WELLESLEY, Mass., Oct. 08, 2018 (GLOBE NEWSWIRE) -- Due to being an equalizer for brick-and-mortar stores, along with providing integrated goods tracking and customer mobility, the global market for the Internet of Things (IoT) in retail has experienced significant growth, according to a new report from BCC Research

In 2018, the global market for the Internet of Things (IoT) in retail was worth $21.7 billion. BCC Research estimates that it will reach a value of $50.0 billion by 2023, indicating a compound annual growth rate (CAGR) of 18.0%, according to The Internet of Things (IoT) in Retail: Global Markets Through 2023.

Retailers are investing in radio frequency identification (RFID) inventory tracking chips, traditional in-store infrared foot-traffic counters, cellular and Wi-Fi tracking systems, digital signage and kiosks, as well as applications for customers’ mobile devices. Thus, IoT is sprouting in every aspect of the retail value chain and shopping experience.

Research Highlights

  • North America is predicted to have the largest monetary growth by 2023 at $20.8 billion while the Asia-Pacific region will have the largest CAGR at 19.1%.
  • Retail companies that are starting to use IoT for their store formats include Alibaba, Amazon, Home Depot, Nordstrom and Starbucks.
  • Major players that are offering IoT services include IBM, Intel, Microsoft, Oracle, SAP and Software AG.

“With immature standards and multiple software and hardware systems, as well as security obstacles, retail IoT represents an overwhelming set of new challenges for retailers to absorb,” said BCC Research senior editor and report author Michael Sullivan. “Retailers, however, have little choice but to embrace IoT, as can be seen by the shifting low-margin retail landscape driven by demographics favoring digitally savvy companies.”

About BCC Research

BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.