The retailers are proactively incorporating marketing solutions in their stores to formulate a holistic ecosystem linking the digital and physical environment. The collective implementation of augmented reality, virtual reality and data analytics tool across retail stores is enhancing the customer’s overall shopping experience. Simultaneously, retailers are also using these technologies to optimize store outlets and in the introduction of new products. Increasing need among retailers to provide the most up-to-date information to the consumers is propelling the demand for retail IoT market. Beacons, Bluetooth-based technology, are being implemented by retailers to encourage a more personalized and interactive communication with the customers.
The solution is being used for providing real-time information regarding the availability and special offers on various product categories and thereby scaling their marketing operations and cross-selling to frequent buyers. This is increasingly assisting the retailers to accurately detect the customer’s location and deliver timely information, offer them rewards and discount coupons, thereby increasing the overall footfall and sales in their outlets. In terms of revenue, the global retail IoT market stood at US$ 23,689.0 Mn in 2018 and is anticipated to reach US$ 104,932.2 Mn by 2027, expanding at a CAGR of 18% during the forecast period.
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“Global retail IoT market offerings are gaining traction from retail providers across the world. The enhancements achieved in product sales and marketing are majorly contributing to the demand for retail IoT market. The solution, is thus enabling the retailers to achieve their intricate objective of implementing a customer-engaging experience in their retail establishments. ”
The detailed research study provides qualitative and quantitative analysis of the global retail IoT market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue as well as sales volume across regions and further, across all the major countries. The supply side analysis covers regional production volume and capacity analysis. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
Some of the major players operating in the global retail IoT market are ALLERIN TECH PVT LTD, Alphabet Inc. (Google LLC), Arm Limited, Cisco, Dipole RFID, Impinj, Inc., Intel Corporation, KaaIoT Technologies, LLC, LOSANT IOT, MediaTek Inc., Microsoft, NXP Semiconductors, Qualcomm Technologies, Inc., SAP SE, Scala Digital Signage, SIGFOX, Softweb Solutions Inc. (An Avnet Company), Verizon, Wi2Wi, Inc., Xynage, and Zebra Technologies Corp. amongst others.
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Retail IoT Market
By Offerings
- Hardware
- Software
- Services
By Application
- Product Tracking
- Payments
- Customer Engagement
- Supply Chain Management
- Others
By End Users
- Supermarkets/Hypermarkets
- Specialty Stores
- E-commerce Companies
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East and Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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