IoT In Retail Market 2024 – Market Insights, Industry Drivers, Market Size, Share And Forecast To 2033 | ARM Limited, Cisco Systems Inc., Alphabet Inc., IBM Corporation, Impinj Corporation

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The IoT In Retail by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s IoT In Retail, The iot in retail market size has grown rapidly in recent years. It will grow from $33.76 billion in 2023 to $40.35 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth in the historic period can be attributed to data-driven decision making, customer engagement evolution, inventory optimization, enhanced in-store experiences, security and loss prevention..

The iot in retail market size is expected to see rapid growth in the next few years. It will grow to $78.73 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to data analytics and ai integration, adoption of edge computing, consumer adoption of iot devices, expansion of omnichannel retailing, cybersecurity and data privacy measures.. Major trends in the forecast period include supply chain visibility and transparency, smart shelves and product monitoring, enhanced security and loss prevention, in-store analytics and foot traffic monitoring, contactless payment and checkout..

The increasing penetration of e-commerce is expected to propel the growth of the IoT in the retail market going forward. E-commerce, often known as electronic commerce or online commerce, refers to the purchase and sale of goods or services over the internet, as well as the transmission of money and data to complete these transactions. In e-commerce, IoT is used in inventory management such as using radio frequency identification tags that enable the learning of all crucial item information regarding the product type, its availability, and expiration date, without the necessity of any human involvement. The precise and detailed tracking of the item journey during supply chain management, remote assessment of products and items to predict their maintenance and analyze their performance, business personalization, customer and sales management, and other features are possible by IoT to optimize the retail operations in e-commerce. For instance, according to the Census Bureau of the Department of Commerce, a US-based source of quality data about the nation’s people and economy, total retail sales for the third quarter of 2022 were estimated at $1,792.0 billion, an increase of 0.7 percent (±0.1%) from the second quarter of 2022. The third quarter of 2022 e-commerce estimate increased by 10.8 percent (±1.2%) from the third quarter of 2021 while total retail sales increased by 9.1 percent (±0.4%) in the same period, in which, the third quarter of 2022 e-commerce sales made up 14.8% of total sales. Further, as per ecommerceDB, a UK-based statistical company, with sales of 177.5 billion in 2021, the United Kingdom is the fourth largest ecommerce market trailing only Germany and Japan. The UK ecommerce market increased by 9% in 2021, contributing to a global growth rate of 18%. Therefore, the increasing penetration of E-commerce is driving the growth of the IoT in the retail market.

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The iot in retail market covered in this report is segmented –
1) IoT In Retail Market By Offering: Solution, Service
2) IoT In Retail Market By Type: Beacons, RFID Tags, Sensors, Wearables, Other Types
3) IoT In Retail Market By Technology: Bluetooth low energy, Near field communication, ZigBee, Other Technologies
4) IoT In Retail Market By Deployment Mode: On-premise, Cloud
5) IoT In Retail Market By Application: Supply Chain Operations Management, Customer Management, Sales and Customer Management, Asset Management, Other Applications

Top Major Players

Product innovation is a key trend gaining popularity in the IoT in the retail market. Major companies operating in the market are focused on research and development for product innovations to sustain their position in the market. For instance, in May 2022, Hanshow Technology Co. Ltd, a US-based developer, and supplier of electronic shelf label (ESL) products and solutions introduced AllStar, a new IoT platform that focuses on the retail industry and is designed to help retailers to upgrade and expand their digitalization. The AllStar platform functions as an integrated system for managing a store’s full digital devices, including SaaS and private deployment options that include unified user authentication and third-party application access integration via an open API based on HTTP. Additionally, it provides smart store operation efficiency and improves customer in-store experience, including key functions such as pricing management, inventory management, picking, geolocation, dynamic pricing, promotion boards, interactive marketing, digital payment, passenger flow analysis, and automatic monitoring patrol.

The iot in retail market report table of contents includes:

1. Executive Summary

2. IoT In Retail Market Characteristics

3. IoT In Retail Market Trends And Strategies

4. IoT In Retail Market – Macro Economic Scenario

5. Global IoT In Retail Market Size and Growth

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31. Global IoT In Retail Market Competitive Benchmarking

32. Global IoT In Retail Market Competitive Dashboard

33. Key Mergers And Acquisitions In The IoT In Retail Market

34. IoT In Retail Market Future Outlook and Potential Analysis

35. Appendix