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IoT Market in Retail Applications to Grow by USD 71.2 Billion from 2024-2028, Driven by Cloud-Based RFID Systems and AI’s Impact on Market Trends – Technavio

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NEW YORK, Nov. 6, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global Internet of things (IOT) market in retail applications  size is estimated to grow by USD 71.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  22.8%  during the forecast period. Burgeoning cloud-based radio frequency identification (RFID) systems is driving market growth, with a trend towards evolution of artificial intelligence (AI) and augmented reality (AR) in retail stores. However, data security concerns in internet of things (IOT) retail applications  poses a challenge.Key market players include Allerin Tech Pvt. Ltd., Alphabet Inc., Amazon.com Inc., AT and T Inc., Ayla Networks Inc., Cisco Systems Inc., Fujitsu Ltd., General Electric Co., Hewlett Packard Enterprise Co., Hitachi Ltd., Huawei Technologies Co. Ltd., Impinj Inc., Intel Corp., International Business Machines Corp., Microsoft Corp., Nayasale Retail Pvt. Ltd., Nedap NV, NXP Semiconductors NV, Oracle Corp., Robert Bosch GmbH, SAP SE, and Siemens AG.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Technology (RFID, Sensors, NFC, Cloud services, and Others) and Geography (APAC, North America, Europe, Middle East and Africa, and South America)

Region Covered

APAC, North America, Europe, Middle East and Africa, and South America

Key companies profiled

Allerin Tech Pvt. Ltd., Alphabet Inc., Amazon.com Inc., AT and T Inc., Ayla Networks Inc., Cisco Systems Inc., Fujitsu Ltd., General Electric Co., Hewlett Packard Enterprise Co., Hitachi Ltd., Huawei Technologies Co. Ltd., Impinj Inc., Intel Corp., International Business Machines Corp., Microsoft Corp., Nayasale Retail Pvt. Ltd., Nedap NV, NXP Semiconductors NV, Oracle Corp., Robert Bosch GmbH, SAP SE, and Siemens AG

 

Key Market Trends Fueling Growth

Retailers utilize Artificial Intelligence (AI) to analyze customer buying patterns and target specific audiences, enabling customized product promotions. AI also powers conversational commerce through chatbots integrated with messaging apps, enhancing user engagement. IoT in retail applications introduces automated checkout systems using IoT devices, increasing customer satisfaction and footfall, particularly during time-constrained situations. For instance, Nayasale Retail Pvt. Ltd., an Indian startup, operates an AI-driven autonomous store in Kerala, featuring an automated checkout system, eliminating the need for cashiers or salespersons. Similar to Amazon Go, this store uses weight sensors to identify purchased items. These advancements are expected to fuel market growth during the forecast period. 

In today’s retail landscape, IoT technology is revolutionizing the way businesses operate. With omnichannel retailing, interconnected devices enable personalized shopping experiences. Smart payment solutions like contactless payments, mobile wallets, and Point of Sale systems streamline transactions. Retailers gather real-time insights into customer behavior using machine learning and AI, enhancing customer experience optimization. Asset management is improved with Bluetooth low energy sensors and RFID tags. E-commerce benefits from digital avatars and experiences. IoT services offer real-time data, cloud deployment, and on-premise solutions. Security is a priority with cybersecurity and data protection. IoT hardware includes sensors, beacons, and autonomous cleaning robots. Supply chain optimization and inventory management are enhanced, while digital infrastructure supports advertising and marketing efforts. IoT solutions provide professional and managed services, ensuring retailers stay competitive in the digital age. 

