Revenue Generated by IoT Retail Platforms Expected to Exceed $4.3 billion in 2023
According to the recent Juniper Research whitepaper, The IoT Retail Revolution, the retail market has undergone dramatic change over an extended period, which IoT technology is accelerating. The report dives into the technologies lending to retail transformation and promoting efficiencies.
The first, radio frequency identification, is a pivotal tool in analytics, allowing retailers to design practices and store layouts, track product details, and track inventory in real-time. Heat sensors are the second tool, play a role in food safety at bars and restaurants and creates an adapted shopping experience in retail, adjusting to promote selling goods connected with weather characteristics. The third optimizes resources and processes of IoT data by applying analytics.
Additional information includes:
- Retail “Movers and Shakers” referenced include: Niall Murphy (Founder, EVRYTHNG), Brandon Cannaday (Co-Founder, Losant), Kerry Lemos (CEO, RetailPro), Bhaskar Gorti (President, Nokia Software), Dan Doles (President, Mojix), and Guillaume Sampic (IoT Strategy Director, BT).
- Juniper Research anticipates a jump from 5 billion IoT platform connected assets in 2018 to 25 billion by 2023.
To download the full whitepaper, click here.