Internet of Things in Retail Market Sees Surge Due to Supply Chain Optimization and Asset Tracking

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "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 Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Internet of Things in Retail Market is valued at US$ 57.8 Bn in 2023, and it is expected to reach US$ 464.9 Bn by 2031, with a CAGR of 30.1% during the forecast period of 2024-2031.

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The Internet of Things (IoT) is significantly reshaping the retail sector by elevating customer engagement, enhancing operational efficiency, and enabling the introduction of innovative business models. Advanced IoT technologies-including smart shelving systems, beacon-based communication, and networked devices-facilitate real-time monitoring of inventory, analysis of consumer behavior, and assessment of in-store traffic dynamics. These data-centric capabilities allow retailers to optimize stock control, refine marketing efforts, and improve overall supply chain coordination.

Furthermore, IoT-driven innovations such as automated checkout solutions, interactive digital displays, and behavior-based promotional offerings are enhancing the in-store customer experience. As the adoption of IoT continues to grow, it is expected to drive significant advancements in retail operations and innovation, positioning businesses to maintain a competitive advantage in an evolving marketplace. The rise of omnichannel retailing-supported by IoT tools that harmonize physical and digital shopping experiences-is also contributing to market expansion. Additionally, the development of IoT-integrated smart stores, where connected devices and sensors enable personalized and immersive retail experiences, is further accelerating industry growth.

List of Prominent Players in the Internet of Things in Retail Market:
• 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

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Market Dynamics
Drivers:
The growth of the Internet of Things (IoT) within the retail sector is being fueled by several key factors. Chief among these is the increasing demand for superior customer experiences and more efficient inventory management. IoT solutions empower retailers to gather and analyze real-time data on consumer behavior and preferences, thereby enabling the delivery of highly targeted and personalized marketing campaigns.

Additionally, these technologies enhance transparency across supply chains and improve operational workflows, resulting in both cost optimization and productivity gains. The growing prevalence of smart devices, combined with ongoing advancements in IoT capabilities, continues to drive market momentum. Furthermore, the convergence of IoT with emerging technologies such as artificial intelligence (AI) and machine learning (ML) strengthens analytical capabilities and supports predictive decision-making, fostering greater innovation and efficiency across retail operations.

Challenges:
While the advantages of IoT adoption in retail are considerable, several implementation challenges persist. Chief among these is ensuring the security and confidentiality of the vast amounts of data generated by IoT devices. As data privacy concerns intensify, safeguarding sensitive consumer information against potential breaches becomes increasingly complex. In addition, integrating modern IoT systems with traditional retail infrastructures often presents compatibility issues, necessitating significant capital investments in technological upgrades. The operation and oversight of extensive networks of interconnected devices also introduce logistical and technical complexities, requiring specialized skill sets. Moreover, the rapid evolution of IoT-related technologies compels retailers to continuously adapt, posing financial and resource-related challenges.

Regional Trends:
North America is anticipated to retain a dominant position in the global IoT retail market, largely due to the growing integration of physical and digital retail channels. The deployment of technologies such as RFID and intelligent shelving systems is playing a crucial role in enhancing inventory management and enriching the customer experience. Meanwhile, the Asia-Pacific region is forecasted to record the highest compound annual growth rate (CAGR) between 2024 and 2031. This accelerated growth is driven by expanding internet accessibility, increased smartphone penetration, and the rapid advancement of e-commerce infrastructure. The region's ongoing digital transformation is creating favorable conditions for IoT deployment, particularly in areas related to customer engagement, data-driven marketing, and immersive virtual shopping experiences.

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Recent Developments:
• In January 2024, IBM Corporation partnered with SAP SE to create solutions aimed at helping clients in the consumer-packaged goods and retail sectors optimize their supply chain, finance operations, sales, and services through the use of generative AI.
• In December 2023, HCL Technologies (HCL) established a partnership with SAP to develop and provide IoT solutions and services that are relevant to various industries. HCL Technologies will bundle pertinent SAP software with services and hardware to expedite and streamline the fragmented and intricate solution stack that organizations encounter when implementing Industry 4.0 transformations.

Segmentation of Internet of Things in Retail Market-
By Component
• Hardware
o Beacons
o RFID Tags
o Sensors
o Wearables
• Platform
o Connectivity Management
o Application Management
o Device Management
• Services
o Professional Services
o Managed Services
By Technology
• Bluetooth Low Energy
• Near Field Communication
• Zigbee
• Others
By Deployment
• On-premise
• Cloud
By Application
• Operations Management
o Inventory Management
o Supply Chain Automation
o Workforce Management
o Security & Safety
• Customer Management
o Smart Vending Machine
o Smart Shelves
o Queue Management
o Automated Checkout
• Asset Management
o Asset Tracking
o Predictive Maintenance
• Advertising and Marketing
o Smart Digital Signage
o Geomarketing
o Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

Why should buy this report:
 To receive a comprehensive analysis of the prospects for global Internet of Things in Retail market
 To receive industry overview and future trends of global Internet of Things in Retail market
 To analyze the Internet of Things in Retail market drivers and challenges
 To get information on the Internet of Things in Retail market size value (US$ Mn) forecast till 2031
 Major Investments, Mergers & Acquisition in global Internet of Things in Retail industry

View Overview Report: https://www.insightaceanalytic.com/report/internet-of-things-in-retail-market/2603

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.