Press release
Global Internet of Things in Retail Market Research Report 2023
The global Internet of Things in Retail market was valued at US$ 22520 million in 2022 and is anticipated to reach US$ 40340 million by 2029, witnessing a CAGR of 10.2% during the forecast period 2023-2029. Major factors that are expected to drive the growth of IoT in Retail Market size include steadily declining IoT-based sensor and connectivity prices, increased acceptance of smart payment solutions, and consumer demand for a seamless shopping experience.
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https://reports.valuates.com/market-reports/QYRE-Othe-1H283/iot-in-retail
IoT in Retail refers to the use of a range of Internet of Things technologies and management methods in the retail industry. IoT offers retailers opportunities for the development of an ecosystem that connects the physical and digital world. The retail industry has witnessed wide utilization of connected products by adopting an integrated platform.
IoT in Retail Market Growth Factors
The utilization of IoT in Predictive Equipment Maintenance by retailers is expected to increase the IoT in Retail Market size. Warehouses will often experience equipment failure or fault detection issues. Cooling systems specifically used for cold storage purposes are now equipped with sensors that aid in the retail analytics of the products.
Since every product undergoes a long value chain journey, it is important to keep track of where it stands. IoT has made it easier to know exactly how near or far the product from its destination store is with sensors and GPS technology. This use of IoT in Smart Transportation is expected to increase the IoT in Retail Market size.
The declining cost of sensors worldwide helps businesses to deploy them in even smaller web-based solutions and, in turn, increases the IoT in retail market size. In enhanced devices, the main function of these modules is to collect the surrounding information and forward it to management systems.
It is expected that Bluetooth Low Energy (BLE) will see the highest growth over the forecast period as this technology is gaining popularity in pre-tailing, payments, and post-payment operations.
Over the forecast period, APAC is projected to have the highest growth potential in the IoT in the retail market. This rise can be attributed to ongoing smart city projects and the region's fast-declining sensor costs. China's adoption of IoT technologies is enormous, and India is showing significant growth.
Leading Players in the IoT in Retail Market
IBM Corporation
Impinj
Allerin Tech Pvt
RetailNext
Others
IoT in Retail Market by Type
Beacons
RFID Tags
Sensors
Wearables
Others
IoT in Retail Market by Application
Physical Business
E-commerce
IoT in Retail Market by Region
United States
Europe
China
Japan
South Korea
Other Regions
IoT in Retail Market by Consumption by Region
North America
United States
Canada
Mexico
Asia-Pacific
China
India
Japan
South Korea
Australia
Indonesia
Malaysia
Philippines
Thailand
Vietnam
Europe
Germany
France
UK
Italy
Russia
Rest of Europe
Central & South America
Brazil
Rest of South America
Middle East & Africa
GCC Countries
Turkey
Egypt
South Africa
Rest of Middle East & Africa
SIMILAR REPORT
https://reports.valuates.com/market-reports/QYRE-Othe-4D232/smart-retail
https://reports.valuates.com/market-reports/QYRE-Auto-9U1979/global-retail-analytics
https://reports.valuates.com/reports/QYRE-Auto-23J102/global-self-checkout-systems
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