Internet of Things (IoT) in Retail Market vendors by Share & Growth Strategies - 2024 | MarketsandMa

According to a research report "Internet of Things (IoT) in Retail Market by Platform (Device Management and Application Enablement), Hardware, Service, Application (Smart Shelf, Asset Management, Customer Experience Management, and Geomarketing), and Region - Global Forecast to 2025" to grow from USD 14.5 billion in 2020 to USD 35.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period. Major factors expected to drive the growth of the IoT in retail market include rapidly declining cost of IoT-based sensors and connectivity, increasing adoption of smart payment solutions, and customer demand for a seamless shopping experience.

Browse 115 market data Tables and 43 Figures spread through 157 Pages and in-depth TOC on "Internet of Things (IoT) in Retail Market- Global Forecast to 2024"

Europe to hold the largest market size during the forecast period

In Europe, the number of active IoT connections in the retail sector is expected to increase over the years. As the retail sector is driving the economy, the region is adopting logical steps to make the retail sector more efficient in promoting the development of technologies for the same. The UK is the leading country in Europe in terms of online shopping penetrationEarly adoption of technology and presence of organized retail sector are the major factors driving the adoption of IoT in retail in the region.

Market Players

Major market players include Cisco (US), IBM (US), Intel (US), Microsoft (US), PTC (US), Huawei (China), Sierra Wireless (Canada), AWS (US), SAP (Germany), Software AG (Germany), Bosch.IO (Germany), Google (US), NEC Corporation (Japan), Oracle (US), AT&T (US), Vodafone (UK), Happiest Minds (India), Telit (UK), and Allerin (India).

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Cisco (US) is a prominent player in the IoT in retail market. The company offers solutions in IoT networking, IoT management, IoT data management, and built-in security. IoT networking accelerates IoT with secure connectivity by deploying a flexible, scalable, and secure switching in the user’s industrial network and also extends intent-based networking to the IoT edge. IoT management solution enables the user to keep IoT operations running smoothly via tools, such as Cisco Digital Network Architecture (DNA) and center and field network director to integrate Information Technology (IT) and Operational Technology (OT) infrastructure. The company has adopted inorganic growth strategies, such as collaborations and acquisitions, to expand its retail business with the help of IoT.

IBM (US) is another key player in the IoT in retail market, which is a leading provider of cloud platform services and cognitive solutions. The company offers a range of retail solutions for improving customer experience in retail stores. IBM iX is provided in combination with the Adobe Creative Cloud and Adobe Experience Cloud solutions. The company offers supply chain management solutions through the IBM Food Trust and IBM Sterling supply chain. IBM Food Trust is used to increase visibility across all touchpoints and IBM Sterling supply chain is used to gain real-time insights. IBM Multicloud Manager provides the visibility and expertise to optimize multi-cloud architecture that consists of distinct delivery models. The company adopted inorganic growth strategies, such as partnerships, to expand its business operations.

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