Internet of things (IoT) technologies is helping traditional retail stores in improving business process and operations. In retail; efficient operations, business processes and improved customer experiences directly impact the revenue growth. In today’s world of smart devices, IoT adoption in retail is not just an option but a necessity to remain competitive. IoT applications for retail are still evolving with the presence of several vendors offering piecemeal solutions. There are large number of vendors providing IoT solutions to specific segments of retail market. Hence, it is often challenging to find right implementation of IoT solutions to get maximum efficiency. However, the scope of benefits with early adoption of IoT outweighs the cost and the early adopters can enjoy significant competitive advantage over traditional stores.
According to Quadrant Knowledge Solutions latest research “IoT in Retail Market Outlook” the market is expected to grow at a CAGR of 16.4% from 2016-2020. According to research findings, acquiring advanced customer insights, improving customer experience, and increasing competition are amongst the major factor driving the adoption of IoT in retail industries.
For detailed information and table of content, please visit: https://quadrant-solutions.com/market-research/internet-of-things-retail-iot/
IoT in Retail Market Outlook is a part of Quadrant’s Information and Communication Technologies and Internet of Things domain research service. This research service provides strategic insights, market forecast, market share, and detailed market opportunities of IoT market in retail.
The study covers detailed market analysis of various IoT applications including Digital Signage, Energy Optimization, Location-based Services, RFID Solution, Smart Mirrors, Smart Payment, Smart Shelves & Doors, Smart Vending Machines, Smart Video Monitoring and Analytic solutions.
IoT market in retail is still in emerging stage with the presence of several vendors with piecemeal solutions. However, several vendors are developing comprehensive and integrated solutions, covering wide range of IoT applications for retails. Increasing number of successful implementations and case studies is expected to boost confidence amongst retailers during 2016-2020, finds Quadrant Knowledge Solutions.
Keywords: Internet of Things, IoT, Retail, Digital Signage, Energy Optimization, Location-based Services, RFID Solution, Smart Mirrors, Smart Payment, Smart Shelves, Smart Doors, Smart Vending Machines, Smart Video Monitoring, Video Analytics, Automated Operations, Merchandising, Customer Experience, In-store Management, Supply Chain Integration
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