Hardware segment ruled the connected retail market in the recent past . The segment had over 60 % of the total market revenue share in 2015 , due to the increase in connected devices proliferation at consumer & retailer levels . Furthermore , hardware growth is enhanced by IoT including communication chips and sensors . RFID amongst hardware components is projected to grow at over 23 % CAGR . Increase in RFID components adoption in retail owing several advantages they offer which include monitoring customer behavior , preventing theft & fraud , inventory management , and preventing loss . NFC technology is estimated to witness growth at a 22 % CAGR due to increasing in cashless payments adaption in the industry . It has several advantageous properties such as security , versatility , and ease-of-use .
Software segment is estimated to witness the positive growth with more than 24 % CAGR over the eight year period . Software segment is booming due to increase in number of IoT applications throughout the industry . Retailers are more and more adopting IoT to have more customers ’ interaction and gain competitive advantage . Managed services sector is accounting for more than 40 % in 2015 , thus is estimated to witness positive growth over the forecast period . It reduces the repeated in-house IT costs and enhances the efficiency .
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It includes outsourcing the production support activities , support maintenance and lifecycle management activities among several others . As IoT in retail is gaining rapid adaption , retailers are continuously facing data safety threats . Thus , to manage the increasing data base , security , service providers invest heavily for disaster recovery and data protection solutions . The services for remote management devices are expected to grow at over 24 % CAGR due to rapid growing remote devices adaptation at workplace . This service provides security as it gives secure data access and thus prevents data misuse . North America is expected to dominate the connected retail market at global basis accounting for over 35 % revenue share in 2015 . Companies from this region , especially U . S . are investing heavily in IoT infrastructure , thus is estimated to drive the regional market growth over the next eight years .
Asia Pacific region is projected to be a booming regional market and is estimated to grow at 25 % CAGR over the eight year period . Developing region in Asia Pacific such as India and China are expected to witness huge growth due to the increase in adoption of IoT . Key market players include Microsoft Corporation , Zebra Technologies Corporation , SAP AG , PTC , Inc ., IBM , Cisco Systems , Inc ., Softweb Solutions , Inc , NXP Semiconductors N . V ., Intel Corporation , Google , ARM Holdings PLC and Atmel Corporation . Vendors are implementing strategies such as product innovation & differentiation by investing in research and development processes to gain advantage over its other competitors .
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