The Europe Internet of Things (IoT) in Retail Market would witness market growth of 23.3% CAGR during the forecast period (2021-2027).
There are many aspects like efficient store premise monitoring; better supply chain management, inventory management, and customer behavior observation that are propelling the demand for the internet of things (IoT) in the retail sector. One of the main factors for the adoption of IoT by retailers is the optimization and automation of the supply chain. Connecting technologies like on-shelf displays, digital signage, beacons, and price tickers offer opportunities for a company to get access to a huge volume of data on customer activity at the time of in-store shopping.
The growing adoption of retail analytics is estimated to bolster the software segment growth during the forecast period. The rapid increase in the adoption of smartphones and the usage of mobile applications are surging the retail software segment growth. The development of app-driven hardware and the aim of retailers on offering combined solutions are estimated to augment the segment’s growth. Moreover, the key players of the market like PTC and SAP SE have launched different smart connected software, which would further drive the adoption of retail IoT software.
The high adoption of IoT in Europe makes it the third-largest region of IoT adopters, followed by North America and the Asia Pacific. Germany, France, the U.K., and Italy are the top nations for the adoption of advanced retail technologies. In addition, the presence of global retail brands like H&M and ZARA has propelled the demand for IoT solutions in retail stores. All these enterprises are increasingly investing in digital technologies to fulfill the constantly varying customer demand. Nowadays, H&M stated that the RFID technology will be deployed in various stores in the future years. This company has previously deployed the Azure IoT platform in its flagship stores.
The adoption of advanced retail technologies in the prominent nations in the region like the UK, France, and Germany is contributing to the growth of the Internet of Things in the retail market during the forecast period. The presence of global retail companies like H&M and ZARA has further spurred the demand for IoT solutions in retail stores and hence contributing to the high market growth.
The Germany in the Europe ZigBee Internet of Things (IoT) in Retail Market by Country would achieve a market value of $1,568.5 million by 2027, growing at a CAGR of 20.6 % during the forecast period. The UK market is exhibiting a CAGR of 21% during (2021 - 2027). Additionally, The France market is estimated to grow at a CAGR of 22.8% during (2021 - 2027).
Based on Component, the market is segmented into Hardware and Software. Hardware Segment is further bifurcated across RFID Tags, Sensors, Beacons and Others. Based on Technology, the market is segmented into Near field communication, Bluetooth Low Energy, ZigBee and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Internet of Things (IoT) in Retail Market Size will Hit $150.1 Billion by 2027, at a CAGR of 24.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, PTC, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Amazon.com, Inc., SAP SE, Software AG, Google, Inc.
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