U.S. IoT in retail market accounted for majority of the overall revenue share, which is due to the high investments in the IoT infrastructure.
Sellbyville, DE -- (SBWIRE) -- 10/27/2018 -- Managed services segment in the IoT in retail market is anticipated to grow over the forecast timeline. The growth can be credited to the retailers increasingly focusing on reducing the IT related expenses, enabling the workforce to focus more on core activities generating more revenue. The managed service providers are assigned with the responsibility of maintaining the systems, provide security and protection against any type of cyber-attack threat. In additions, they provide services which include deployment, integration, support services as well as consultation to help the clients achieve desired business goals.
IoT in Retail market is expected to grow at a CAGR of over 19% from 2017 to 2024. Rising demand for improving the purchase experience is anticipated to drive the IoT in retail market over the estimated timeframe. In order to bring in innovations in the stores, giving away offers on the basis of browsing history and buying behavior, retail stores across the globe are increasingly implementing IoT solutions. Growing usage of intelligent solutions coupled with the emerging trend of digitization in the sector contributes to the industry demand.
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Retailers are focusing on deploying such advanced technological solutions to gain insights into customers purchase behavior, delivering customized promotional offers fueling the IoT in retail market growth. To reduce operational costs and streamlining overall business operations, IoT is currently witnessing high adoption across the sector. Furthermore, increasing implementation of such solutions could be attributed to the cost reduction of RFID tags and sensors, which are used for inventory tracking, theft reduction and enhanced supply chain management resulting in streamlining business operations.
Factors including data privacy and security concerns might curb the IoT in retail market growth over the forecast timespan. Components in the IoT network are vulnerable to cyber-attacks such as DDoS, which is expected to limit the industry demand. Furthermore, lack of standards followed by rising expenses related to the implementation of IoT solutions pose a challenge to the industry players.
Enormous volume of data is generated by the systems in the IoT network, creating the demand for intelligent and sophisticated data management solutions. The device management platforms allow the users to gather and analyze the information to enhance the operational efficiency, optimize store operations and productivity resulting in achieving desired business goals. Due to the rising demand for management of devices in the IoT network, the network device management segment will witness considerable growth.
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Presence of developed infrastructure followed by the increasing investments by retailers on implementation of smart technologies is expected to drive the North America IoT in retail market growth. Factors such as organized retail industry across the region followed by the awareness related to benefits of using such solutions by various players further contributes to the industry demand.
Companies operating in the IoT in retail market include SAP AG, IBM Corporation, Zebra Technologies, Intel Corporation, Cisco Systems and Microsoft Corporation. The industry is currently witnessing increasing entry of players with innovative solutions. Players are following strategies such as new product launches, merger & acquisitions to increase hold and expand into potential markets.
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