Asia Pacific region is projected to be a booming regional market and is estimated to grow at 25% CAGR over the eight year period. Developing region in Asia Pacific such as India and China are expected to witness huge growth due to the increase in adoption of IoT. Key market players include Microsoft Corporation, Zebra Technologies Corporation, SAP AG, PTC, Inc., IBM, Cisco Systems, Inc., Softweb Solutions, Inc, NXP Semiconductors N.V., Intel Corporation, Google, ARM Holdings PLC and Atmel Corporation. Vendors are implementing strategies such as product innovation & differentiation by investing in research and development processes to gain advantage over its other competitors.
RFID amongst hardware components is projected to grow at over 23% CAGR. Increase in RFID components adoption in retail owing several advantages they offer which include monitoring customer behavior, preventing theft & fraud, inventory management, and preventing loss. NFC technology is estimated to witness growth at a 22%CAGR due to increasing in cashless payments adaption in the industry. It has several advantageous properties such as security, versatility, and ease-of-use.
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Software segment is estimated to witness the positive growth with more than 24% CAGR over the eight year period. Software segment is booming due to increase in number of IoT applications throughout the industry. Retailers are more and more adopting IoT to have more customers’ interaction and gain competitive advantage. Managed services sector is accounting for more than 40% in 2015, thus is estimated to witness positive growth over the forecast period.
The services for remote management devices are expected to grow at over 24%CAGR due to rapid growing remote devices adaptation at workplace. This service provides security as it gives secure data access and thus prevents data misuse. North America is expected to dominate the connected retail market at global basis accounting for over 35% revenue share in 2015. Companies from this region, especially U.S. are investing heavily in IoT infrastructure, thus is estimated to drive the regional market growth over the next eight years.
It reduces the repeated in-house IT costs and enhances the efficiency. It includes outsourcing the production support activities, support maintenance and lifecycle management activities among several others. As IoT in retail is gaining rapid adaption, retailers are continuously facing data safety threats. Thus, to manage the increasing data base, security, service providers invest heavily for disaster recovery and data protection solutions.
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