DUBLIN, May 25, 2023 /PRNewswire/ — The “IoT Chip Market in Retail – Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.
The IoT chip market in retail is expected to grow at a compound annual growth rate of 12.40% over the forecast period to reach a market size of US$6,018.507 million in 2028, from US$2,655.386 million in 2021.
- Intel Corporation
- Qualcomm Technologies, Inc.
- Texas Instruments Incorporated
- Cypress Semiconductor Corporation
- NXP Semiconductors
- Silicon Laboratories Inc.
- Analog Devices, Inc.
- Renesas Electronics Corporation
- Nordic Semiconductor
With the growing adoption of the Internet of Things, it is safe to say that the global retail industry is undergoing a rapid transformation. The Internet of Things plays an efficient role in the retail industry as it efficiently supports boosting sales, offering a personalized experience, making improvements in inventory management as well as increasing the loyalty of the customers.
IoT chip is regarded as a physical networking device often known as a connected device that is well equipped with embedded technologies such as connectivity ICs, processors, sensors, logic devices, and even memory devices. These efficient technologies in the IoT market allow for the easy exchange of data between these devices, furthermore creating opportunities for growth for the IoT chip market.
The growth in the population leads to the growing penetration of internet usage across residential and commercial space as a result of a higher disposable income and improvements in the IT sector. Moreover, the adoption of cloud-based services coupled with the rising trend of industrial automation will further create growth opportunities for the IoT chip market.
The IoT chip market in retail is driven by increasing demand for connected wearable devices.
Over the past few years, there has been an increase in electronic devices such as smartphones, smart watches, laptops, desktops, and even smart shoes which is driving the growth of the market. These electronic devices perform their functions efficiently as per user requirements with the combination of internet connectivity with sensors followed by ease of integration.
A single wearable device can efficiently measure indicators of the overall health of any individual wearing it, such as body temperature, blood pressure, alcohol, glucose, hydration levels, and many more in real-time, which further allows for the non-invasive monitoring of the well-being of an individual. Multiple key launches in the IoT chip market are further creating opportunities for growth.
Wearable devices on the other hand are equipped with low-frequency radiation necessary for the safety of individuals. Hence, this leads to rising awareness among individuals about the benefits of these electronic devices coupled with the feature of lower harm to health and quick results, as a result of which leads to their rising adoption.
North America accounts for major shares of the IoT chip market in retail.
By geography, the tank level monitoring market has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The presence of major retail companies in North America coupled with the adoption of new technologies in major countries like the United States and Canada is positively impacting the market demand for IoT chips in the region, thereby propelling the overall market growth.
The Internet of Things (IoT) provides the necessary information to retailers relating to product tracking and delivery time of the products, thereby enabling them to boost their online as well as offline retail sales. The growing demand for an effective delivery system by consumers has made USA retailers adopt IoT technology in their operations to establish better customer connections, which has been further boosted by the growing internet penetration in the country.
For instance, according to the World Bank’s data, in 2020, the percentage of the population using the internet stood at 91% showing a 5% increase over 2016.
The COVID-19 pandemic elevated the online sales of groceries and food items which acted as an additional factor for boosting the adoption of IoT technology for promoting online retailing in the country. Growing investments by the government to promote 5G connectivity coupled with the increase in the number of smartphone users in the US has provided more growth opportunities for IoT technology in the retail business.
- North America
- United States
- South America
- United Kingdom
- The Middle East and Africa
- Asia Pacific
- South Korea
For more information about this report visit https://www.researchandmarkets.com/r/8b2a11
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SOURCE Research and Markets