The connected retail market was valued at USD 27.84 billion in 2019 and is expected to reach USD 78.21 billion by 2025, registering a CAGR of 18.43% during the forecast period (2022 – 2031).
– The rapid growth of IoT devices is a major factor driving the market of connected devices. The connected retail market is highly dependent on IoT technology for its further growth. The rise of omnichannel retailing, where the consumers are on continuously connected platforms, like mobile, tablet, or desktop, has led to increasing prominence of connected retailing.
– With the improving industrial processes and automated manufacturing facilities, components costs have witnessed a declining trend. Reducing prices of components in a newly emerging market is a good opportunity for the growth of the connected retail market.
– Retailers across the globe are realizing the benefits of connecting with the customers and providing them a more immersive shopping experience by consistently providing them messages about pricing, product availability and provide customer service across all touch points, which are some of the factors driving the market further.
– However, the lack of fundamental IoT standards to control the data flow and improve the security and privacy of data is one of the factors restraining the growth of the market studied.
Scope of the Report
Connected retail means to connect with the customers seamlessly through personalized marketing, the combination of a physical store and digital experience, supply chain, varied payment options and providing the capability to employees to collaborate more effectively.
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Key Market Trends
Emergence of IoT in Retail is Expected to Drive the Market
– As mentioned by Zebra Technologies, a US firm, that most retailers in the US think IoT will be the most significant technological transformation to the industry in this decade. Nearly 96% of retail decision-makers state that they are ready to make changes needed to adopt the IoT and about a fourth of retailers are prepared to deploy IoT technology over the next year.
– IoT is expected to make a huge transformation to various areas, like replenishment of goods. Devices, like connected fridge, that can automatically re-order milk, cheese, or any other product that is running low, are being introduced by major electronics manufacturers, like Samsung and LG.
– The emergence of IoT in retail space has drastically changed the retail market. With the increasing retail sales, the integration of IoT sensors in different consumer electronics will enable retailers to understand and monitor consumer behavior, collect data, and provide enhanced consumer experience, which is a significant motto of the connected retail market.
North America Occupies the Largest Market Share
– North America is a major region for the rapidly expanding IoT market owing to which the connected retail market is expected to have a significant market share in the North American region.
– Demand for connected solutions is rising from the retailers owing to its various advantages such as connected consumers, reductions in operational costs, and optimization of employee efficiency, these factors are expected to drive the market studied in the North American region.
– Apple, a North American firm, is excelling in this area due to real-time access to information and they are also adding value to customers through product demonstrations and a high level of interactions.
Competitive Landscape
The competition in the connected retail market is growing owing to the presence and entry of players in the market operating in domestic as well as in the international markets. The market appears to be moderately concentrated with major players adopting strategies like product and service innovation and mergers and acquisitions. Some of the major players in the market are Cisco Systems Inc., Microsoft Corporation, Intel Corporation, IBM Corporation among others.
– January 2018 – Samsung launched its connected pop-up store solution for retailers at national retail federation’s big show 2018. These solutions will help retailers harness the power of data to design and deliver an enhanced, more intelligent customer experience.
– January 2018 – Honeywell announced that its Connected Retail Solution demonstrated 20% gains in worker productivity in retail stores.
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