Internet of Things in Retail Market grow at 19% CAGR from 2017 to 2024

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IoT in Retail Market to exceed 30bn by 2024
Global Market Insights Inc.
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Key Insights from IoT in Retail Market

• IoT in Retail Market size is set to exceed USD 30
  billion by 2024 according to a new research
  report by Global Market Insights, Inc.
• Increasing adoption of the Internet of Things by
  retailers to enhance the customer experience,
  reduce costs and improve overall performance is
  expected to drive the IoT in retail market growth
  over the forecast timeline. Rising trend of
  digitization across the retail sector coupled
  with the increasing usage of smart devices
  contributes significantly to the industry growth.
  In order to gain shopper insights and understand
  the buying behavior and deliver customized offers
  promotions, retailers are increasingly
  deploying such solutions.
• IoT has enormous potential to transform the
  retail industry. The various benefits include
  efficient store management, tracking monitoring
  inventory and improvise the store security and
  loss prevention. Automated check-out, tracking
  the product quality and optimized supply chain
  management are among the other benefits of
  implementing the technology. Growing internet
  connectivity across various regions coupled with
  the increasing adoption of smartphones is
  anticipated to propel the IoT in retail market
  growth.

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Continued...

• Concerns related to data security and privacy
  might hinder the IoT in retail market growth.
  Factors such as high cost associated with the
  implementation coupled with the interoperability
  of devices in the system is anticipated to curb
  the demand for such technological solutions.
• Increasing installation of IoT solutions by
  retailers is expected to drive the adoption of
  connectivity technology such as Bluetooth Low
  Energy (BLE) in the IoT in retail market. It
  identifies the registered customers when they
  enter the stores and send messages which include
  customized promotions and offers. BLE is
  generally used for applications which need
  exchange of data in low volume and consumes less
  power as compared to that of Bluetooth.
• Wide adoption in applications such as digital
  signage mainly used for advertising marketing
  is expected to fuel the IoT in retail market
  growth. Advantages of digital signage include
  offering the customers an interactive shopping
  experience and making the innovative
  advertisements available to the masses in reduced
  time. The intuitive touch screen offering the
  customers with personalized relevant content is
  anticipated to fuel the IoT in retail market
  growth.

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Retail Market _at_ http//bit.ly/2qy8Ucy
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Report _at_ https//www.gminsights.com/request-sample
/detail/1591
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Continued...

• Asia Pacific IoT in retail market is expected to
  witness significant growth pertaining to the
  retail sector in economies such as China, Japan
  and India. Increasing disposable income of the
  middle-class population residing in those
  economies coupled with the growing user base of
  smartphones lies impetus to the industry growth
  in the region. Factors such as improving the
  customer experience followed by speeding up the
  check-out process is the main reason for
  implementing such solutions by the retailers.
• North America, being the largest market for
  retail is expected to grow considerably. This is
  attributed to the early technology adoption
  coupled with the presence of an organized retail
  sector in the region. The retailers in the region
  mainly focus on enhancing the supply chain
  performance by heavily investing in technologies
  such as automated inventory verification.
• Companies in the IoT in retail market comprise
  IBM Corporation, Intel Corporation, Microsoft
  Corporation, SAP AG, Zebra Technologies, Cisco
  Systems, Amazon Web Services (AWS). The players
  are making huge investments in RD to gain
  eminence.

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IoT in retail market, by application, 2016 2024
(USD Billion)

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Industry Coverage

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360 Analysis

• By Technology
• Increasing penetration of advanced technologies
  such as sensors, RFID tags is expected to drive
  the IoT in retail market. RFID tags are
  anticipated to witness significant growth owing
  to the rising adoption of such components in the
  retail sector owing to the benefits of RFID tags
  include fraud prevention, analyzing customer
  behavior and inventory management.
• Bluetooth Low Energy (BLE) is anticipated to grow
  considerably due to the increasing usage of the
  technology by retailers and marketers. It has
  huge potential to grow in the customer engagement
  marketing verticals followed by contactless
  payments.
• By Application
• Digital signage applications in the IoT in retail
  market are anticipated to witness high growth
  over the years owing to the rising focus of the
  retailers to provide innovative interactive
  shopping experience, leaving an impression on the
  shopper. It is helping the marketers to save
  costs related to traditional print media, making
  it less time-consuming for the advertisement to
  be made available to the masses.
• Competitive Market Share
• Industry players in the IoT in retail market
  include Intel Corporation Inc., Microsoft
  Corporation, IBM Corporation, Cisco Systems, SAP
  AG and Zebra Technologies.

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