Connected Retail Market Is Driven By Increasing Demand For IoT Devices In The Retail Market

According to a new market research report published by Acute Market Reports “Global Connected Retail Market by Component Market (Hardware, Software, Services); Technology (ZigBee, NFC, Bluetooth Low Energy, Wi-Fi, Other);  End-User (Electronics and Appliances, Beauty, Home and Personal Care, Food and Beverage, Apparel, Footwear and Accessories, Home Goods, Sporting Goods and Toys, Others) – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027”, the overall connected retail market had registered a market value of US$ 15.40 Bn in 2018 and is set to grow with a CAGR of 20.6 % during the forecast period.

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Market Insights:

The growing proliferation of IoT devices in the retail sector is one of the key factors driving the connected retail market, as all goods are being monitored through these systems which enables retailers to keep track of their stock. In addition, the connected devices also enable the individual to streamline their supply chain, making the workflow easier and more productive and improving the overall functionality of the store or organization.

Based on technology, the wired retail market has been segmented as ZigBee, NFC, low-energy Wifi, Wi-Fi, and others. The Bluetooth segment was the dominant segment in 2018 with a market share of more than 30.0 per cent and is projected to dominate the market during the forecast period. Bluetooth technology is one of the most advanced technologies that has been incorporated with most of the products that drive the market. Nevertheless, ZigBee is considered to be the fastest growing segment in the forecast period.

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Asia-Pacific is projected to be the fastest-growing area for the linked retail market during the forecast period. The continuous development in technology is considered to be a major driver of market growth in the region. Increased adoption of smart devices and IoT systems across the retail sector is driving market growth in the Asia-Pacific region. In addition, the increasing preference of users for internet-based shopping is also fuelling the growth of the market. The region has been divided into countries such as China, India, Japan and the rest of Asia-Pacific. China holds the largest market share in 2018 as a result of the country’s increasing growth and urbanization.

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Some of the prominent players operating in the market are Verizon, Cisco Systems, IBM Corporation, ARM Holding PLC, Belatrix Software, Softweb Solutions Inc., Google Inc., Atmel Corporation, Microsoft Corporation, Honeywell International Inc., Intel Corporation, NXP Semiconductors NV, Zebra Technologies Corp., SAP SE, Fujitsu Limited, and PTC Inc.