IoT in Retail—Asia-Pacific Market Landscape and Overview, 2019

IoT in Retail—Asia-Pacific Market Landscape and Overview, 2019

Growth Opportunities and Market Forecasting

RELEASE DATE
14-Feb-2020
REGION
Asia Pacific
Research Code: 9ABC-00-1E-00-00
SKU: IT04132-AP-MR_24452

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Description

In 2018, the retail IoT market in Asia-Pacific generated a revenue of $1.72 billion, and it is anticipated to grow at a compound annual growth rate of 24.8% from 2018 to 2025 to reach $10.00 billion in 2025. This growth insight discusses market size in terms of spending across key application areas such as WiFi-based analytics, video and other senor-based analytics, facial/behavioral analytics, proximity marketing, augmented panels and signage, navigational services, checkout and ordering, dynamic pricing, inventory/asset tracking, and automated stocking/audits. As traditional retailers turn to IoT solutions to draw footfall back to physical stores with enhanced customer experiences, the market will expand rapidly. IoT solutions will help traditional retailers emulate e-commerce practices, including flash discounts, reviews, recommendations (opportunities to upsell and cross sell), personalization options and, effectively, limitless merchandise. Analytics solutions that help automate laborious tasks, including people counting, planogram audits, and merchandise tracking, will experience high uptake due to their readily perceivable return on investment (ROI). While the hype around proximity marketing has reduced in recent years, retailers are now experimenting with more immersive forms of marketing such as digital signage and smart shelves. With retailers increasingly adopting video-based applications, this has significant implications for the underlying digital infrastructure that solution providers will need to build for their customers. Asia-Pacific has seen chronic labor shortages in some regions, a proliferation of end-to-end retail IoT solutions, massive IoT investments by e-commerce giants, and the scaling of cashless payment systems - all of which prompt an increasing number of retailers to take the first step in terms of adopting IoT solutions. However, the low cost of labor in other markets, the high cost of solutions, cybersecurity-related concerns, and ROI-related uncertainties restrain retailers from investing in retail IoT solutions. Hence, solution providers must be clear about the business outcomes (better inventory management, improved asset tracking, and more effective in-store promotion, among others) that they seek to help retailers achieve before they deploy an IoT solution. Retailers, in turn, must conduct a realistic examination of their own capability and technology gaps to seek partners that can help them plug these gaps and achieve the stated business outcomes. In particular, Frost & Sullivan notes opportunities for (1) Platform providers to leverage sensor data to enable brick and mortar retailers to enact dynamic pricing models that can potentially rival those of their online competitors, (2) IoT solution providers to enable retailers to create experiential retail environments that can draw more customers to stores and increase their dwell time and (3) Video surveillance camera OEMs to leverage video analytics solutions to extend their retail offerings and allow retailers to combine shopper analytics and store security investments.

Author: Deepu Nair

Table of Contents

Executive Summary

2019 IoT in Retail—Asia-Pacific Outlook

Key Questions this Study will Answer

IoT—Definition

Retail IoT—Definition

Description and Benefits of Key Technologies for Each of the Five Categories

Trends That Impact the Asia-Pacific Retail IoT Space

Market Trend 1—Retailers are Looking at Video Analytics Solutions that go beyond Security and Footfall Analysis

Market Trend 2—Retailers are Showing a Growing Interest in Augmented Signage and Panels to Deliver Hyper-personalized Content

Market Trend 3—Retailers are Exploring the Diversity of Beacon Usage in Asia-Pacific

Market Drivers

Market Restraints

Global Retail IoT Market Landscape—Key Application Areas

Noteworthy Recent Acquisitions and Partnerships (Global and Asia-Pacific)

Retail IoT Market—Spending Forecast

Equipped with Smart Sensors, RFID, and Digital Displays, Smart Shelves Enable Dynamic Pricing and Personalized Advertisements

AWM Smart Shelves Allow Users to Obtain More Information about In-store Customer Behavior and React to this Information in Real Time

Business Outcomes

Gatekeeper® Systems—By Imbuing Carts with Sensors, this Solution Helps Retailers Manage Their Cart Fleets Better and Reduce Theft

The Gatekeeper® Solution Improves Cart Yield by Ensuring Adequate Provisioning and Helping Reduce Theft-related Losses

