Global Internet of Things in Retail Market - Segmented by Component (Hardware, Software), Services (Managed, Professional), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global Internet of Things in the retail market was valued at USD 18.53 billion in 2017 and is expected to reach USD 57.28 billion by 2023 witnessing a CAGR of 20.16% during the forecast period of 2018–2023. The scope of the report is limited to components including hardware and software, and services including managed, and professional. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The study also emphasizes the benefits of implementation of the Internet of Things in retail by diverse industries and prospects of the same.
Internet of Things helps in connecting various smart devices to ease the operation and sharing of data among peers. There are various smart devices such as sensors, smartphones, and wearables, which collect data from the devices that can be utilized to enhance customer’s experience. Additionally, the use of e-commerce platforms is rapidly increasing owing to the ease of shopping and smartphone penetration in the market, which is likely to boost the market. The increasing need for data analysis and integration of analytics is expected to propel the utilization of the Internet of Things market over the forecast period.
Rising Adoption of Cloud Platform
The adoption of cloud platform is on the rise owing to the ease of storage and sharing with diverse set of people. Furthermore, it offers high security from natural disasters and data loss, which is likely to boost the market over the next six years. The downtime in traditional storage can increase owing to hardware maintenance, whereas cloud offers comparatively less downtime, owing to which, it is highly preferred over its counterpart. This is expected to boost the utilization of cloud platform thereby propelling the market growth over the forecast period.
Managed Services to Exhibit Highest Growth
Managed services are becoming popular owing to companies’ increasing focus on core competencies. Further, the third party companies also offer enhanced data management with regular maintenance, which is likely to boost the market growth over the forecast period. Moreover, the organizations outsource their cloud and other IT services in order to increase the competencies. The companies are increasingly investing in managed IT services owing to rising growing retail industry thereby propelling the market.
Asia-Pacific to Show Highest Growth
The rising influx of technology companies coupled with increasing investment in the region is expected to propel the market growth rate. Moreover, the government of various countries in the region are focusing majorly on Internet of Things (IoT) in order to enhance the operations and to develop the nation. This is projected to fuel the market over the next six years. In addition, the disposable income of the consumers in the region is increasing, which is likely to boost the Internet of Things in the retail market. Moreover, the industry players in rigorously investing in Asia-Pacific region owing to rapid increase in potential customers.