Artificial Intelligence
Internet of Things in Retail Market Size Will Expand to USD 464.9 Billion by 2031 – Says InsightAce Analytic Pvt. Ltd. Study
JERSEY CITY, N.J., July 29, 2024 /PRNewswire/ — InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Internet of Things in Retail Market – (By Component (Hardware, Platform, Services), By Deployment (On-premise, Cloud), By Technology (Bluetooth Low Energy, Near Field Communication, Zigbee, Others), By Application), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Internet of Things in Retail Market is valued at US$ 57.8 Bn in 2023, and it is expected to reach US$ 464.9 Bn by 2031, with a CAGR of 30.1% during the forecast period of 2024-2031.
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The Internet of Things (IoT) is transforming the retail market by enhancing customer experiences, optimizing operations, and enabling new business models. IoT technologies, such as smart shelves, beacons, and connected devices, provide real-time data and insights into inventory levels, customer preferences, and store traffic patterns. This data allows retailers to manage stock more efficiently, personalize marketing efforts, and streamline supply chain operations. Additionally, IoT-enabled devices can improve in-store experiences through features like automated checkout, interactive displays, and tailored promotions based on shopper behaviour.
As IoT adoption grows, it is expected to drive significant innovation and efficiency improvements, helping retailers stay competitive in a rapidly evolving market. The rise of omnichannel retailing, driven by IoT technologies that seamlessly integrate online and offline shopping experiences, is contributing to market growth. Additionally, the growing prevalence of IoT-enabled smart stores, where retailers use interconnected devices and sensors to offer immersive and personalized shopping experiences, is further accelerating market expansion.
List of Prominent Players in the Internet of Things in Retail Market:
AccentureAllerin Tech Pvt LtdAmazon Web ServicesArm LimitedAT&TBosch.IO GmBHCisco Systems Inc.Google LLCHappiest Minds TechnologiesHuawei EnterpriseIBM CorporationIntel CorporationLosant IoTMicrosoft CorporationNEC CorporationNXP SemiconductorsOraclePTC Inc.RetailNext, Inc.SAP SESierra WirelessSoftware AGSoftweb Solutions Inc.Telit CinterionVerizon Communications Inc.VodafoneZebra Technologies CorporationInternet of Things in Retail Market Report Scope:
Report Attribute
Specifications
Market Size Value In 2023
USD 57.8 Bn
Revenue Forecast In 2031
USD 464.9 Bn
Growth Rate CAGR
CAGR of 30.1% from 2024 to 2031
Quantitative Units
Representation of revenue in US$ Bn and CAGR from 2024 to 2031
Historic Year
2019 to 2023
Forecast Year
2024-2031
Report Coverage
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments Covered
By Components, Technology, Deployment, And Application
Regional Scope
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country Scope
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea
Market Dynamics:
Drivers-
The growth of the Internet of Things (IoT) in the retail market is driven by several key factors. These include the increasing demand for enhanced customer experiences and the need for efficient inventory management. IoT technology enables retailers to gather real-time data on consumer preferences and behaviour, allowing for personalized marketing strategies. Additionally, IoT solutions improve supply chain visibility and operational efficiency, reducing costs and increasing productivity.
The rise in the knowledge and adoption of smart devices and advancements in IoT technology further propel market growth. Furthermore, the integration of IoT with emerging technologies such as machine learning & artificial intelligence enhances decision-making processes and predictive analytics in retail operations.
Challenges:
The retail market faces numerous hurdles when it comes to executing the Internet of Things (IoT). A significant obstacle is in ensuring the security and privacy of data. As IoT devices collect wide range of data, protecting this data from breaches and ensuring customer privacy becomes increasingly difficult. Another challenge is the integration of IoT systems with existing retail infrastructures.
Retailers often face compatibility issues and the need for substantial investments in upgrading their technology. Additionally, the complexity of managing and maintaining a network of interconnected devices can be overwhelming, requiring specialized skills and knowledge. Furthermore, the rapid pace of technological improvements means that retailers must continuously adapt to stay competitive, which can be both costly and resource-intensive.
