Market Trends of Internet Of Things (IoT) Industry
The Retail Segment to Witness a Significant Growth
- Both merchants and consumers have boosted the use of connected devices in the retail industry. The use of e-commerce and the rise in disposable income support the growth of supermarkets and hypermarkets. The usage of software and digitalization, along with the required internet access, presents a market potential for IoT devices in the market category.
- IoT is also anticipated to transition significantly in several domains, including replenishing inventory in storage facilities. Major electronics producers are releasing products like connected refrigerators that can automatically reorder cheese, milk, or any other item that is running low, including Samsung and LG.
- The retail industry has undergone significant transformations and innovations, with IoT technologies at the forefront. These technologies not only cater to evolving consumer habits but also empower retailers to deliver highly personalized shopping experiences. As a result, IoT solutions have revolutionized how retail management operates. Moreover, there is an increase in the use of e-commerce platforms owing to the growing smartphone penetration and the ease of online shopping.
- The critical applications of IoT for retailers include the supply chain, connected consumers, and smart-store applications. Retailers are turning to IoT-enabled solutions, as they help them improve customer engagement while increasing revenues and reducing costs.
- According to European Telecommunications Network Operators' Association (ENTO), in 2016, the retail sector had 1.53 million IoT active connections. Projections indicated that this number would grow significantly, reaching 3.09 million connections by 2025. This increase highlights the expanding role of IoT technology in enhancing retail operations and customer experiences.
Understand The Key Trends Shaping This Market
Download PDF
North America to Witness a Significant Growth
- The deployment of connected vehicles, projects utilizing smart energy, home automation, and a focus on smart manufacturing are driving the expanding role of IoT among the region's crucial revenue-generating end-user industries. The North America expansion of IoT in this area has also been aided by fast digitalization across industry sectors and technological breakthroughs.
- The convergence of AI and IoT, promoted by firms like SAS Software as the next wave of IoT-based AI, is among the future technologies that are anticipated to arise out of the present technologies that are altering manufacturing in the United States. The utility sector is currently under intense pressure in the US. The US Energy Information Administration predicted worldwide energy demand will increase by 48% in 17 years, even though domestic energy production from renewable resources has expanded dramatically.
- The IoT sector, witnessing rapid expansion in North America, is propelled by the rising number of cloud platforms, a rise in connected devices, and the deployment of artificial intelligence and machine learning. Its applications are growing in smart homes, wearables, connected healthcare, and smart cities.
- The area is a pioneer in adopting container-based cloud applications that give deployments more flexibility and performance. Any centralized or edge IoT deployment is becoming accustomed to container-based cloud deployments. For instance, VMware introduced VMware Tanzu, a cloud platform that controls Kubernetes' container distribution.
- Additionally, the region is home to many startups developing ground-breaking IoT chip solutions. For example, a US startup, Wiliot, creates IoT chips based on Bluetooth technology without needing batteries for manufacturing, material recycling, retail, and asset distribution. These Bluetooth tags incorporate sensors, a low-power processor, and radio wave-based energy harvesting circuitry. The battery-free technology used by the startup offers much lower prices.
Get Analysis on Important Geographic Markets
Download PDF