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Market Challenges

In the retail sector, the Internet of Things (IoT) market is expanding with the implementation of RFID tags, sensors, and NFC technology. However, data security is a significant concern as RFID readers communicate via both IP and radio frequency. Back-end communication security is crucial to prevent unauthorized network access, while front-end communication poses unique challenges. Threats include unauthorized tag access, rogue and clone tags, side-channel attacks, and traffic analysis. Spoofing is another issue where data can be overwritten on existing RFID tag data without detection. These vulnerabilities can hinder the growth of the retail IoT market, as manufacturers must address these challenges to ensure consumer trust and regulatory compliance.In the retail industry, IoT is revolutionizing operations and customer experiences. Retailers leverage IoT to gain real-time insights into inventory management through sensors and RFID technology. Digital avatars and experiences enhance customer engagement, while cloud deployment and edge computing enable data analytics. IoT services, professional services, and managed services support these initiatives. However, challenges persist. Digital rights management ensures secure cloud deployment and protects data. Cybersecurity and data protection are crucial for IoT hardware, particularly in areas like inventory optimization and supply chain management. Interoperability between IoT devices and systems is essential for omnichannel integration. Retailers face challenges with real-time data management, especially regarding customer management and advertising and marketing. Beacons and NFC enable contactless shopping and personalization, but retail theft is a concern. Autonomous cleaning robots and 5G networks streamline operations management. IoT applications in retail include smart shelves, supply chain optimization, and smart stores. These innovations require a digital infrastructure and effective cybersecurity measures. IoT solutions must balance the need for real-time data with data security and privacy concerns. Ultimately, IoT in retail applications offers significant benefits, but retailers must navigate these challenges to fully realize their potential.

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Segment Overview 

This internet of things (iot) market in retail applications report extensively covers market segmentation by

Technology 1.1 RFID1.2 Sensors1.3 NFC1.4 Cloud services1.5 OthersGeography 2.1 APAC2.2 North America2.3 Europe2.4 Middle East and Africa2.5 South America

1.1 RFID-  The RFID segment holds the largest market share in the global IoT market for retail applications in 2023. Retailers adopt RFID technology for inventory accuracy and margin growth by reducing product loss. RFID provides real-time inventory visibility, enabling automated replenishment and consumer demand satisfaction. The maturing RFID ecosystem and price reduction facilitate item-level merchandise tracking, optimizing inventory operations. Analytics software and hardware equipment, including RFID and sensors, are in high demand. Leading retailers like Walmart and Amazon utilize RFID-enabled cameras for video analytics, offering insights into product demand and customer requirements. Wearables are gaining popularity for enhancing the customer experience, leading to various applications and a hands-free shopping experience. These factors are expected to fuel the growth of the IoT market in retail applications during the forecast period.

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Research Analysis

The Internet of Things (IoT) is revolutionizing the retail industry by enabling interconnected devices and real-time data exchange. IoT applications in retail include Near Field Communication for contactless shopping, operations management for inventory optimization and customer management, and omnichannel integration for seamless shopping experiences. Smart stores utilize data analytics and machine learning for customer behavior analysis and personalized shopping recommendations. IoT also enhances customer engagement through beacons and personalized advertising and marketing. Omnichannel retailing benefits from IoT with smart payment solutions like contactless payments and mobile wallets at Point of Sale. Retailers can optimize customer experience with smart shelves, autonomous cleaning robots, and real-time data. IoT also addresses retail theft prevention and enhances cloud technology for efficient data storage and processing. Overall, IoT in retail applications offers numerous benefits from improved operations to enhanced customer experience.

Market Research Overview

The Internet of Things (IoT) is revolutionizing the retail industry by enabling interconnected devices and data-driven operations. IoT applications in retail include Near Field Communication for contactless shopping, RFID technology for inventory optimization, and smart shelves with real-time data for stock management. IoT also facilitates omnichannel integration, allowing seamless shopping experiences across physical and digital channels. Data analytics and machine learning power customer engagement and personalized shopping recommendations. Contactless payments, mobile wallets, and smart payment solutions enhance the checkout process. IoT applications extend to asset management, supply chain optimization, and even autonomous cleaning robots. 5G networks and edge computing ensure fast, reliable data transfer and processing. Data security and cybersecurity are crucial considerations, with IoT services, professional services, and managed services available to help retailers navigate these challenges. IoT in retail also includes experiences, such as digital avatars and real-time insights, as well as cloud deployment and on-premise deployment options. The retail landscape is becoming increasingly interconnected, with beacons, Bluetooth low energy, and smart stores transforming the shopping experience. IoT applications in retail go beyond traditional inventory management, offering real-time insights into consumer behavior and retail theft prevention. The future of retail is here, with IoT driving innovation and optimization across all aspects of the industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TechnologyRFIDSensorsNFCCloud ServicesOthersGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Green Cubes Technology Unveils Revolutionary Swappable Power Platform for Mobile Workstations

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Innovative Swappable Power Platform is designed for mobile medical and industrial workstations

KOKOMO, Ind., Nov. 6, 2024 /PRNewswire-PRWeb/ — Green Cubes Technology, a leader in providing cutting-edge power solutions, today announced the launch of its innovative Swappable Power Platform designed for mobile medical and industrial workstations. This breakthrough AC platform aims to streamline the power system design process for manufacturers, providing a cost-effective and time-saving solution for powering mobile workstations.

