A recent business and commerce
publication by Transparency Market Research (TMR) has observed that the
demand in the market for connected retail is expanding leaps and bounds
and a number of players are connecting to the value chain. There are
widespread possibilities with the growing field of the Internet of
Things (IoT), paving a reliable mode of interaction between a company
and its customers. The analysts of the report have evaluated that the global connected retail market
was worth merely US$16.30 billion in 2016 and US$19.46 billion in 2017,
but the future prospects are enormous with the valuation of the market
estimated reach US$82.31 billion by the end of 2025. During the forecast
period of 2017 to 2025, the demand in the global connected retail
market is projected to increment at a phenomenal CAGR of 19.8%.
Product Innovation Paramount for Major Players to Maintain Leadership
“For the market leaders to stay ahead of
the curve, product innovation is paramount,” suggests the lead analyst
of the report. Nearly every major player of the global connected retail
market are International vendors of technology and investment on the
research and development of innovative products is their primary focus.
However, there are strong possibilities of new entrants making a mark in
this market too via niche approaches and hence, activities of mergers
and acquisitions are highly anticipated in the near future.
The TMR report identifies Amazon Web
Services Inc. (Seattle, U.S.), Google Inc. (U.S.), Microsoft Corporation
(Washington, U.S.), Cisco Systems (San Jose, California), International
Business Machines Corporation (IBM) (U.S.), Verizon (New York, United
States), Belatrix Software (Redwood City, U.S), Softweb Solutions Inc.
(Chicago, U.S), ARM Holdings PLC (Softbank Group) (Cambridge,U.K), SAP
SE (Germany), Atmel Corporation (Microchip Technology Inc.) (California,
U.S), Intel Corporation (Santa Clara, U.S), Zebra Technologies Corp.
(U.S), Fujitsu Limited (Tokyo, Japan), NXP Semiconductors NV
(Netherlands), and PTC Inc. (Massachusetts, U.S) as some of the key
companies in the global connected retail market.
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Based on connectivity, the TMR business
publication segments the connected retail market into Wi-Fi, Zigbee,
Bluetooth, NFC, and others. On the basis of component, the market has
been bifurcated into hardware and software. The market has been further
categorized on the basis of end users into electronics and appliances,
beauty, home and personal care, food and beverage, apparel footwear
& accessories, home goods, sporting goods and toys, and others.
Region-wise, North America is highlighted as the one that will provide
the maximum demand throughout the forecast period, although the demand
from Asia Pacific is primed to expand at most robust growth rate among
all rgions.
Rapid Growth of Online Shopping Escalating Demand
The global connected retail market is
mainly driven by the increasing adoption of the IoT across retail
industries. Additionally, rapid growth in online shopping is another
major driver of the market. The Internet of things (IoT) are focused
upon innovation and are generating new opportunities by bringing
consumers and every object into the digital realm. Application of the
IoT in the retail industry will provide real-time insights from
connected stores, combined with cognitive computing and rich data, which
will transform the in-store experience and streamline the operations.
The increasing penetration of smartphones has become the hub of
interaction between customers and retailers.
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