The report "Internet of Things (IoT) in Retail Market by Component (Hardware and Software), Hardware (Gateways, RFID, Sensors), Service (Remote device management, Managed service, and Professional service), Technology, Region - Global Forecast to 2020", The global IoT in retail market is expected to grow from USD 14,280.0 Million in 2015 to USD 35,640.0 Million by 2020, at a Compound Annual Growth Rate (CAGR) of 20.0%.
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The Internet of Things (IoT) in retail has helped retailers in attaining enhanced customer experience and increased revenue. IoT in retail is majorly used to manage inventory, track theft and loss, mobile payments, shopper intelligence, and advertising and marketing inventory. The demand for this market is driven by internet ubiquity worldwide and the declining cost of IoT components such as sensors and RFID. Cloud platform is another factor which considered as an important driver to the IoT market. The software market in IoT in retail is expected to flourish in the coming years owing to the increasing usage of mobile applications. Niche players such as ThingWorx and Carriots are developing software platforms and many others have emerged and are expected to evolve in the coming time.
The emerging IoT technology has raised a concern regarding safety and security. Smart devices as well as hardware components and software applications in IoT are vulnerable to various cyber threats. Apart from security, interoperability of the devices and common standards for IoT solutions are again apprehensions in the adoption of this market. In 2015, North America is expected to be the top contributor in the IoT in retail market due to the increasing usage of smart phones and high internet penetration. However, APAC is expected to show tremendous growth owing to the economic stability and increasing usage of smart smartphones in the developing countries of this region.
The global IoT in retail market report has been segmented on the basis of components, hardware, services, connectivity technologies, and functional areas. The IoT in retail components include hardware and software; the hardware component has been segmented into Gateway, RFID, and sensor. The market has been segmented into services such as remote device management, professional services, and managed services. In addition, the report classifies the connectivity technologies as NFC, Bluetooth Low Energy (BLE), ZigBee, and Wi-Fi. The functional areas covered in the report are advertising and marketing, digital signage, energy optimization, intelligent payment solution, real-time/ streaming analytics, resource management, safety and security, smart shelf and smart doors, smart vending machines, and supply chain management. The regions covered in the report are North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
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