A recent business and commerce publication by Transparency Market Research (TMR) has observed that the demand in the market for connected retail is expanding leaps and bounds and a number of players are connecting to the value chain. There are widespread possibilities with the growing field of the Internet of Things (IoT), paving a reliable mode of interaction between a company and its customers. The analysts of the report have evaluated that the global connected retail market was worth merely US$16.30 billion in 2016 and US$19.46 billion in 2017, but the future prospects are enormous with the valuation of the market estimated reach US$82.31 billion by the end of 2025. During the forecast period of 2017 to 2025, the demand in the global connected retail market is projected to increment at a phenomenal CAGR of 19.8%.
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Product Innovation Paramount for Major Players to Maintain Leadership
“For the market leaders to stay ahead of the curve, product innovation is paramount,” suggests the lead analyst of the report. Nearly every major player of the global connected retail market are International vendors of technology and investment on the research and development of innovative products is their primary focus. However, there are strong possibilities of new entrants making a mark in this market too via niche approaches and hence, activities of mergers and acquisitions are highly anticipated in the near future.
The TMR report identifies Amazon Web Services Inc. (Seattle, U.S.), Google Inc. (U.S.), Microsoft Corporation (Washington, U.S.), Cisco Systems (San Jose, California), International Business Machines Corporation (IBM) (U.S.), Verizon (New York, United States), Belatrix Software (Redwood City, U.S), Softweb Solutions Inc. (Chicago, U.S), ARM Holdings PLC (Softbank Group) (Cambridge,U.K), SAP SE (Germany), Atmel Corporation (Microchip Technology Inc.) (California, U.S), Intel Corporation (Santa Clara, U.S), Zebra Technologies Corp. (U.S), Fujitsu Limited (Tokyo, Japan), NXP Semiconductors NV (Netherlands), and PTC Inc. (Massachusetts, U.S) as some of the key companies in the global connected retail market.