An analysis on the “Internet of Things (IoT) In Retail Market was recently published by Research and Markets based on various parameters such as solution, hardware, service, technology, region and segment forecasts, 2014 – 2025. The IoT in retail market is expected to reach USD 94.44 billion by 2025. This growth can be attributed to the merging of digital and in-store operations in retail stores.
Digital channels are becoming an important touchpoint for an Omni channel experience. Retailers are focusing on gaining a competitive advantage by installing smart shelves and RFID sensors, which detect low inventory and track products throughout the respective supply chain. The adoption of IoT also helps retailers to revolutionize the delivery operations and retail supply chain.
The increasing Internet of Things spending in retail sectors for the purpose of premises monitoring, product monitoring, supply chain monitoring, and customer monitoring is driving the demand for IoT-based solutions. Cloud-based IoT solutions are enabling retailers to monitor and analyse the existing processes so that improvement on the system can be planned.
The retail Internet of Things market is expected to witness promising growth as the industry is evolving from the passive approach of monitoring consumer behaviour. Optimizing and automating supply chain is one of the key factors for the adoption of connected technology among retailers.
Source: Business Wire