JERSEY CITY, N.J. , July 29, 2024 /PRNewswire/ — InsightAce Analytic Pvt. Ltd. has announced the release of a market assessment report on “Global Internet of Things in Retail Market – (By Component (Hardware, Platform, Services), By Deployment (On-Premise, Cloud), By Technology (Bluetooth Low Energy, Near Field Communication, Zigbee, Others), By Application), Trends, Industry Competitive Analysis, Revenue, Forecast to 2031.”
According to the latest research from InsightAce Analytic, the value of the global Internet of Things in retail market is expected to reach USD 57.8 billion in 2023 and reach USD 464.9 billion by 2031, growing at a CAGR of 30.1% during the forecast period 2024-2031.
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The Internet of Things (IoT) is transforming the retail market by improving customer experiences, optimizing operations, and enabling new business models. IoT technologies such as smart shelves, beacons, and connected devices provide real-time data and insights into stock levels, customer preferences, and store traffic patterns. This data allows retailers to manage inventory more efficiently, personalize marketing efforts, and streamline supply chain operations. Additionally, IoT-enabled devices can enhance the in-store experience through features such as automated checkout, interactive displays, and customized promotions based on shopper behavior.
The increasing adoption of IoT is expected to drive significant improvements in innovation and efficiency, helping retailers remain competitive in a rapidly evolving market. The rise of omnichannel retailing, driven by IoT technology to seamlessly integrate online and offline shopping experiences, is contributing to the market growth. Additionally, the increasing prevalence of IoT-enabled smart stores, where retailers use interconnected devices and sensors to provide an immersive and personalized shopping experience, is further accelerating the market expansion.
List of key players in IoT in retail market:
Accenture Allerin Tech Pvt Ltd Amazon Web Services Arm Limited AT&T Bosch.IO GmBH Cisco Systems Inc. Google LLC Happiest Minds Technologies Huawei Enterprise IBM Corporation Intel Corporation Losant IoT Microsoft Corporation NEC Corporation NXP Semiconductors Oracle PTC Inc. RetailNext, Inc. SAP SE Sierra Wireless Software AG Softweb Solutions Inc. Telit Cinterion Verizon Communications Inc. Vodafone Zebra Technologies Corporation
Scope of the Internet of Things in Retail Market Report:
Report Attributes
specification
Market size value in 2023
US$57.8 billion
Revenue forecast for 2031
US$464.9 billion
Growth rate CAGR
CAGR from 2024 to 2031 is 30.1%
Quantitative units
Revenue (USD Billion) and CAGR from 2024 to 2031
A historic year
2019 to 2023
Forecast Year
2024-2031
Report Scope
Revenue forecast, company position, competitive market structure, growth prospects, trends
Target segments
By component, technology, deployment, and application
Area Coverage
North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Country Range
USA, Canada, UK, Germany, China, India, Japan, Brazil, Mexico, France, Italy, Spain, Southeast Asia, Korea
Market Trends:
driver-
The growth of Internet of Things (IoT) in the retail market is driven by several key factors, including the increasing demand for enhanced customer experience and the need for efficient inventory management. IoT technology enables retailers to collect real-time data on consumer preferences and behaviors to develop personalized marketing strategies. Additionally, IoT solutions improve supply chain visibility and operational efficiency, reducing costs and increasing productivity.
Increasing knowledge and adoption of smart devices and advancements in IoT technologies will further drive the market growth. Additionally, the integration of IoT with emerging technologies such as machine learning and artificial intelligence will enhance decision-making processes and predictive analytics in retail operations.
assignment:
The retail market faces numerous hurdles when it comes to adopting the Internet of Things (IoT). A major obstacle is ensuring data security and privacy. As IoT devices collect a wide variety of data, it becomes increasingly difficult to protect this data from intrusion and ensure customer privacy. Another challenge is integrating IoT systems with existing retail infrastructure.
Retailers often face compatibility issues and have to make significant investments in technology upgrades. Moreover, managing and maintaining a network of interconnected devices is complex and requires specialized skills and knowledge. Moreover, technological advances are occurring at a rapid pace, forcing retailers to continually adapt to stay competitive, which can be both costly and resource consuming.
Regional trends:
IoT in North American retail market is expected to capture a significant market share. This growth is due to the integration of in-store and digital operations in the retail sector, where technologies such as RFID tags and smart shelves enable retailers to efficiently manage inventory and improve shopping experience. The Asia Pacific (APAC) region is expected to be the fastest growing market, with a notable CAGR projected from 2024 to 2031. This rapid and continued growth is driven by increasing internet penetration, smartphone usage, and e-commerce activities. This digital shift creates a ripe environment for the adoption of digital avatars in customer interactions, marketing strategies, and virtual experiences.
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Recent developments:
In January 2024, IBM partnered with SAP SE to create a solution aimed at helping consumer goods and retail clients leverage generative AI to optimize supply chains, financial operations, sales, and services. In December 2023, HCL Technologies (HCL) partnered with SAP to develop and deliver IoT solutions and services relevant to various industries. HCL Technologies bundles relevant SAP software with services and hardware to speed and streamline the fragmented and complex solution stacks that organizations face when implementing Industry 4.0 transformation.
Segmentation of the Internet of Things in Retail Market
By Component
Hardware Beacons RFID Tags Sensors Wearables Platforms Connectivity Management Application Management Device Management Services Professional Services Managed Services
By Technology
Bluetooth Low Energy Short Range Wireless Communication Zigbee Others
By deployment
By Application
Operations Management Inventory Management Supply Chain Automation Workforce Management Security & Safety Customer Management Smart Vending Machines Smart Shelves Queue Management Automated Checkout Asset Management Asset Tracking Predictive Maintenance Advertising & Marketing Smart Digital Signage Geomarketing Others
By region –
North America-
Europe-
Germany UK France Italy Spain Other Europe
Asia Pacific –
China Japan India Korea Southeast Asia Other Asia Pacific
latin america-
Brazil Argentina Other Latin America
Middle East and Africa
GCC Countries South Africa Other Middle East and Africa
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Reasons to buy this report:
Get a comprehensive analysis of the global Internet of Things in Retail market outlook Get an industry overview and future trends of the global Internet of Things in Retail market Analyze the drivers and challenges of the Internet of Things in Retail market Get information on the Internet of Things in Retail market size value (USD Million) forecast to 2031 Major investments, mergers, and acquisitions in the global Internet of Things in Retail industry
Other related reports published by InsightAce Analytic:
Retail e-commerce package market
Luxury E-commerce Platform Market
IoT in the Agriculture Market
Digital Last Mile Platform Market
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InsightAce Analytic is a market research and consulting firm that helps clients make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to grow the business. We help our clients gain competitive advantage by identifying untapped markets, researching new competing technologies, segmenting potential markets and repositioning products. Our expertise is in delivering syndicated and custom market intelligence reports with in-depth analysis of key market insights in a timely and cost-effective manner.
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