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 transforming the retail market by enhancing customer experiences, optimizing operations, and enabling new business models. IoT technologies, such as smart shelves, beacons, and connected devices, provide real-time data and insights into inventory levels, customer preferences, and store traffic patterns. This data allows retailers to manage stock more efficiently, personalize marketing efforts, and streamline supply chain operations. Additionally, IoT-enabled devices can improve in-store experiences through features like automated checkout, interactive displays, and tailored promotions based on shopper behaviour. As IoT adoption grows, it is expected to drive significant innovation and efficiency improvements, helping retailers stay competitive in a rapidly evolving market. The rise of omnichannel retailing, driven by IoT technologies that seamlessly integrate online and offline shopping experiences, is contributing to market growth. Additionally, the growing prevalence of IoT-enabled smart stores, where retailers use interconnected devices and sensors to offer immersive and personalized shopping experiences, is further accelerating market expansion.
List of Prominent Players in the Internet of Things in Retail Market:
Accenture
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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Internet of Things in Retail Market Report Scope:
Report Attribute
Specifications
Market Size Value In 2023
USD 57.8 Bn
Revenue Forecast In 2031
USD 464.9 Bn
Growth Rate CAGR
CAGR of 30.1% from 2024 to 2031
Quantitative Units
Representation of revenue in US$ Bn and CAGR from 2024 to 2031
Historic Year
2019 to 2023
Forecast Year
2024-2031
Report Coverage
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments Covered
By Components, Technology, Deployment, And Application
Regional Scope
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country Scope
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea
Market Dynamics:
Drivers-
The growth of the Internet of Things (IoT) in the retail market is driven by several key factors. These include the increasing demand for enhanced customer experiences and the need for efficient inventory management. IoT technology enables retailers to gather real-time data on consumer preferences and behaviour, allowing for personalized marketing strategies. Additionally, IoT solutions improve supply chain visibility and operational efficiency, reducing costs and increasing productivity. The rise in the knowledge and adoption of smart devices and advancements in IoT technology further propel market growth. Furthermore, the integration of IoT with emerging technologies such as machine learning & artificial intelligence enhances decision-making processes and predictive analytics in retail operations.
Challenges:
The retail market faces numerous hurdles when it comes to executing the Internet of Things (IoT). A significant obstacle is in ensuring the security and privacy of data. As IoT devices collect wide range of data, protecting this data from breaches and ensuring customer privacy becomes increasingly difficult. Another challenge is the integration of IoT systems with existing retail infrastructures. Retailers often face compatibility issues and the need for substantial investments in upgrading their technology. Additionally, the complexity of managing and maintaining a network of interconnected devices can be overwhelming, requiring specialized skills and knowledge. Furthermore, the rapid pace of technological improvements means that retailers must continuously adapt to stay competitive, which can be both costly and resource-intensive.
Regional Trends:
The North American Internet of Things in the retail market is expected to register a major market share. This growth is attributed to the integration of in-store as well as digital operations in the retail sector, with technologies like RFID tags and smart shelves enabling retailers to manage inventory efficiently and enhance the shopping experience. The Asia Pacific (APAC) region is predicted to be the fastest-growing market, with a remarkable CAGR projected from 2024 to 2031. This rapid and continuous growth is driven by increasing internet penetration, smartphone usage, and e-commerce activities. This digital shift fosters an environment conducive to adopting digital avatars in customer interactions, marketing strategies, and virtual 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
Beacons
RFID Tags
Sensors
Wearables
Platform
Connectivity Management
Application Management
Device Management
Services
Professional Services
Managed Services
By Technology
Bluetooth Low Energy
Near Field Communication
Zigbee
Others
By Deployment
On-premise
Cloud
By Application
Operations Management
Inventory Management
Supply Chain Automation
Workforce Management
Security & Safety
Customer Management
Smart Vending Machine
Smart Shelves
Queue Management
Automated Checkout
Asset Management
Asset Tracking
Predictive Maintenance
Advertising and Marketing
Smart Digital Signage
Geomarketing
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
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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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