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BizReport : Trends & Ideas archives : September 03, 2015

Retail Internet of Things spend forecast to reach $2.5 billion by 2020

In just five years retailers will be shelling out billions on technology related to the Internet of Things, according to new figures released by Juniper Research - that's four time the amount forecast to be spent this year.

by Helen Leggatt

By 2020, retailers are forecast to be spending $2.5 billion on Internet of Things technology such as radio frequency ID tags (RFID) and Bluetooth-equipped beacons. That's four times the $670 million forecast to be spent in 2015.

"Retailers such as Zara and Target are already taking advantage of the benefits offered by RFID asset tracking," said Steffen Sorrell, a Juniper research analyst. "Meanwhile, the beacon industry is expanding rapidly, used as a method to provide consumers with contextually relevant information in conjunction with their smartphone or wearable will enormously enhance the in-store experience."

However, as much as 70% of the spend on Internet of Things hardware by retailers will be business-related rather than consumer-centric, says the report.

Juniper's data also highlights how their forecast explosion to 38.5 billion Internet of Things-connected devices in use worldwide by 2020 will prompt "fundamental changes" in cybersecurity such as a focus on quickly identifying network breaches rather than concentrating on prevention.

Image via Shutterstock

Tags: Internet of Things, IoT, retail

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