MarketsandMarkets projects the Internet of Things (IoT) in retail market 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.
Key and emerging market players include Cisco (US), IBM (US), Intel (US), Microsoft (US), PTC (US), Huawei (China), Sierra Wireless (Canada), Amazon Web Services (US), SAP (Germany), Software AG (Germany), Accenture (Ireland), Bosch SI (Germany), Google (US), NEC Corp. (Japan), Oracle (US), AT&T (US), Vodafone (UK), Happiest Minds (India), Telit (UK), and Allerin (India). These players have adopted various strategies, such as new product launches and product enhancements; expansions; acquisitions; and partnerships, agreements, and collaborations, to grow in the IoT in retail market.
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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. For instance, in October 2019, Cisco acquired CloudCherry, a privately-held company based in the US. Both the companies will together help clients transform their contact center from delivering reactive care to providing predictive support and move from isolated customer interactions to cohesive, engaging experiences for improved business outcomes. The acquisition is also expected to enhance the customer engagement required in retail operations.
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. For instance, in January 2020, IBM launched the IBM Sterling Supply Chain platform in coordination with companies, such as Salesforce, Publicis Sapient, project44, and Flooid. The intent of the launch was to facilitate returns and address logistics issues. IBM Sterling Supply Chain suite is integrated with MuleSoft connector to derive desired results. The aim of this partnership is to help retailers deliver omnichannel customer experiences to help reduce operational costs.
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
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