Internet of Things (IoT) in Retail and Apparel – Thematic Intelligence
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Internet of Things (IoT) in Retail and Apparel Report Overview
The retail IoT market will reach $35.2 billion by the end of 2023 and will grow at a CAGR of more than 14% between 2022 and 2027. IoT innovation is limited in the retail and apparel industries, however, the pandemic positively impacted the demand for IoT from retailers. There was strong adoption between 2020 and 2022, as many IoT solutions were adopted by retailers for the rapid online shift and the optimization of supply chains.
The IoT in retail and apparel report is a thematic brief, which identifies those companies most likely to succeed in a world filled with disruptive threats. In this report, predictions about how each theme will evolve and identify the leading and disrupting companies are covered. The report also provides additional insights about the IoT theme.
Market Size (2023) | $35.2 billion |
CAGR (2022-2027) | >14% |
Key Value Chain Components | Physical, Connectivity, Data, Apps, and Services |
Key Leading IoT Adopters in Retail | FNAC Darty, Ikea, JD.com, Kroger, Marks & Spencer (M&S), and Walmart |
Key Specialist IoT Vendors in Retail | AWM, BuyBuddy, Facewatch, Locus Robotics, Neoalto, OpSense, RapidPricer, SES-imagotag, and Zippin |
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IoT Impact on Retail and Apparel
IoT can improve the resilience and sustainability of retail supply chains. IoT supply chain monitoring is becoming increasingly popular and can significantly improve efficiency for retailers. In retail stores, smart shelves, cameras, and radio frequency identification (RFID) chips on products provide real-time inventory levels on the shop floor. Inventory stock levels can also be managed via in-store storage or warehouses, removing the need for manual checking, and increasing inventory accuracy.
Additionally, many consumers now prefer the convenience and personalized options offered through online shopping. As a result, retailers are adopting new strategies to improve customer experience and entice consumers back into brick-and-mortar stores. IoT can be used to collect important data to better understand consumers’ shopping patterns and offer more personalized experiences and services. Instore IoT sensors can track shoppers’ journeys around the store and analyze their habits in real-time.
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IoT Value Chain Analysis
The key layers in the IoT value chain are physical, connectivity, data, apps, and services. While these layers are logically discrete, large-scale IoT solutions are seeing considerable blurring of these logical boundaries. For example, while there will continue to be a clearly identifiable data layer towards the top of the stack, a growing proportion of the data processing occurs within and at the edge of the network. The accelerated development of generative AI, particularly ChatGPT, has increased the relevance of AI across all IoT layers. Therefore, a growing number of IoT products and services incorporate AI into their capabilities, especially across customer-driven interfaces.
Physical Layer: The makers of connected things, including sensors, embedded chips, and their components comprise this layer. Connected things can include connected cars, smart thermostats, fitness bands, smart light bulbs, or a parcel in a delivery truck. The essential electronic components include microcontroller units (MCUs), central processing units (CPUs), AI chips, communications chips, and sensors. Despite the geopolitical issues impacting the production and delivery of advanced chips, leaders in this space include Amazon, Apple, and Huawei.
IoT Value Chain Analysis
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IoT in Retail and Apparel Industry Analysis
The retail spending on IoT products will reach $35.2 billion by the end of 2023. IoT hardware represented the largest portion of global IoT spending in retail in 2022. However, IoT software will dominate over the coming years. The global retail spending will grow at a CAGR of more than 14% between 2022 and 2027.
The IoT in retail and apparel industry analysis also covers signals including –
- Mergers and acquisitions
- Patent trends
- Company filing trends
- Hiring trends
IoT Revenue in Retail and Apparel
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IoT in Retail and Apparel – Competitive Landscape
Leading IoT Adopters in Retail: Some of the leading IoT adopters in retail are FNAC Darty, Ikea, JD.com, Kroger, Marks & Spencer (M&S), and Walmart among others.
Specialist IoT Vendors in Retail: AWM, BuyBuddy, Facewatch, Locus Robotics, Neoalto, OpSense, RapidPricer, SES-imagotag, and Zippin are some of the specialist IoT vendors in retail sector.
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Retail Sector Scorecard
The retail sector scorecard approach predicts tomorrow’s leading companies within each sector using three screens including a thematic screen, a valuation screen, and a risk screen. The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance. The valuation screen ranks our universe of companies within a sector based on selected valuation metrics. The risk screen ranks companies within a particular sector based on overall investment risks.
Retail Sector Scorecard
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Scope
This report is a thematic brief, which identifies those companies most likely to succeed in a world filled with disruptive threats. Inside, we predict how each theme will evolve and identify the leading and disrupting companies.
The report covers the internet of things theme.
Reasons to Buy
- GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying important themes early, enabling companies to make the right investments ahead of the competition and secure that all-important competitive advantage.
- Develop and design your corporate strategies through an in-house expert analysis of artificial intelligence by understanding the primary ways in which this theme is impacting the healthcare industry.
- Stay up to date on the industry’s major players and where they sit in the value chain.
- Identify emerging industry trends to gain a competitive advantage.
Apple
Auchan
AWM
BuyBuddy
C&A
Facewatch
Fast Retailing
FNAC Darty
Foot Locker
Ikea
Inditex
JD.com
Kingfisher
Kroger
Locus Robotics
Marks & Spencer
Menards
Neoalto
Nike
Opsense
RapidPricer
SES-imagotag
Tengelmann
Walmart
Wesfarmers
Zippin
Table of Contents
Frequently asked questions
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What will be the total retail spending on IoT products by 2023?
The global retail spending on IoT products will reach $35.2 billion by the end of 2023.
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What will be the CAGR growth of total retail spending on IoT products between 2022 and 2027?
The global retail spending will grow at a CAGR of more than 14% between 2022 and 2027.
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Which are the key value chain components of the IoT market?
The key layers in the IoT value chain are physical, connectivity, data, apps, and services.
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Who are the specialist IoT vendors in retail sector?
AWM, BuyBuddy, Facewatch, Locus Robotics, Neoalto, OpSense, RapidPricer, SES-imagotag, and Zippin are some of the specialist IoT vendors in the retail sector.
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