According to the latest study revealed by Juniper Research, the retailers are going to invest $2.5 billion on the Internet of Things. With such increased investments, IOT is expected to grow massively by 2020.

The IoT refers to a network of physical devices with embedded chips, software and sensors. Each device in the network has its own IP address, allowing the web connectivity. The communication among different devices connected to the internet is based on the infrastructure of the International Telecommunication Union’s Global. These internet connected devices can then be operated remotely through an app or internet connected device.

The retailers are going to invest $2.5 billion on the Internet of Things with the aim to enhance technologies such as the Security Model, RFID (Radio Frequency ID) tags and Bluetooth Beacons. Bluetooth Beacons are transmitters using Bluetooth 4.0 to wirelessly transmit pertinent information that can be received by compatible devices. Whereas RFID tags are an ID system utilizing small radio frequency identification devices, which help in real-time asset tracking along with reduced labor costs.

The retailers are going to invest $2.5 billion on the Internet of Things and noted author Steffen Sorrell said:

“Retailers such as Zara and Target are already taking advantage of the benefits offered by RFID asset tracking. 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.”

The retailers are going to invest $2.5 billion on the Internet of Things and according to a study by Juniper Research; the number of IoT devices will reach 38.5 billion in 2020. With such an increase in the number of internet connected devices, the security of such devices should be the first priority for the developers. In the recent days there have been many cases in which the security of internet connected devices has been compromised.