Published Date: 14-Jul-2021
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According to a new report Global Internet of Things (IoT) in Retail Market, published by KBV research, The Global Internet of Things (IoT) in Retail Market size is expected to reach $150.1 billion by 2027, rising at a market growth of 24.2% CAGR during the forecast period.
By hardware, Sensors & RFID tags are the leading hardware adopted by retailers. The RFID tags segment acquired a prominent market share in 2020. The high adoption of RFID tags is fueling inventory accounting precision and margin growth by minimizing product loss. RFID helps in real-time visibility of stock for automating renewal for consistency and fulfilling consumer demands. The growing RFID ecosystems with price reduction help in item-level merchandise monitoring, thus improving inventory operations.
The near field communication (NFC) segment garnered the highest market share in 2020. An NFC integrated the contactless smart card technology with mobile devices and enables simplified payment transactions in comparison to the conventional cash & card payment methods. There are many devices manufacturers & mobile operators who are starting various projects to improve the coverage of NFC-based transactions. The advent of mobile wallets has changed the payment ways in the retail industry, which further augment the NFC adoption. Additionally, for managing the rush in the global pandemic, medical stores & supermarket owners have implemented NFC technology to boost the check-out procedures.
Asia Pacific region is projected to emerge as one of the leading regions in the IoT in retail market, in which China would be the largest adopter of IoT. India provides an enormous potential for growth due to the growing investments in the retail industry. The rising adoption of real-time systems & location-based services is anticipated to fuel the regional market growth.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Cisco Systems, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, PTC, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Amazon.com, Inc., SAP SE, Software AG, Google, Inc.
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