IMARC Group, a leading market research company, has recently releases report titled “Internet of Things in Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global IoT in retail market growth, share, size, trends, and 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
The Internet of things (IoT) represents a data network comprising devices that exchange information without requiring human-to-machine interaction. It offers functional advantages, such as inventory tracking, monitoring, personalized recommendations and dynamic pricing. IoT also enables retailers to track customer movement and acquires insights into their shopping behavior. It improves the process of product maintenance, creates a short and direct customer journey, builds a long-lasting bond with first-time shoppers, etc. IoT finds extensive applications in the retail industry, as it assists in decreasing shrinkage and navigating inventory easily.
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:
The introduction of numerous technological advancements, including on-shelf displays, digital signage, beacons, and price tickers, is primarily driving the internet of things (IoT) in retail market. Additionally, the growing adoption of real-time systems and location-based solutions and the inflating need for security to avoid data breaches are further bolstering the market growth. Besides this, the increasing usage of retailers in radio-frequency identification (RFID) for asset tracking in warehouses and stores, cameras and sensors for monitoring product status and customer traffic, and in-store Wi-Fi to detect returns and encourage digital interaction is acting as another significant growth-inducing factor. Moreover, the escalating demand for smart payment solutions and a seamless shopping experience is positively influencing the global market. Apart from this, the rising popularity of IoT devices via interactive terminals, virtual or augmented reality (AR and VR), robots, and smart fitting rooms is also stimulating the market growth. Furthermore, extensive investments in RD activities are anticipated to fuel the internet of things (IoT) in retail market over the forecasted period.
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 (ATT Corporation), Oracle Corporation, Software AG, Telit and Vodafone Group Plc.