The Green Cubes swappable battery platform is configurable and can be easily integrated into a comprehensive platform to provide the power required,” said Joe Richards, Senior Vice President of Product Development at Green Cubes, “making the conversion to power as simple as design in and go.”

The Swappable Power Platform is a complete pre-engineered energy storage solution that includes three essential components:

1. Battery Assembly:

Utilizes LiFePO4 technologyOffers 290Whr at 19.2 volts nominalDelivers a continuous power output of up to 300WCompliant with IEC 62133 standards

2. Cart Power Module:

Supports one or two batteries with 300 Watt continuous power outputAvailable models with 120VAC @ 60 Hz and 230VAC @ 50 Hz outputFeatures universal input from 100VAC to 230VAC @ 50Hz to 60 HzIncludes 2 minutes of integrated battery backup for hot swap operationCharges both internal integrated and external swap batteriesMeets IEC 60601 standardsOptional remote LCD display available

3. Charger:

Capable of charging two or four batteries simultaneouslyUniversal input from 100VAC to 230VAC @ 50Hz to 60 HzCompliant with IEC 60601 standardsOptional remote LCD display available

“Designed with the OEM in mind, the Green Cubes swappable battery platform is configurable and can be easily integrated into a comprehensive platform to provide the power required,” said Joe Richards, Senior Vice President of Product Development at Green Cubes. “This makes the conversion to power as simple as design in and go.”

Exceeding the highest performance for equipment manufacturers, the Green Cubes swappable battery platform offers a highly accurate state-of-charge display with a five-stage LED indicator. Its advanced technology, featuring cell balancing, ensures maximum cycle life and runtime.

About Green Cubes Technology
Green Cubes Technology develops and manufactures safe and reliable electrification solutions that enable its OEM and enterprise customers to transition from Lead Acid and Internal Combustion Engine (ICE) power to Lithium-ion battery power. Green Cubes utilizes proven hardware and software platforms to build the most reliable Lithium power solutions in its industries. With over 300 employees across six countries, Green Cubes has been producing innovative, high-performance and high-quality power solutions since 1986. For more information about Green Cubes Technology and its innovative power solutions, please visit http://www.greencubes.com.

Media Contact

Hayley Luz, Green Cubes Technology, 425-918-2742, hluz@greencubes.com, www.greencubes.com

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Big wins await retailers that focus on the first and final hours of seasonal sales

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Criteo research finds that online sales in the opening and closing hours of Singles Day capture over 300% increase in transaction volume across Southeast Asia

SINGAPORE, Nov. 7, 2024 /PRNewswire/ — Criteo (NASDAQ: CRTO), the commerce media company, today unveiled key insights from the 2023 Singles’ Day sales across Southeast Asia (SEA) and Greater China.

Singles’ Day (11/11) presents an enormous opportunity for retailers in these regions to connect with consumers at crucial decision-making moments, build brand loyalty and stand out from the competition. In 2023, online retail transactions in SEA surged 140% compared to the first week of October, and the average basket size increased by 16% compared to the same baseline. In Greater China, online retail transactions grew 237% while the average basket size saw a 6% uptick.

“As the year-end sales season draws near, it’s timely to glean past insights to better seize the opportunities that lie ahead,” said Taranjeet Singh, Managing Director, Venture Markets, APAC at Criteo. “One thing is clear: such e-commerce events hold tremendous potential and impact for brands and retailers to capitalise on the moment. In providing these datasets, we hope to empower our brand and retail partners to maximise sales opportunities and enhance customer experiences as Singles’ Day draws around once more.”

Key findings: 

1.    Singles’ Day is the largest seasonal sales opportunity for retailers

Across the board, all sales metrics perform higher on Singles’ Day – be it online retail transactions, unit sales, and average basket sizes. This marks consumers’ willingness to spend during this period, which is widely known for its festive deals, loyalty promotions, and immersive e-commerce experiences.

