Internet of Things in Retail Market is Forecasted to Reach US$ 52.22 Billion in 2028, Says Stratview Research

The global internet of things in retail market is projected to witness a growth rate of 19.6% annually from 2022 to 2028, with an anticipated size of US$ 52.22 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global internet of things in retail market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 52.22 billion
Growth (CAGR): 19.6% during 2022-2028
Forecast Period: 2022-2028
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Internet of Things in Retail Market:

The global internet of things in retail market is segmented based on platform type, organizational size type, application type, and region.

Based on platform type - The market is segmented into device management, application enablement, and connectivity management. The IoT in retail market has been segmented into device management, application enablement, and connectivity management. By platform, the device management platform is expected to hold the largest market share of the IoT in the retail market, because of the growing use of IoT-based endpoints and devices.

Based on organizational size type - The market is segmented into large sized enterprises and small-medium sized enterprises. The large enterprise segment dominated the IoT in retail market in 2021 and is expected to continue its dominance over the forecast period. Increased adoption has been observed for IoT technology across large retail enterprises, owing to the fast expansion of business and the increase in the need for real-time data analytics, which results in high competition.

Based on application type - The market is segmented into operations management, customer experience management, asset management, advertising and marketing. The IoT in retail market by application has been segmented into operations management, customer experience management, asset management, and advertising and marketing. The operations management application is expected to lead the IoT in retail market in terms of market share as it covers core operations, such as workforce management, supply chain optimization, and surveillance and security.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/3223/internet-of-things-in-retail-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America to dominate the market over the forecast period. This growth outlook is majorly attributed to the following-

• Retail companies are spending on various emerging technologies to streamline work processes.
• The adoption of IoT enhances retail sales and customer management performance. Furthermore, advanced telecommunication infrastructure in countries such as the US and Canada boosts the use of cloud-based IoT solutions in the retail sector.
• Moreover, retail firms are increasingly expected to adopt IoT to bolster their businesses and enhance the customer experience, which is advantageous for the growth of the market.
• Additionally, enterprises in North America are expanding their IoT capability globally, which is anticipated to significantly contribute to the market growth. However, Asia-Pacific is anticipated to witness the fastest growth rate over the forecast period.
• In Asia-Pacific, the growth of the IoT in the retail market can be attributed to several economic and process advantages such as network management, real-time data analytics, and industrial automation.
• Furthermore, increased demand for smartphones and other mobile devices, as well as an increase in the need for internet access, are some of the key factors driving the IoT in retail market growth.

Internet of Things in Retail Market Drivers:

Some of the key drivers listed in the report are given below.
• Increased adoption of cloud platforms for deployment of IoT.
• Fast growth in mobile banking.
• Factors such as effective inventory management, store space monitoring, supply chain management, and customer behavior analysis drive demand for IoT in the retail market.
• Automating and optimizing the supply chain.

Top Companies in the Internet of Things in Retail Market:

Stratview Research has identified the following companies as the top market players.
• AT&T
• Allerin
• Amazon Web Services
• Bosch.io
• Cisco
• Google
• Happiest Minds
• Huawei
• IBM
• Intel
• Microsoft
• NEC Corporation
• Oracle
• PTC
• SAP
• Sierra Wireless
• Software AG
• Telit
• Vodafone

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Internet of Things in Retail Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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• Artificial Intelligence in Retail Market: https://www.stratviewresearch.com/2740/artificial-intelligence-in-retail-market.html

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This release was published on openPR.