The Internet of Things (IoT) in retail help retail companies/outlets to increase their revenue by improving customer experience. IoT is significantly used in every retailing process such as inventory management, smart kiosks, shopper intelligence, to track loss and theft, mobile payments, and for marketing and advertising activities. The global Internet of Things (IoT) in retail market revenue is expected to expand at a lucrative CAGR over the forecast period. Internet of Things (IoT) offers various benefits such as inventory management, tracking and monitoring customer behavior, and improving security and loss prevention in retail sector.
The global Internet of Things (IoT) in retail market report has been segmented on the basis of solution, hardware, service, technology, and region. On the basis of component, the target market is segmented into hardware and software. The hardware component segment is expected to account for highest share in the target market over the forecast period, owing to increasing adoption of hardware devices due to its cost-effectiveness.
On the basis of hardware, the target market is segmented into beacons, RFID tags, sensors, and wearables. The RFID tags hardware segment is expected to account for highest CAGR over the forecast period, owing to increasing adoption of RFID tags in retail sector and rising awareness of its benefits in applications such as inventory management, monitoring customer, and loss and threat prevention.
On the basis of technology, the target market is segmented into bluetooth low energy, Near Field Communication (NFC), ZigBee, and others. The NFC technology segment is expected to account for highest share in the target market over the forecast period, owing to increasing adoption of NFC-based devices in various retail applications such as mobile ticketing, mobile payment, and data transfer.
Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is estimated to be highest share in terms of revenue over the forecast period, owing to technological advancements and early adoption of new technology in various countries in the region. The market in Asia Pacific is expected to register highest CAGR in terms of revenue, owing to rising adoption of smartphones among individuals and increasing consumer preference towards e-commerce in developing countries in the region.
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