Connected
Retail Market strategic research study offers company accounts, industry investors,
and industry members with consequential insights to enable them to make
reliable strategic decisions regarding the opportunities in the global market.
Connected Retail Market
research report offers detail overview of industry with all the requisite data
to support tactical business decisions and come up with strategic growth plans.
This study also proposes a comprehensive insight into the development policies
and plans in addition to manufacturing processes and cost structures.
KEY BENEFITS
1. Connected Retail market analysis based on
current industry scenario and expected future trends to enable stakeholders
take strategic decisions.
2. Analysis of the factors impacting the Connected
Retail market to understand business opportunities.
3. Identification of key investment pockets
for various applications, type and geographies.
4. Identification of the Connected Retail market
top key players and their strategic moves.
5. Evaluation of Connected Retail market
trends to provide deep-dive intelligence into every market segment.
6. Competitive analysis to effectively plan
and execute a business plan.
7. Connected Retail market micro-level
analysis based on application, type and geography.
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Global connected retail
market size was estimated at USD 11.17 billion in 2014. Technological
advancements coupled with increasing numbers of IoT that is Internet of Things
applications across the retail sector are estimated to drive the growth for the
connected retail market. The industry has progressed significantly in the
recent past due to numerous new technological advancements. Internet of things
is the concept principally for connecting any device such as coffee makers,
washing machines, wearable devices, cell phones, headphones, lamps, and several
other things with an on & off switch for the internet connection. The
technology is expected to generate opportunities in retail sector by providing
advance fraud & theft prevention solutions and inventory management.
Moreover, it offers solutions to improve communication between customers and
retailers.
BLE that is Bluetooth Low
Energy segment is estimated to witness positive growth in the near future due
to a surge in installation and technology usage. Bluetooth low energy transmits
less data for smaller distances and uses less power compared to Bluetooth. The
marketing & retail payments verticals are more and more using BLE
technology which is leading to customer loyalty, improved sales, and
acquisition. BLE has increased customer engagement & marketing, in its
application increasing contactless payments easier. Rapid drop in the
components costs such as RFID sensors and tags has positive Impact on the
industry growth. Declining RFID cost has increased the demand for RFID
components across the retail segment to curtail fraud and theft. Issues
pertaining to privacy & security and lack of standards related to IoT are
estimated to hamper industry growth over the next eight year period.
Hardware segment ruled the
connected retail market in the recent past. The segment had over 60% of the
total market revenue share in 2015, due to the increase in connected devices
proliferation at consumer & retailer levels. Furthermore, hardware growth
is enhanced by IoT including communication chips and sensors. RFID amongst
hardware components is projected to grow at over 23% CAGR. Increase in RFID
components adoption in retail owing several advantages they offer which include
monitoring customer behavior, preventing theft & fraud, inventory
management, and preventing loss. NFC technology is estimated to witness growth
at a 22%CAGR due to increasing in cashless payments adaption in the industry.
It has several advantageous properties such as security, versatility, and
ease-of-use.
Software segment is
estimated to witness the positive growth with more than 24% CAGR over the eight
year period. Software segment is booming due to increase in number of IoT
applications throughout the industry. Retailers are more and more adopting IoT
to have more customers’ interaction and gain competitive advantage. Managed services sector is accounting for
more than 40% in 2015, thus is estimated to witness positive growth over the
forecast period. It reduces the repeated in-house IT costs and enhances the
efficiency. It includes outsourcing the production support activities, support
maintenance and lifecycle management activities among several others. As IoT in
retail is gaining rapid adaption, retailers are continuously facing data safety
threats. Thus, to manage the increasing data base, security, service providers
invest heavily for disaster recovery and data protection solutions.
The services for remote
management devices are expected to grow at over 24%CAGR due to rapid growing
remote devices adaptation at workplace. This service provides security as it
gives secure data access and thus prevents data misuse. North America is
expected to dominate the connected retail market at global basis accounting for
over 35% revenue share in 2015. Companies from this region, especially U.S. are
investing heavily in IoT infrastructure, thus is estimated to drive the
regional market growth over the next eight years.
Asia Pacific region is
projected to be a booming regional market and is estimated to grow at 25% CAGR
over the eight year period. Developing region in Asia Pacific such as India and
China are expected to witness huge growth due to the increase in adoption of
IoT. Key market players include Microsoft Corporation, Zebra Technologies
Corporation, SAP AG, PTC, Inc., IBM, Cisco Systems, Inc., Softweb Solutions,
Inc, NXP Semiconductors N.V., Intel Corporation, Google, ARM Holdings PLC and
Atmel Corporation. Vendors are implementing strategies such as product innovation
& differentiation by investing in research and development processes to
gain advantage over its other competitors.
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