In Southeast Asia:

Online retail transactions surged by 140% compared to the first week of October 2023.In comparison, sales on Black Friday 2023 increased 101% from the first four weeks of October 2023.Unit sales, which denotes the number of individual items sold, skyrocketed by 178%, compared to 139% in 2022.During Cyber 6 (Black Friday to Cyber Wednesday 2023), sales increased 4% compared to the same period in 2022.The average basket size, which indicates the quantity of products purchased per transaction, also saw a notable uptick of 16%, compared to the first week of October 2023.The top-performing product categories, based on indexed transactions from the first week of October 2023, comprise Baby & Toddler (+407%), Health & Beauty (+352%) and Furniture (+277%). 

In Greater China:

Online retail transactions surged by 237% compared to the first week of October.In comparison, sales on Black Friday 2023 rose 58% from the first four weeks of October 2023.Unit sales saw a 257% increase, compared to 248% in 2022.Sales during Cyber 6 (Black Friday to Cyber Wednesday 2023) increase 2% compared to the same period in 2022.The average basket size saw an uptick of 6%, compared to the first week of October.The top-performing product categories, based on indexed transactions from the first week of October 2023, comprise: Health & Beauty (417%), Home & Garden (326%), Luggage & Bags (311%) and Toys & Games (311%).Online transactions saw a 9% Year-on-Year growth on Singles’ Day.Interestingly, average order values showed an increase of 14%, with the average unit price going up by 7%.

2.     Shoppers are prepared to spend the most during the first and last hours of Singles’ Day

Shopper activity tends to spike in the first (12AM – 1AM) and last hours (11PM – 12AM) of the day. Early bird shoppers are a segment of shoppers who tend to prepare their shopping baskets ahead of time in anticipation of discounts and offers. These early bird shoppers represent a crucial segment for brands to capitalise on by offering flash discounts or loyalty promotions. Meanwhile, last-minute shoppers tend to seize deals available at the day’s final hours – marking a final opportunity to convert buyers who hold out until the very end for a good deal. Savvy retailers that take note of this pattern will leverage their retail media platforms to drive and serve ads in the lead-up to and prior to the closing of these sales events.

The first hour of Singles’ Day (12AM – 1AM) sees the greatest spike in SEA online transactions (+325%) and unit sales (+370%), compared to baseline sales at the start of October.This trend is reversed in Greater China, with online transactions (+345%) and unit sales (363%) spiking in the final hour of Singles’ Day (11PM – 12AM).

3.      ‘Tis the season to convert new buyers: conversion rates are exceptionally high during Singles’ Day

In the past few years, Singles’ Day has consistently recorded substantial spikes in new purchases by new buyers. While the number of new buyers fell in 2023, there is still a clear opportunity to convert new customers and establish lasting customer relationships during this period. Retailers who can build on this momentum of first-time buyers during Singles’ Day will also see the chance to ensure continued patronage as the holiday season progresses.

Singles’ Day 2023 saw a whopping 63% increase in new shoppers in SEA compared to the month of October.

Taking action:

Sales events such as Singles’ Day are becoming more important for consumers today and represent a growing opportunity for retailers and brands. To realise the true potential of such events, retailers and brands should follow these key learnings for sales season:

1.     Starting Early Matters: with sales events recording much higher-than-average transaction figures, ensuring the relevant media collateral and sales logistics are ready in advance will be helpful to signpost and facilitate consumer purchases. Shoppers tend to plan their purchases in advance, and 47% of consumers globally[1] tend to start their search at retailers rather than search engines, when they know the general type of item they want to buy. As retail media continues to grow with new formats such as offsite and in-store, using retail media allows brands and retailers to engage shoppers further up the funnel, to aid product discovery and boost brand awareness.  Kicking off new campaigns early also ensures campaigns are optimised as shoppers start researching. Brands can also gain a sales boost by expanding their retailer sets to small or medium-size retailers.

2.     Go Full-Funnel: Retail media can help drive positive outcomes during sales events and build lasting customer relationships. Layering sponsored products and offsite campaigns push the needle in capturing new and returning customers during such events and keeping the brand or retail platform top of mind. Keeping in mind that shoppers tend to view several brands before deciding, these tactics also build brand appeal and create a strong impression with shoppers in each stage of their shopping journey.

3.     Be Diligent with Speed: There is increased shopper activity in the first and final hours of these sales events. Savvy retailers and brands drive additional sales by leveraging the data to plan budget accordingly and positioning key advertisements in front of these shoppers in those critical moments.