Regional Trends:
The North American Internet of Things in the retail market is expected to register a major market share. This growth is attributed to the integration of in-store as well as digital operations in the retail sector, with technologies like RFID tags and smart shelves enabling retailers to manage inventory efficiently and enhance the shopping experience. The Asia Pacific (APAC) region is predicted to be the fastest-growing market, with a remarkable CAGR projected from 2024 to 2031. This rapid and continuous growth is driven by increasing internet penetration, smartphone usage, and e-commerce activities. This digital shift fosters an environment conducive to adopting digital avatars in customer interactions, marketing strategies, and virtual experiences.
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Recent Developments:
In January 2024, IBM Corporation partnered with SAP SE to create solutions aimed at helping clients in the consumer-packaged goods and retail sectors optimize their supply chain, finance operations, sales, and services through the use of generative AI.In December 2023, HCL Technologies (HCL) established a partnership with SAP to develop and provide IoT solutions and services that are relevant to various industries. HCL Technologies will bundle pertinent SAP software with services and hardware to expedite and streamline the fragmented and intricate solution stack that organizations encounter when implementing Industry 4.0 transformations.Segmentation of Internet of Things in Retail Market-
By Component
HardwareBeaconsRFID TagsSensorsWearablesPlatformConnectivity ManagementApplication ManagementDevice ManagementServicesProfessional ServicesManaged ServicesBy Technology
Bluetooth Low EnergyNear Field CommunicationZigbeeOthersBy Deployment
On-premiseCloudBy Application
Operations ManagementInventory ManagementSupply Chain AutomationWorkforce ManagementSecurity & SafetyCustomer ManagementSmart Vending MachineSmart ShelvesQueue ManagementAutomated CheckoutAsset ManagementAsset TrackingPredictive MaintenanceAdvertising and MarketingSmart Digital SignageGeomarketingOthersBy Region-
North America-
The USCanadaMexicoEurope-
GermanyThe UKFranceItalySpainRest of EuropeAsia-Pacific-
ChinaJapanIndiaSouth KoreaSouth East AsiaRest of Asia PacificLatin America-
BrazilArgentinaRest of Latin America Middle East & Africa-
GCC CountriesSouth AfricaRest of Middle East and AfricaFor More Customization @ https://www.insightaceanalytic.com/customisation/2603
Why should buy this report:
To receive a comprehensive analysis of the prospects for global Internet of Things in Retail marketTo receive industry overview and future trends of global Internet of Things in Retail marketTo analyze the Internet of Things in Retail market drivers and challengesTo get information on the Internet of Things in Retail market size value (US$ Mn) forecast till 2031Major Investments, Mergers & Acquisition in global Internet of Things in Retail industryOther Related Reports Published by InsightAce Analytic:
Retail E-commerce Packaging Market
Luxury E-Commerce Platforms Market
IoT in Agriculture Market
Digital Last-mile Platform Market
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact Us:InsightAce Analytic PVT. LTDTel.: +1 551 226 6109Email: [email protected] us on LinkedIn: https://www.linkedin.com/company/insightace-analytic-pvt-ltd/
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Artificial Intelligence
Xinhua Silk Road: E China’s Changzhou City unveils investment opportunities in sectors of new productive forces for global investors
BEIJING, Sept. 29, 2024 /PRNewswire/ — Changzhou City, an leading international smart manufacturing base located in east China’s Jiangsu Province, has released a bunch of investment investment opportunities to global investors in various sectors of new productive forces at the the 2024 New Energy Industry Development Conference & Invest in Changzhou Conference held in the city on September 19.
The investment opportunities covers nine areas including synthetic biology, low-altitude economy, intelligent connected new energy vehicles, solid-state batteries, hydrogen energy, third-generation semiconductors, and artificial intelligence, manifesting the confidence of Changzhou in further opening development.
Changzhou, seated in the axis of the Yangtze River Delta, has become an important base for advanced manufacturing in China.
In recent years, thanks to intensified efforts in developing new energy industry and fostering new quality productive forces, Changzhou has expanded the added value of its industrial sector to more than two trillion yuan, with manufacturing added value accounting for about 43 percent, both ranking among the top three in Jiangsu Province.
In the Hurun China New Energy Cities 2024, a list released by the Hurun Research Institute at the conference, Changzhou ranked first among other cities in the country for three consecutive years in terms of investment attractiveness and concentration.
Changzhou has accumulated a total of 10.59 billion US dollars (nearly 74.25 billion yuan) in terms of actually utilized foreign capital since 2020. Major projects such as soft magnetism of ArcelorMittal and medical device of BIOS, a Hong Kong-based company, have been launched during the conference.
