As reported by Berg Insight, the retail industry has deployed more than 72 million cellular IoT connections in total by 2019, while it is expected to grow to a sizable market comprising nearly 116 million devices worldwide by the end of 2024. These devices encompass a wide range of equipment, including point-of-sale payment terminals, ATMs, vending machines, parking meters, digital signs, and fare collection devices. The increase in the amount of retail equipment and IoT connections is primarily driven by the ability to optimize retailers’ supply chains and offer personalized shopping experiences.
1NCE is observing a rapid adoption of IoT by the Retail industry for the above tasks. These IoT initiatives span a diverse range of countries, including the US, UK, Germany, Italy, South Korea, Japan, China, and more.