Technavio's latest report on the global machine-to-machine (M2M) services market in the retail industryprovides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global machine-to-machine (M2M) services market in retail industry from 2017-2021. (Photo: Business Wire)
The global M2M services market in the retail industry is likely to grow rapidly during the forecast period due to the high deployment of low-powered beacons in most of the retail stores. Retailers have been implementing powerful multi-channel applications to engage customers and boost sales using smart devices. There is a rise in the adoption of connected devices for applications such as payments in grocery stores, banks and financial institutions, restaurants, and entertainment spaces. POS payment methods have gained importance with the adoption of M2M technology for a wide range of business processes.
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The top three emerging trends driving the global M2M services market in the retail industry according to Technavio ICT research analysts are:
- M2M platform consolidation
- Growth in embedded telematics solutions
- Increasing use of M2M for security and surveillance
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M2M platform consolidation
"Powerful M2M platforms are available that fit onto small boards to provide many ports. These platforms are compatible with Linux, Android, and other such standardized operating systems. Furthermore, M2M platform consolidation solutions provide an intuitive management platform for all M2M solutions. Also, the solutions assist in monitoring services closely and consistently improving the integration between solutions," says Sunil Kumar Singh, a lead analyst at Technavio for research on machine to machine (M2M) and connected devices.
M2M platform consolidation solutions also accelerate the development of new M2M solutions. Kapsch (a road telematics, IT, and telecommunications company) delivers an M2M platform consolidation solution based on the Asset Management Platform (AMP). This solution is delivered on a software-as-a-service (SaaS) model, which can be deployed quickly with no upfront investment. The AMP provides a range of functions that include security management, device and connectivity management, high-performance database and analytics, and enterprise integration.
Growth in embedded telematics solutions
"The penetration of integrated telematics is increasing in Western countries due to a rise in demand for smartphones and increased regulations for safety. Premium telematics services include navigation, infotainment, and vehicle-to-vehicle communication. These services increase telematics retention and the average revenue per user," adds Sunil.
The telematics industry will be driven by two factors, which include increased demand for wireless connectivity in cars and the need to connect wirelessly to digital car services among auto manufacturers. Telematics services are growing due to an increase in the duration of free trial periods. For instance, Hyundai and BMW have extended the free trial period from 6-12 months to 3-10 years. The renewal prices of telematics services are low. Therefore, the retention of the active subscribers becomes easy.
Increasing use of M2M for security and surveillance
M2M solutions are widely used in supermarkets, hypermarkets, restaurants, hotels, and small- and medium-sized outlets for security and surveillance purposes. Most of the retailers are installing security cameras in their retail stores due to the decline in prices of M2M communication devices. The decline in installation costs and the tariff rates of network operators is also leading to an increase in the deployment of M2M security systems.
Many retailers, restaurant owners, and hotel owners are installing these systems in their establishments to track people and equipment. For instance, retail managers receive alerts on their smartphones in the event of a break-in. Managers can remotely track the activity inside their stores through the security camera feed. Also, M2M retail security solutions help store managers find alternative locations for the storage of goods.
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