The global connected retail market size is
expected to reach USD 53.75 billion by 2022 according to a new report by Grand
View Research, Inc. Increasing adoption of Internet of Things (IoT) across
retail sector is expected to drive the connected retail market over the
forecast period. IoT offers retailers opportunities in three important areas,
the supply chain, customer experience, and new channels & revenue streams.
Several retailers have successfully embraced IoT to help customers connect with
the next-generation consumers, sophisticated technology, and leveraging
connected devices.
Emerging
retailing formats such as omni channel retailing are anticipated to fuel
industry growth over the next seven years. Omni channel retailing offers a
seamless and flexible shopping experience to customers by integrating and
aligning channels. It creates opportunities for retailers to capture more sales
and increase loyalty and brand awareness.
The widening
presence of mobile devices and the expanded use of mobile networks such as
e-commerce engines are expected to serve as facilitators for a unified
online/offline retailing experience.
However,
possibilities of unauthorized access to various IoT applications or breaking
into the device connectivity system are expected to challenge the IoT connected
devices industry.
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Further key findings from the study suggest:
- The hardware segment is expected to grow at a CAGR of over 19% over the forecast period. The software segment is expected to witness highest growth over the next seven years owing to increasing number of applications for retail industry. Emerging app-driven hardware and embedded software into connected devices and the capability to monetize such device features and functions may contribute to industry growth. Hardware segment comprises sensors, RFID and gateway components.
- Bluetooth LE is expected to witness substantial growth, with a CAGR of over 25% over the forecast period due to significantly low power consumption. Bluetooth Low Energy has a very low transmission frequency, which greatly improves the power consumption. Wi-Fi technology dominated the market with the revenue share of over 32% in 2014.
- Managed services segment is contributed to over 40% of the overall global revenue shares in 2014. Implementing these services reduces the IT costs and enables retailers to gain the technical advantage. Retailers are increasingly outsourcing services to reduce risks and focus on its core competencies.
- Asia Pacific regional market is expected to grow at a CAGR of nearly 25% over the forecast period. Major manufacturers in the industry are based in China, owing to cheap labor and higher production capacities. Further, China is making heavy investments in IoT industry, which may contribute to market growth.
- Key industry participants include Atmel Corporation, ARM Holdings PLC, Cisco Systems, Inc., IBM, Google, Inc., Intel Corporation, NXP Semiconductors N.V.,Microsoft Corporation, PTC, Inc., Softweb Solutions, Inc., SAP AG and Zebra Technologies Corporation.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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