IoT in Retail Market Size Worth $94.44 Billion by 2025 | CAGR: 21.5%: Grand View Research, Inc. –
Ongoing evolutions in retail such as omnichannel shopping and rapid smartphone adoption rate are enabling retailers to create a brick-and-mortar shopping experience. Smart retailers are engaging with the right technology and making stores more interactive. Smartphones and tablets enabled with Bluetooth Low Energy (BLE) are used for product promotions, thereby encouraging social sharing.
Such evolutions have led to increased spending on connected technologies to monitor products, customer behavior, premises, and supply chain. Implementation and adoption of connected technologies solutions allow retailers to analyze and monitor existing processes to enhance them with incremental investments. However, with growing IoT permeation, retailers have not been able to exploit the capabilities of IoT.
Furthermore, the emergence of Machine Learning and Artificial Intelligence (AI) technologies are changing the retail scenario as they provide better insights to optimize retail execution efficiently. Retailers can accurately anticipate customer behavior, predict demand, and personalize customer experience. For instance, retailers are predicting demand to offer product endorsements based on data received from customers. Such transformation is expected to occur over the next few years by deploying machine learning in combination with IoT technologies.