IoT In Retail Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth

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How Large Will the IoT In Retail Market Size By 2025?
The market size of IoT in retail has seen a significant expansion over the recent past. Its growth is projected to increase from $39.52 billion in 2024 to $46.41 billion in 2025, marking a compound annual growth rate (CAGR) of 17.4%. Factors that have contributed to the growth during the historical period include decision making based on data, the evolution of customer engagement, optimization of inventory, improvement in the in-store experience, and prevention of security breaches and losses.

How Big Is the IoT In Retail Market Size Expected to Grow by 2029?
The market size of IoT in retail is projected to expand significantly in the coming years, anticipated to reach $91.81 billion in 2029 with a compound annual growth rate of 18.6%. The expected growth during this period can be credited to factors such as data analytics and AI integration, the increase in edge computing adoption, widespread use of IoT devices among consumers, unfolding of omnichannel retailing, and improved cybersecurity and data privacy measures. Notable trends foreseen in this period encompass supply chain transparency and visibility, the installation of smart shelves and product surveillance, amplified security and loss prevention, in-store analysis and foot traffic scrutiny, along with the rise of contactless payments and checkouts.

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Which Key Market Drivers Powering IoT In Retail Market Expansion and Growth?
The escalating influence of e-commerce is anticipated to propel the advancement of IoT in the retail sector. E-commerce, often defined as electronic or online commerce, involves the buying and selling of goods or services via the internet, with the transmission of funds and data to finalize these transactions. In the sphere of e-commerce, IoT is employed for inventory management, for example, through the usage of radio frequency identification tags that acquire all relevant product information such as the item type, its availability, and expiry date, all without any human intervention. Through IoT, it's possible to meticulously track an item's journey during supply chain management, remotely evaluate products to foresee their maintenance, scrutinize their performance, personalize business operations, manage customers and sales, and numerous other functions to streamline retail operations in e-commerce. For instance, in August 2024, the U.S. Census Bureau, a governmental agency in the United States, reported that US retail e-commerce sales hit $291.6 billion in Q2 2024, marking an increase of 1.3% from Q1 and 6.7% year-over-year. Total retail sales climbed to $1,826.9 billion, marking an increase of 0.5% from Q1 and 2.1% from Q2 2023. Hence, the rising reach of E-commerce is fueling the growth of IoT in the retail sector.

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Which Fast-Growing Trends Are Poised to Disrupt the IoT In Retail Market?
Product innovation is rapidly becoming a significant trend within the IoT retail industry, with several industry-leading corporations concentrating their efforts on R&D to introduce innovative products, thereby ensuring their continued dominance in the market. One such instance of this trend arose in May 2022 when US-based electronic shelf label (ESL) designer and supplier, Hanshow Technology Co. Ltd., unveiled AllStar. This fresh IoT platform is specifically developed for the retail sector, serving to propel retailers towards wider digitalisation. It operates as a comprehensive management system for all in-store digital devices, encompassing not only SaaS but also private deployment options featuring coherent user verification and third-party app integration through an open HTTP-based API. Alongside this, the platform offers a series of benefits such as improved operational efficiency for smart stores and enhanced in-store customer experience through functionality like inventory and pricing management, picking, geolocation, dynamic pricing, promotion boards, interactive marketing, digital payment, passenger flow assessment, and automatic patrol monitoring.

What Are the Emerging Segments in the IoT In Retail Market?
The iot in retailmarket covered in this report is segmented -

1) By Offering: Solution, Service
2) By Type: Beacons, RFID Tags, Sensors, Wearables, Other Types
3) By Technology: Bluetooth Low Energy, Near field Communication, ZigBee, Other Technologies
4) By Deployment Mode: On-Premise, Cloud
5) By Application: Supply Chain Operations Management, Customer Management, Sales And Customer Management, Asset Management, Other Applications

Subsegments:
1) By Solution: Smart Shelves, Inventory Management Systems, Customer Analytics Platforms, Point Of Sale (POS) Systems, Beacon Technology
2) By Service: Consulting Services, Integration Services, Maintenance And Support Services, Data Management And Analytics Services, Training Services

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Who Are the Global Leaders in the IoT In Retail Market?
Major companies operating in the IoT in retail market include ARM Limited, Cisco Systems Inc., Alphabet Inc., IBM Corporation, Impinj Corporation, Intel Corporation, Microsoft Corporation, PTC Inc., RetailNext Inc., SAP SE, Softweb Solutions Inc., Zebra Technologies Corporation, Huawei Technologies Company Limited, Amazon Web Services Inc., Software AG, Bosch Software Innovations GmbH, NEC Corporation, Oracle Corporation, Vodafone Group Plc., Allergen Technologies Private Limited, Sierra Wireless Inc., Happiest Minds Technologies Limited, Losant IoT inc., NXP Semiconductors N.V., Verizon Communications Inc., Microchip Technology Incorporated, Bsquare Corporation, Fujitsu Limited, Hewlett Packard Enterprise Development LP

Which are the Top Profitable Regional Markets for the IoT In Retail Industry?
North America was the largest region in the IoT in retail market in 2024. Asia-Pacific is expected to be the fastest-growing region in the IoT in retail market report during the forecast period. The regions covered in the IoT in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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