Market Research – IoT expected 35B by 2020. CAGR of 20%

By | July 30, 2015

According to a new market research report,”Internet of Things (IoT) in Retail Marketby Component (Hardware and Software), Hardware (Gateways, RFID, Sensors), Service (Remote device management, Managed service, and Professional service), Technology, Region – Global Forecast to 2020″, published by MarketsandMarkets, The global IoT in Retail Market is expected to grow from USD 14,280.0 Million in 2015 to USD 35,640.0 Million by 2020, at a Compound Annual Growth Rate (CAGR) of 20.0%.

The demand for this market is driven by internet ubiquity worldwide and the declining cost of IoT components such as sensors and RFID. Cloud platform is another factor which considered as an important driver to the IoT market. The software market in IoT in retail is expected to flourish in the coming years owing to the increasing usage of mobile applications. Niche players such as ThingWorx and Carriots are developing software platforms and many others have emerged and are expected to evolve in the coming time.