Methodology

Criteo captures organic data from 20 countries, 600 product categories and over 19,000 advertiser clients. Indexed sales are monitored on retailers who partner with Criteo Marketing Solutions and Criteo Retail Media. Criteo data includes only product categories represented by at least 5 retailers at the most granular level. Organic data means that all events from our clients, including those not attributed to Criteo, are leveraged. This allows us to produce insights regarding the market rather than Criteo campaigns.

About Criteo 

Criteo (NASDAQ: CRTO) is the global commerce media company that enables marketers and media owners to drive better commerce outcomes. Its industry leading Commerce Media Platform connects thousands of marketers and media owners to deliver richer consumer experiences from product discovery to purchase. By powering trusted and impactful advertising, Criteo supports an open internet that encourages discovery, innovation, and choice. For more information, please visit www.criteo.com.

[1] Criteo shopper survey, Q3 2024, Global (N=7120)

Criteo 2023 Holiday Shopping Season Country-Specific Findings 

In Singapore:

Singles’ Day remains the largest seasonal sales opportunity for retailers in Singapore, with online sales skyrocketing +159% on 11/11 compared to the first four weeks of October.In comparison, sales on Black Friday 2023 surged 104%, compared to the first four weeks of October 2023.

In Indonesia

Singles’ Day remains the largest seasonal sales opportunity for retailers in Indonesia, with online sales skyrocketing +194% on 11/11 compared to the first four weeks of October.In comparison, sales on Black Friday 2023 surged 56%, compared to the first four weeks of October 2023.

 

View original content:https://www.prnewswire.com/apac/news-releases/big-wins-await-retailers-that-focus-on-the-first-and-final-hours-of-seasonal-sales-302298185.html

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CapBridge is an Authorised Distribution Partner of UBS’s First Tokenised Money Market Fund, uMINT

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SINGAPORE, Nov. 7, 2024 /PRNewswire/ — On November 1st, UBS Asset Management announced the launch of its first tokenised investment, UBS USD Money Market Investment Fund Token (uMINT).  CapBridge, a digital investment platform and a member of FOMO Group, has been selected as an authorised distribution partner of uMINT, offering this innovative investment product to its corporate and institutional clients.

Built on the Ethereum blockchain, the launch of uMINT forms part of the broader expansion of UBS’s tokenisation services through UBS Tokenize. Tokenholders can now access UBS Asset Management’s institutional grade cash management solutions underpinned by high quality money market instruments based on a conservative, risk-managed framework. UBS’s tokenisation services seek to address growing investor demand for tokenised financial assets across asset classes.

Johnson Chen, Founder and CEO of CapBridge, said, “At CapBridge, we are always committed to bridging the gap between digital and traditional assets. The launch of UBS’s first tokenised money market fund highlights the synergy between traditional banking and digital asset innovation. CapBridge is delighted to be an authorised distribution partner of uMINT, contributing to the greater mission of making digital finance products more accessible to a wider range of investors and moving towards the seamless integration of traditional and digital finance.”

Earlier in May this year, CapBridge was also selected to be the international partner for Hong Kong’s virtual asset ETFs, namely spot virtual asset ETF products issued by Bosera Asset Management, China Asset Management, and Harvest Global Investment listed on the Hong Kong Stock Exchange.

Looking ahead, CapBridge remains dedicated to serving as a one-stop platform for investors looking to invest in both traditional and digital asset funds.  

About CapBridge
CapBridge, a member of FOMO Group, is a leading digital investment platform headquartered in Singapore. As a Capital Markets Services licensee, CapBridge is regulated by the Monetary Authority of Singapore (MAS) to deal in capital markets products, including securities and collective investment schemes, and to provide custodial services. It is also an exempt financial adviser licensed to issue or promulgate analyses and reports on investment products.

CapBridge enables HNWIs and institutional clients to invest in traditional and digital assets via its one-stop digital investment platform, providing highly curated, top-quality, and institutional-grade opportunities to meet clients’ diverse asset allocation needs. Through CapBridge’s associated company, FOMO Pay Pte Ltd, a regulated MAS Payment Services Act (PSA) Digital Payment Token (DPT) entity, qualified clients can also invest into CapBridge curated products using DPTs, providing a seamless bridge between Traditional Finance (TradFi) and Web3 Finance.

For more information, please visit www.capbridge.sg. For media inquiries, please contact media@capbridge.sg

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