Today’s world is driven by technology, and retail industry is gathering up with all the new technologies to keep up their sales and customer satisfaction. One such technology is connected retail.
According to a recent market study, due to the increasing ubiquity of smartphones and deepening penetration of social media, the connected retail market is flourishing rapidly. Market Research Hub (MRH) has freshly publicized this latest study to its vast repository which is titled as “Connected Retail Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”.
The report focuses on analyzing past trends from 2012 to 2017 and forecasts future prospects from 2017 to 2025 of the global connected retail market with a prime focus on some prime regions including South America, Europe, Asia Pacific, North America, and MEA.
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Connected retail can be defined as a collection of modes via which a company can interact with their customers, which opens vast new opportunities for offering assistance, collecting payments, and bringing at doorsteps. The increasing penetration of smartphones has become the hub of interaction between customers and retailers.
In order to provide comprehensive overview of the connected retail market, the research includes analysis of major trends and key drivers playing a major role in Connected Retail market growth over the forecast period.
Key Highlights from the Study
- As per the analyst's key evaluation, the global connected retail market was worth US$19.46 billion in 2017, but the future prospects are enormous with the valuation of the market estimated to reach US$82.31 billion by the end of 2025. During the forecast period of 2017 to 2025, the demand in the global connected retail market is projected to increment at an outstanding CAGR of 19.8%.
- It has been clearly stated in the study that increasing adoption of the Internet of Things (IoT) is the primary driver of the global connected retail market, which encourages to revolutionize the way retailers handle their inventory management and customers use end products such as washing machines, wearable devices, automotive, mobile phones and tablets, among others.
- From a geographical point of view, research estimates that the demand for connected retail from the Asia Pacific is projected to expand at an above average CAGR of 23.3% during the forecast period of 2017 to 2025. At present, North America is the most lucrative region for the vendors operating in the global connected retail market.
- Apart from the above element, the market has been analyzed on the basis of connectivity, component, and end use. On the basis of connectivity, this report segments the connected retail market into Zigbee, Wi-Fi, Bluetooth, and NFC. On the other hand, major components are hardware and software.
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Moreover, key players operating in the global conditioning agent market are highlighted in detail. Some of them are Cisco Systems (San Jose, California), International Business Machines Corporation (IBM) (U.S.), Amazon Web Services Inc.
(Seattle, U.S.), Microsoft Corporation (Washington, U.S.), Zebra Technologies Corp. (U.S), Belatrix Software (Redwood City, U.S), NXP Semiconductors NV (Netherlands), Softweb Solutions Inc.
(Chicago, U.S), Atmel Corporation (Microchip Technology Inc.) (California, U.S), Google Inc. (U.S.), Microsoft Corporation (U.S.).
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