Global M2M services market: Key market research findings
- M2M improves efficiency in logistics and supply chain
- Deployment of broadband POS terminals
Technavio has released a new market research report on the global M2M services market in the retail industry, which is expected to reach a market value of almost $6 billion by 2020. The increase in the adoption of connected devices for payment in grocery stores, banks and financial institutions, restaurants, and entertainment spaces are contributing factors for the growth of the M2M services market during the forecast period. Currently, the Americas dominate the global M2M services market with a share of almost 50% due to the growing use of point-of-sale (POS) and increasing adoption of M2M services among supermarket retailers, restaurant and hotel owners, and small and medium-sized retailers.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Retailers across the world prefer to use M2M-based digital signage to provide essential information on product launches, the latest additions to product lines, and discounts. This is due to the availability of advanced features of M2M-based digital signage in comparison to traditional print-based displays. Enterprises are also switching to M2M technology as it helps in the improvement of the supply-chain processes. Moreover, incorporating M2M services in the retail industry will also enhance the customers’ shopping experience,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
Implementing M2M technology can provide retailers with benefits such as a flexible and secure infrastructure, maximized and simplified communication, business transformation, and optimized commerce, workforce, and supply chain. A retailer connected by M2M technology is able to display welcome messages on dashboards, stream videos regarding product portfolios and manage customer queries efficiently. This helps improve the overall customer experience and interaction in stores. For example, telecommunications provider AT&T has adopted the M2M technology for an effective retail ecosystem and thereby improve the operational efficiency.
The key players in the global M2M services market in the retail industry are AT&T, Deutsche Telekom, Rogers Communications, Verizon Communications, and Vodafone. The global M2M services market in the retail industry is highly competitive as major players as well as new entrants are increasingly focusing towards providing M2M services in the retail sector. The reason for this shift is the high adoption of POS terminals, ATMs, vending machines, and smart meters among government agencies, retailers, financial institutions, and enterprises.
A more detailed analysis is available in the Technavio report, Global M2M Services Market in the Retail Industry.
We can customize reports by other regions and specific segments upon request.
Other related reports:
