The current growth rate of IoT is good enough to explain that the retailers who want to explore Internet of Things will spend over $2.5 billion on various hardware and installation works.
The hardware required for IoT comprises of radio-frequency ID that help in asset tracking in real time and Bluetooth Beacons that are capable of enhancing visibility over footfall and send/receive information from the smartphones of the customers.
When beacons, radio-frequency ID and consumer wearable are connected with software analytics, they don’t only enhance the customer experience, but also provide in-depth business insight. According to Steffen Sorrell, Author of a Juniper Research report that covered IoT and its future, retail stores like Target and Zara have already started taking the benefits that are offered by advanced RFID asset tracking feature. Along with this, the market for beacon devices is expanding at a steady pace, helping consumers getting relevant information from their wearable and smartphones.
The IoT report published by Juniper Research states that connected units in IoT space are likely to touch 38.5 billion by 2020. With these many devices in the market, the need for a secured network will enhance exponentially. Scientists will have to make sure they have the best people and technology in place to handle such issues.