The global internet of things (IoT) in retail market size reached US$ 49.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 147.0 Billion by 2028, exhibiting a growth rate (CAGR) of 18.2% during 2023-2028.
The Internet of things (IoT) is a data network comprising devices that connect to the Internet and exchange data without requiring human-to-machine interaction. It finds extensive applications in the retail sector as IoT helps link the physical and digital world by allowing bidirectional real-time interaction with consumers inside and outside the store. It offers functional advantages, such as dynamic pricing, inventory tracking, monitoring, and personalized recommendations. Besides this, it also allows retailers to track customer movement and acquire insights about their shopping behavior.
Internet of Things in Retail Market Trends:
The rising automation in the retail sector to minimize labor costs represents one of the key factors bolstering the growth of the market. Moreover, retailers are focusing on launching innovative products and services and guaranteeing security to avoid data breaches. They are also aiming at bringing a digital transformation to their conventional bricks-and-mortar outlets. As a result, retailers are nowadays adopting IoT technologies, such as digital signage, payment systems, and smart lighting and vending machines. In addition, they are utilizing radio-frequency identification (RFID) for asset tracking in stores and warehouses, sensors and cameras for monitoring product status and customer traffic, and in-store Wi-Fi to detect return customers and encourage digital interaction. Apart from this, IoT devices enhance customer experience (CX) in stores through interactive terminals, virtual or augmented reality (AR/VR) experience, smart fitting rooms, and robots that can be deployed as smart sales assistants. These benefits, coupled with the rapid expansion of the e-commerce industry, are facilitating the growth of the market. Furthermore, with the declining cost of IoT hardware, small and medium-sized retailers are increasingly investing in IoT technologies, which is positively influencing the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global IoT in retailmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on solution, service, technology, platform and application.
Breakup by Solution:
Breakup by Service:
Breakup by Technology:
Near Field Communication
Bluetooth Low Energy
Breakup by Platform:
Breakup by Application:
Customer Experience Management
Advertising and Marketing
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Base Year of the Analysis
Solution, Service, Technology, Platform, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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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Key Questions Answered in This Report
The global Internet of Things in retail market was valued at US$ 49.5 Billion in 2022.
We expect the global IoT in retail market to exhibit a CAGR of 18.2% during 2023-2028.
The growing adoption of the Internet of Things for retail management and navigating the inventory easily is primarily driving the global Internet of Things in retail market.
The sudden outbreak of the COVID-19 pandemic has led to the rising deployment of the Internet of Things (IoT) across the retail sector to track customer movement and acquire insights regarding their shopping behavior, during the lockdown scenario.
Based on the solution, the global Internet of Things (IoT) in retail market can be segmented into hardware and software. Currently, hardware, including RFID tags, hold the majority of the total market share.
Based on the service, the global IoT in retail market has been divided into professional services and managed services, where professional services currently exhibit a clear dominance in the market.
Based on the technology, the global Internet of Things in retail market can be categorized into near field communication, Bluetooth low energy, ZigBee and others. Currently, near field communication accounts for the majority of the global market share.
Based on the platform, the global IoT in retail market has been segregated into device management, application management and connectivity management. Among these, device management currently holds the largest market share.
Based on the application, the global Internet of Things in retail market can be bifurcated into operations management, asset management, customer experience management and advertising and marketing. Currently, operations management exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global Internet of Things (IoT) in retail market 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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