Business Outcomes

Intel—The IoT Group Highlights Retail as One of Its Major Revenue Segments and Offers Two Broad Categories of Solutions for Retailers

Generally, Intel Works with SI’s to Bring Solutions to Market; However, in Some Cases, it Directly Markets Fully Developed Solutions

Business Outcomes (for partners and customers)

Panasonic’s Facial Recognition Systems

Panasonic’s Business Analytics and Security Solutions Offer Holistic Retail Solutions

Business Outcomes

Symphony Retail’s Price Optimization Software

Automated Pricing Models Help Offline Retail Stores Have an Online Shopping Experience

Business Outcomes

Growth Opportunity 1—Platform Providers can Leverage Sensor Data to Enable Brick and Mortar Retailers to Enact Dynamic Pricing Models that can Potentially Rival those of their Online Competitors

Growth Opportunity 2—IoT Solution Providers can Help Retailers Create Experiential Retail Environments that can Draw More Customers to Stores and Increase their Dwell Time

Growth Opportunity 3—Video Analytics Solutions will Allow Visual Surveillance Camera OEMs an Avenue to Extend their Retail Offerings and Allow Retailers to Combine Shopper Analytics and Store Security Investments

Strategic Imperatives for Success and Growth

Conclusion and Summary

Legal Disclaimer

List of Exhibits

The Frost & Sullivan Story

Value Proposition—Future of Your Company & Career

Global Perspective

Industry Convergence

360º Research Perspective

Implementation Excellence

Our Blue Ocean Strategy

Related Research
In 2018, the retail IoT market in Asia-Pacific generated a revenue of $1.72 billion, and it is anticipated to grow at a compound annual growth rate of 24.8Percentage from 2018 to 2025 to reach $10.00 billion in 2025. This growth insight discusses market size in terms of spending across key application areas such as WiFi-based analytics, video and other senor-based analytics, facial/behavioral analytics, proximity marketing, augmented panels and signage, navigational services, checkout and ordering, dynamic pricing, inventory/asset tracking, and automated stocking/audits. As traditional retailers turn to IoT solutions to draw footfall back to physical stores with enhanced customer experiences, the market will expand rapidly. IoT solutions will help traditional retailers emulate e-commerce practices, including flash discounts, reviews, recommendations (opportunities to upsell and cross sell), personalization options and, effectively, limitless merchandise. Analytics solutions that help automate laborious tasks, including people counting, planogram audits, and merchandise tracking, will experience high uptake due to their readily perceivable return on investment (ROI). While the hype around proximity marketing has reduced in recent years, retailers are now experimenting with more immersive forms of marketing such as digital signage and smart shelves. With retailers increasingly adopting video-based applications, this has significant implications for the underlying digital infrastructure that solution providers will need to build for their customers. Asia-Pacific has seen chronic labor shortages in some regions, a proliferation of end-to-end retail IoT solutions, massive IoT investments by e-commerce giants, and the scaling of cashless payment systems - all of which prompt an increasing number of retailers to take the first step in terms of adopting IoT solutions. However, the low cost of labor in other markets, the high cost of solutions, cybersecurity-related concerns, and ROI-related uncertainties restrain retailers from investing in retail IoT solutions. Hence, solution providers must be clear about the business outcomes (better inventory management, improved asset tracking, and more effective in-store promotion, among others) that they seek to help retailers achieve before they deploy an IoT solution. Retailers, in turn, must conduct a realistic examination of their own capability and technology gaps to seek partners that can help them plug these gaps and achieve the stated business outcomes. In particular, Frost & Sullivan notes opportunities for (1) Platform providers to leverage sensor data to enable brick and mortar retailers to enact dynamic pricing models that can potentially rival those of their online competitors, (2) IoT solution providers to enable retailers to create experiential retail environments that can draw more customers to stores and increase their dwell time and (3) Video surveillance camera OEMs to leverage video analytics solutions to extend their retail offerings and allow retailers to combine shopper analytics and store security investments. Author: Deepu Nair
More Information
No Index No
Podcast No
Author Deepu Nair
Industries Information Technology
WIP Number 9ABC-00-1E-00-00
Is Prebook No
GPS Codes 9702-C1,9705-C1,9658,9846-63,9B07-C1