Juniper Research: Retail IoT Platform Revenues to Exceed $4.3 Billion by 2023, as Retailers Seek Operational Efficiencies
The research found that IoT platform implementation will allow retailers to unlock efficiencies, particularly in the supply chain, which will improve operational margins. Juniper anticipates that this push for efficiency will drive the total number of IoT platform connected assets to almost 25 billion units by 2023, up from just over 5 billion in 2018.
The report stated that the rise of compelling ERP (Enterprise Resource Planning) systems, leveraging IoT sensors to enhance resource utilisation, will drive overall IoT retail software spend rapidly, with annual retail spend on these ERP solutions reaching over $13 billion by 2023.