Internet of Things (IoT) in Retail Stores
Internet of Things (IoT) in retail is considered to be one of the game-changing elements for the way in which business is done today. The idea of “connectivity” is going way beyond laptops and smartphones as we see, it takes us towards an age of smart homes, smart cities, smart stores, smart farming, connected devices, and connected cars. In short a “connected life”.
IoT, a catch-all term in today’s hottest technologies, has been pushed all across the retail stores for years and is steadily becoming more visible as business solutions via digital transformation and not as IoT. According to a recent report by BusinessWire, the global IoT in retail market size is expected to reach USD 94.44 billion by 2025, showing a 21.5% CAGR during the period. A report by Aruba says 79% of retail organizations are expected to have begun using IoT by end of 2019, up from 49% in 2017.
As per the reports by markets and markets in April 2020 “The global impact of COVID-19 on Internet Of Things (IoT) market size is expected to grow from USD 150 billion in 2019 to USD 243 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period. “
The report also states that the growing adoption of smart payment technologies to minimize human contact involved in cash payments, and rising demand for wearable devices are the major factors driving the market growth.