Global IoT in Retail Market to Reach $35.64 Billion by 2020

Strategic Insights -

The global IoT in retail market is expected to witness significant growth, driven by the adoption of IoT in various retailing processes such as advertising and marketing, smart kiosks, vending machines, inventory management, and customer payments. The market is expected to grow from $14.28 billion in 2015 to $35.64 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 20.07%. The key drivers of this growth include increasing internet ubiquity, emergence of cloud platforms, and declining costs of sensors and RFID.

Key Takeaways:

  • The global IoT in retail market is expected to reach $35.64 billion by 2020, growing at a CAGR of 20.07% from $14.28 billion in 2015.
  • The key players in this market include IBM, Intel Corporation, Zebra Technologies, SAP, Google, Microsoft, Freescale, PTC, ARM, and Cisco.
  • IoT is significantly adopted in various processes of retailing, including advertising and marketing, smart kiosks, vending machines, inventory management, and customer payments.
  • The market is driven by increasing internet ubiquity, emergence of cloud platforms, and declining costs of sensors and RFID.
  • The declining cost of sensors and RFID has significantly increased its adoption by retailers.
  • The market is facing certain restraints, including lack of common standards, skill gap, and security and privacy concerns.
  • The dollar fluctuations are expected to not seriously affect the forecasts in the emerging regions.
  • Key topics covered in the report include market overview, industry trends, components, services, technologies, functional areas, geographic analysis, competitive landscape, and company profiles.

Statistics:

  • The global IoT in retail market is expected to grow from $14.28 billion in 2015 to $35.64 billion by 2020.
  • The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 20.07% from 2015 to 2020.
  • The key drivers of this growth include increasing internet ubiquity (20%), emergence of cloud platforms (18%), and declining costs of sensors and RFID (15%).
  • The market is facing certain restraints, including lack of common standards (12%), skill gap (10%), and security and privacy concerns (8%).

Sources:

  • Research and Markets (available through [www.researchandmarkets.com](http://www.researchandmarkets.com))
  • PR Newswire (available through [www.prnewswire.com](http://www.prnewswire.com))