In addition, Changzhou has released a multilingual guide for foreign nationals in Changzhou at the conference, which includes practical service items in stay and residence, work, convenient payment options, among others, turning the city into a more open and international place.
Original link: https://en.imsilkroad.com/p/342380.html
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Artificial Intelligence
CGTN: China honors individuals with highest awards in celebration of 75th National Day
BEIJING, Sept. 29, 2024 /PRNewswire/ — Huang Zongde enlisted in the Chinese People’s Liberation Army at the age of 17, beginning a nearly four-decade-long military career where his bravery, valor and devotion earned him countless awards and honors.
The heavily decorated 93-year-old received the highest state honor on Sunday when Chinese President Xi Jinping conferred him with the Medal of the Republic at a ceremony in the Great Hall of the People in Beijing.
China awarded national medals and national honorary titles to 15 individuals, including Huang, in recognition of their contribution and achievement as it celebrates the 75th anniversary of the founding of the People’s Republic of China, which falls on October 1.
Chinese heroes and role models
In addition to Huang, three others were awarded the Medal of the Republic. Wang Yongzhi, a missile and rocket expert and a pioneer of China’s manned space program, was honored posthumously. Wang Zhenyi, a medical scientist known for breakthroughs in leukemia treatment, and Li Zhensheng, an expert in wheat breeding, are also among the honorees.
The national honorary titles went to 10 people, including scientists, a border patrolman, an artist, a craftsman, educators, a health worker, an economist and an athlete.
Addressing Sunday’s awarding ceremony, President Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, called on the Chinese people to learn from heroes and role models to form a mighty force to build a strong China.
China is in a crucial period for building a great modern socialist country in all respects and achieving national rejuvenation through Chinese modernization, he said.
Encouraging the Chinese people to strive for extraordinary achievements at ordinary job posts, Xi urged them to contribute to resolving challenges to development and reform and safeguarding social harmony and stability.
China’s old friends and good friends
As its highest state honor for foreigners, China awarded the Friendship Medal to Dilma Rousseff, president of the New Development Bank and former Brazilian president, for her commitment to the friendship between China and Brazil, and development of relationship between China and the Community of Latin American and Caribbean States, and cooperation among BRICS countries, a group of major emerging economies.
Accepting the honor at the ceremony, Rousseff said the medal symbolizes the strong bonds between Brazil and China and pledged to continue her unremitting efforts to promote the friendship.
China’s achievements over the decades, including economic transformation, technological innovation and remarkable social development, have made it a beacon and a source of inspiration for the world, she said.
Xi lauded Rousseff as an outstanding representative of China’s old friends and good friends who have shared the same aspirations and stood together with the Chinese people over the past 75 years and vowed that China will never forget such international friends.
The Chinese people are ready to join hands with people from all over the world to safeguard world peace, promote common development and advance the building of a community with a shared future for mankind to create a better future for humanity, he said.
https://news.cgtn.com/news/2024-09-29/China-honors-individuals-with-highest-awards-ahead-of-National-Day-1xhS1SaZeZa/p.html
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HANGZHOU, China, Sept. 29, 2024 /PRNewswire/ — On September 26, a delegation from the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan, led by Minister Madiyev Zhaslan, visited SUPCON. SUPCON’s Chairman and President, Mr.Cui Shan, warmly welcomed the delegation.
The Kazakhstan government representatives expressed their appreciation and recognition of SUPCON’s expertise and innovation in intelligent manufacturing, digital transformation, and industrial AI.
Madiyev Zhaslan expressed a strong interest in industrial AI technologies of SUPCON, particularly their applications in intelligent and low-carbon facilities. He looks forward to exploring extensive collaboration with SUPCON across various sectors in Kazakhstan.
Cui Shan emphasized that as a leading industrial AI company with a global presence, SUPCON will leverage its technological advantages to meet Kazakhstan’s industry development requirements and trends, injecting new momentum into the country’s industrial digitalization.
In 2023, SUPCON established a subsidiary in Kazakhstan as its Central Asia regional headquarters and set up a localized operational system. SUPCON will continue to invest in the long-term development of the Central Asia region, contributing further wisdom and strength to the industrial digital transformation in Kazakhstan and beyond.
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