According to the latest report by IMARC Group, titled "Internet of Things (IoT) in Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global internet of things (IoT) in the retail market reached a value of US$ 49.5 Billion in 2022. The Internet of Things (IoT) in retail helps brands track products throughout the supply chain. It provides retailers the necessary visibility to monitor product movement, track location, and predict a precise delivery time. It empowers a vast array of solutions that enhance the efficiency of business operations in retail. It allows store managers to find innovative ways to establish a connection with their customers, improve the process of product maintenance, create a short and direct customer journey, and build a long-lasting bond with first-time shoppers. The implementation of the internet of things for retail management as well as a part of warehouse technology results in decreasing shrinkage and navigating the inventory easily while supporting multiple advantages of warehouse automation.
Global Internet of Things (IoT) in Retail Market Trends:
The global market is majorly driven by the increasing inclusion of digital and in-store operations in the retail sector. In line with this, rapid technological advancements, including digital signage, on-shelf displays, beacons, and price tickers, are offering lucrative opportunities for market expansion. Furthermore, the rising integration of Artificial Intelligence (AI) and Augmented Reality (AR) in retail stores are creating a positive outlook for the market. Apart from this, the extensive research and development capabilities of leading players are significantly contributing to the market. Moreover, the growing adoption of real-time systems and location-based services is positively influencing market growth across the globe. Besides, the convergence of advanced technologies, such as cloud, analytics, mobility, and big data, and the declining sensor prices are catalyzing the demand for the internet of things in the retail industry. Additionally, the widespread use of radio-frequency identification (RFID) for store asset tracking is propelling the market. Other factors, including rapid automation in the retail sector, the augmenting demand for smart payment solutions, and the growing customer demand for a seamless shopping experience, are providing a boost to the market. On account of the factors above, the market is anticipated to reach a value of US$ 147.0 Billion by 2028, exhibiting a CAGR of 18.2% during 2023-2028.
- On the basis of the solution, the market has been segmented into hardware (RFID tags, beacons, sensors, and wearables) and software.
- Based on the service, the market has been categorized into professional and managed services.
- Based on the technology, the market has been classified into near field communication, Bluetooth low energy, ZigBee, and others.
- Based on the platform, the market has been bifurcated into device management, application management, and connectivity management.
- Based on the application, the market has been segmented into operations management, asset management, customer experience management, and advertising and marketing.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Allerin Tech Pvt Ltd, Amazon.com Inc., Bosch.IO GmbH, Cisco Systems Inc., Huawei Technologies Co. Ltd, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, NEC Corporation (AT&T Corporation), Oracle Corporation, Software AG, Telit and Vodafone Group Plc.
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