The Asia Pacific Internet of Things (IoT) in Retail Market is expected to witness market growth of 26% CAGR during the forecast period (2021-2027).
The retail market has witnessed a significant shift with the advancements of Artificial Intelligence (AI) & Augmented Reality (AR) in retail shops. Several retailers utilize AI to know about the purchasing patterns of old customers, detect the target audience, and provide personalized product ads to their customers. Furthermore, AI has provided its traditional offering for conversational commerce, since retailers are implementing chatbots along with messaging applications, enabling the customers to communicate with their brands.
Internet of Things in retail has helped retailers to establish an automatic checkout system by utilizing IoT devices. These automatic checkout systems add to improved customer satisfaction that leads to high footfalls, specifically during a time crunch. For example, Nayasale Retail, an Indian start-up, is a completely AI-powered autonomous retail store in Kerala, India that marks an automatic checkout system, which removes the requirement for any cashiers or salespersons. This retail store concept is harmonized with Amazon Go, which enables customers to select their preferred items and utilize the automated checkout system. The Amazon Go store depends on weight sensors to know about the things selected by the shoppers.
The growing number of government initiatives to propel digitization is projected to bolster the growth of the regional retail market. Additionally, the convergence of technologies like analytics, cloud, mobility & big data, and the decreasing prices of sensors are among the leading factors surging the IoT adoption in the region.
The ongoing smart city initiatives in this region and the swiftly decreasing cost of sensors in the region are also anticipated to propel the growth of the market. Several retailers in this region are getting more aware of using advanced methods to link with smart devices like smartphones and smartwatches for improving their customer experience.
Nations like China are witnessing high adoption of the latest technologies, which is expected to bolster the growth of the Internet of Things in the retail market. In addition, retail companies are increasingly investing in making advanced retail stores to attract more customers to these retail stores. These factors are pushing the Internet of Things in the retail market forward.
The China in the Asia Pacific Internet of Things (IoT) in Retail Sensors Market by Country is expected to achieve a market value of $2,733.3 million by 2027. The Japan market is showcasing a CAGR of 24.3% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 25.8% during (2021 - 2027).
Based on Component, the market is segmented into Hardware and Software. Hardware Segment is further bifurcated across RFID Tags, Sensors, Beacons and Others. Based on Technology, the market is segmented into Near field communication, Bluetooth Low Energy, ZigBee and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, PTC, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Amazon.com, Inc., SAP SE, Software AG, Google, Inc.
Scope of the Study
Market Segments covered in the Report:
By Component
By Technology
By Country
Companies Profiled
Unique Offerings from the Publisher
The retail market has witnessed a significant shift with the advancements of Artificial Intelligence (AI) & Augmented Reality (AR) in retail shops. Several retailers utilize AI to know about the purchasing patterns of old customers, detect the target audience, and provide personalized product ads to their customers. Furthermore, AI has provided its traditional offering for conversational commerce, since retailers are implementing chatbots along with messaging applications, enabling the customers to communicate with their brands.
Internet of Things in retail has helped retailers to establish an automatic checkout system by utilizing IoT devices. These automatic checkout systems add to improved customer satisfaction that leads to high footfalls, specifically during a time crunch. For example, Nayasale Retail, an Indian start-up, is a completely AI-powered autonomous retail store in Kerala, India that marks an automatic checkout system, which removes the requirement for any cashiers or salespersons. This retail store concept is harmonized with Amazon Go, which enables customers to select their preferred items and utilize the automated checkout system. The Amazon Go store depends on weight sensors to know about the things selected by the shoppers.
The growing number of government initiatives to propel digitization is projected to bolster the growth of the regional retail market. Additionally, the convergence of technologies like analytics, cloud, mobility & big data, and the decreasing prices of sensors are among the leading factors surging the IoT adoption in the region.
The ongoing smart city initiatives in this region and the swiftly decreasing cost of sensors in the region are also anticipated to propel the growth of the market. Several retailers in this region are getting more aware of using advanced methods to link with smart devices like smartphones and smartwatches for improving their customer experience.
Nations like China are witnessing high adoption of the latest technologies, which is expected to bolster the growth of the Internet of Things in the retail market. In addition, retail companies are increasingly investing in making advanced retail stores to attract more customers to these retail stores. These factors are pushing the Internet of Things in the retail market forward.
The China in the Asia Pacific Internet of Things (IoT) in Retail Sensors Market by Country is expected to achieve a market value of $2,733.3 million by 2027. The Japan market is showcasing a CAGR of 24.3% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 25.8% during (2021 - 2027).
Based on Component, the market is segmented into Hardware and Software. Hardware Segment is further bifurcated across RFID Tags, Sensors, Beacons and Others. Based on Technology, the market is segmented into Near field communication, Bluetooth Low Energy, ZigBee and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, PTC, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Amazon.com, Inc., SAP SE, Software AG, Google, Inc.
Scope of the Study
Market Segments covered in the Report:
By Component
- Hardware
- RFID Tags
- Sensors
- Beacons
- Others
- Software
By Technology
- Near field communication
- Bluetooth Low Energy
- ZigBee
- Others
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Companies Profiled
- Cisco Systems, Inc.
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- PTC, Inc.
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Amazon.com, Inc.
- SAP SE
- Software AG
- Google, Inc.
Unique Offerings from the Publisher
- Exhaustive coverage
- Highest number of market tables and figures
- Subscription based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Asia Pacific Internet of Things (IoT) in Retail Market by Component
Chapter 5. Asia Pacific Internet of Things (IoT) in Retail Market by Technology
Chapter 6. Asia Pacific Internet of Things (IoT) in Retail Market by Country
Chapter 7. Company Profiles
Companies Mentioned
- Cisco Systems, Inc.
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- PTC, Inc.
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Amazon.com, Inc.
- SAP SE
- Software AG
- Google, Inc.
Methodology
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