Internet of Things (IoT) in Retail Market Size 2023: Global Share, Industry Analysis and Report by 2028

IMARC Group, a leading market research company, has recently releases report titled "Internet of Things in Retail Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global internet of things (IoT) in retail market growth, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Industry Overview of Internet of Things in Retail Market

Internet of Things (IoT) in retail involves connecting physical devices and objects to the Internet, allowing them to gather and exchange data seamlessly. It includes smart shelves, radio-frequency identification (RFID) tags, wearable devices, and beacons, which enhance customer experiences, optimize operations, and drive business growth. It also consists of smart surveillance cameras and sensors that help retailers prevent theft and losses by identifying unusual activities and alerting security personnel in real time. It relies on machine learning (ML) and data analytics to enhance the predictive capabilities of IoT by identifying trends and patterns, thereby aiding in demand forecasting and decision-making. It can regulate lighting, heating, and cooling systems based on occupancy, leading to energy savings and reduced operational costs. It also provides IoT-generated data insights into customer behavior, store performance, and product preferences, aiding retailers in making strategic decisions. It enables personalized shopping experiences by providing location-based services, personalized recommendations, and real-time offers based on the preferences and purchase history of the shoppers. It enhances visibility across the supply chain, enabling retailers to monitor the movement of goods, optimize routes, and predict delivery times accurately. It also helps retailers track inventory levels, reduce stockouts, and automate replenishment processes, leading to improved inventory management.

How Big Is the Internet of Things (IoT) in Retail Market?

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.

Internet of Things (IoT) in Retail Market Trends and Drivers:

At present, the increasing digitization of business operations to improve efficiency and reduce the occurrence of manual errors represents one of the crucial factors impelling the growth of the market. Besides this, the rising adoption of IoT-enabled solutions by retailers to enhance customer experiences and streamline operations is contributing to the growth of the market. In addition, the growing installation of virtual trial rooms in shopping malls to improve customer experience and make the shopping process spontaneous is offering a favorable market outlook. Apart from this, the increasing online shopping activities among the masses to purchase various products online from the comfort of their home and get them delivered to their doorstep is supporting the growth of the market. Additionally, the rising utilization of IoT-enabled devices in retail for proper resource optimization, monitoring energy consumption, reducing carbon footprints, and reducing costs is strengthening the growth of the market. Moreover, the increasing implementation of robust cybersecurity measures and advancements in encryption technologies to mitigate potential threats, ensuring consumer trust and compliance with data protection regulations, is propelling the growth of the market. Furthermore, the rising popularity of cloud computing to delegate routine tasks and store massive volumes of confidential data is bolstering the growth of the market.

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What Is Included In Market Segmentation?

The report has been segmented the market into following categories:

Breakup by Solution:

Hardware
RFID tags
Beacons
Sensors
Wearables
Software

Breakup by Service:

Professional Services
Managed Services

Breakup by Technology:

Near Field Communication
Bluetooth Low Energy
ZigBee
Others

Breakup by Platform:

Device Management
Application Management
Connectivity Management

Breakup by Application:

Operations Management
Asset Management
Customer Experience Management
Advertising and Marketing

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Who are the key players operating in the industry?

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.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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