- Asia-Pacific is expected to be the fastest-growing region.
- Adoption of IoT devices in retail industry is one of the major factors driving the connected retail market,
- Connected devices allows the individual to streamline their supply chain.
According to a new market research report published by Credence Research, the overall connected retail market had registered a market value of $15.40 Bn in 2018 and is set to grow with a CAGR of 20.6 % during the forecast period.
An increasing adoption of IoT devices in retail industry is one of the major factors driving the connected retail market as all the products are being tracked with these systems, which allows retail shops to keep track of stock. Moreover connected devices also allows the individual to streamline their supply chain making the workflow easy and productive and improves the overall functionality of the store or the organization.
Based on technology, the connected retail market has been segmented as ZigBee, NFC, Bluetooth low energy, Wi-Fi, and other. The Bluetooth segment was the dominating segment in 2018 with a market share of more than 30.0% and is expected to dominate the market during the forecast period. Bluetooth technology is one of the earliest adopted technologies which had been integrated with most of the products leading to Bluetooth driving the market. However, ZigBee is considered to be the fastest growing segment during the forecast period.
Asia-Pacific is expected to be the fastest-growing region for the connected retail market during the forecast. The continuous advancement of technology is considered a major factor driving the market growth in the region. Increasing adoption of smart devices and IoT systems across the retail industry is driving the market growth in the Asia-Pacific region.
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Moreover, rising preference of users towards internet based shopping is also fueling market growth. Based on countries the region has been bifurcated as China, India, Japan, and Rest of Asia-Pacific. The China held the largest market share during in 2018 due to rising development and urbanization in the country.
Some of the prominent players operating in the market are Verizon, Cisco Systems, IBM Corporation, ARM Holding PLC, Belatrix Software, Softweb Solutions Inc., Google Inc., Atmel Corporation, Microsoft Corporation, Honeywell International Inc., Intel Corporation, NXP Semiconductors NV, Zebra Technologies Corp., SAP SE, Fujitsu Limited, and PTC Inc.