IoT in retail has enabled retailers to set up an automated checkout system using IoT devices.
The global IoT in retail is projected to reach US$4.03 billion by 2027, from US$2.02 billion in 2020, at a CAGR of 10.2% during 2021-2027. The platform offers opportunities to service providers to serve the consumers better by managing complex network issues. Network management platforms are gaining popularity to cater to the increasing demands for connected networks and devices. Electronic devices, such as computers and printers in the IoT solutions, require timely monitoring and maintenance owing to the connectivity threats.
The IoT in the retail market by the platform has been segmented into device management, application enablement, and connectivity management. By platform, the device management platform is estimated to hold the highest market share of the IoT in the retail market, due to the increasing use of IoT-based endpoints and devices.
Factors such as effective store premise monitoring, inventory management, supply chain management, and customer behaviour observation are driving the demand for the internet of things (IoT) in the retail market. Optimizing and automating the supply chain is one of the prime factors for the adoption of IoT among retailers. Connecting technologies, including digital signage, on-shelf displays, beacons and price tickers, provide opportunities for a brand to gain access to a high amount of data on customer activity during in-store shopping.
The utilization of IoT in predictive equipment maintenance by retailers is expected to increase the IoT in retail market size. Warehouses will often experience equipment failure or fault detection issues. Cooling systems specifically used for cold storage purposes are now equipped with sensors that aid in the retail analytics of the products.
Since every product undergoes a long value chain journey, it is important to keep track of where it stands. IoT has made it easier to know exactly how near or far the product from its destination store is with sensors and GPS technology. This use of IoT in smart transportation is also expected to increase the IoT in retail market size.
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