters, and smart storage system. Incorporating IoT in retail stores have enabled the store managers to monitor the product health and its condition, with this the store can ensure availability of better stock.
Mr. Venkat Reddy
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.
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Joined: August 6th, 2019
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