October 08, 2018
WELLESLEY, Mass., Oct. 08, 2018 – Due to being an equalizer for brick-and-mortar stores, along with providing integrated goods tracking and customer mobility, the global market for the Internet of Things (IoT) in retail has experienced significant growth, according to a new report from BCC Research.
In 2018, the global market for the Internet of Things (IoT) in retail was worth $21.7 billion. BCC Research estimates that it will reach a value of $50.0 billion by 2023, indicating a compound annual growth rate (CAGR) of 18.0%, according to The Internet of Things (IoT) in Retail: Global Markets Through 2023.
Retailers are investing in radio frequency identification (RFID) inventory tracking chips, traditional in-store infrared foot-traffic counters, cellular and Wi-Fi tracking systems, digital signage and kiosks, as well as applications for customers’ mobile devices. Thus, IoT is sprouting in every aspect of the retail value chain and shopping experience.
“With immature standards and multiple software and hardware systems, as well as security obstacles, retail IoT represents an overwhelming set of new challenges for retailers to absorb,” said BCC Research senior editor and report author Michael Sullivan. “Retailers, however, have little choice but to embrace IoT, as can be seen by the shifting low-margin retail landscape driven by demographics favoring digitally savvy companies.”
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The Internet of Things (IoT) in Global Retail Markets Through 2023( IFT135A )
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