The North America Internet of Things (IoT) in Retail Market would witness market growth of 22.3% CAGR during the forecast period (2021-2027).
The presence of digital and in-store operations in the retail industry is supporting the growth of the IoT in the retail market. IoT is estimated to restore the retail sector, changing the conventional physical stores into advanced digital stores. This technology offers a competitive edge to the retailers by providing smart shelves and RFID tags, which identify low inventory and monitor the movement of the goods. With the adoption of IoT technology, retailers get effective management of in-store operations and deliver an enhanced shopping experience to their consumers.
Smart shelf technology was broadly launched to the retail sector when Kroger, the supermarket chain with the largest revenue share in the US, examined approx. 2,000 smart shelves in 2016. When a stocker comes to the shop with their digital shopping list on their smartphone, the cell phone would vibrate in case a required product is on the shelf or nearby it. To improve the visibility, a shelf in requirement of more merchandise would light up. These smart shelves have three mutual components, which have an RFID tag, an antenna, and an RFID reader. A microchip on a tag is moved by using an antenna to an IoT platform where it’s handled by a reader. These gathered data by smart shelves at the daytime would be later transferred with a store manager to offer customer-related insights.
The high adoption of advanced technologies, solutions, and systems in North America is one of the major driving factors for the regional Internet of Things in the retail market. In addition, the presence of key players in this market is also supporting the growth of the market. Companies like Microsoft and Intel are introducing various capabilities to the retailers, which would encourage them to adopt IoT in their stores.
However, the shifting preference of the people towards online platforms or e-commerce is estimated to hinder the growth of the Internet of Things in the retail market during the forecast period. These factors are together working to accelerate the Internet of Things in the retail market during the forecast period.
The US in the North America Internet of Things (IoT) in Retail Software Market by Country would achieve a market value of $13,168.8 million by 2027. The Canada market is experiencing a CAGR of 27.1% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 26% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Internet of Things (IoT) in Retail Market is Estimated to Reach USD 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.
By Component
By Technology
By Country
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