The Internet of Things in Retail Market Size is valued at USD 57.8 billion in 2023 and is predicted to reach USD 464.9 billion by the year 2031 at a 30.1% CAGR during the forecast period for 2024-2031.
The Internet of Things (IoT) is reshaping the retail landscape by integrating smart devices and sensors to enhance operational efficiency and customer experiences. In retail, IoT enables real-time inventory tracking, optimizing supply chain logistics, and improving store management through smart shelves and displays that automate inventory checks and personalize customer interactions. IoT also empowers retailers with valuable data insights into customer behavior and operational metrics, enabling better decision-making for marketing strategies, store layouts, and product offerings. With enhanced security measures and energy management systems, IoT contributes to a safer, more sustainable retail environment while fostering innovation as well as competitiveness in the industry.
Additionally, IoT-driven data analytics provide valuable insights into customer behaviour, enabling retailers to optimize store layouts and product placements for maximum sales. A primary growth driver in the IoT retail market is the increasing demand for seamless, omnichannel shopping experiences. IoT devices facilitate the integration of online and offline retail, offering consumers a consistent journey across various touch points. Furthermore, the COVID-19 pandemic has accelerated IoT adoption in retail as contactless shopping options and curbside pickup became essential services for safety-conscious shoppers.
The Internet of Things in the retail market is segmented on the as per the components, technology, deployment, and application. Based on the component, the market is seperated as hardware (Beacons, RFID Tags, Sensors, Wearables), platform (Connectivity Management. Application Management, Device Management) and services (Professional Services, Managed Services). By technology, the market is divided into Bluetooth Low Energy, Near Field Communication, Zigbee, and Others. As per the deployment, the market is segmented into On-premise and Cloud. By application, the market is segmented into 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), and Advertising and Marketing (Smart Digital Signage, Geomarketing, Others).
The dominant share of the hardware segment in the IoT market arises from its crucial role in enabling IoT implementations. Hardware components like sensors, RFID tags, and connectivity devices are essential for real-time data acquisition in the physical world. This data is the foundation for various IoT applications, such as inventory management and smart retail systems. Furthermore, the growth of IoT in the retail sector heavily relies on these hardware elements, as they provide the necessary infrastructure for deploying and operational zing IoT solutions. Therefore, the hardware segment has a significant influence and importance within the IoT market.
the operations management segment commanded the largest revenue share. This segment is pivotal in the market due to its role in optimizing efficiency, cutting costs, and improving customer experiences. IoT technologies enable retailers to automate inventory management, monitor equipment health, and streamline logistics, thereby enhancing operational efficiency. This capability allows retailers to meet evolving consumer demands, such as seamless omnichannel integration and real-time inventory tracking. Furthermore, IoT-driven data analytics enable informed decision-making, positioning operations management as a key driver of competitive advantage, cost savings, and overall success in the ever-changing retail environment.
North America's controlling position in the market is due to its rapid and widespread adoption of Internet of Things (IoT) innovations. The region benefits from advanced infrastructure, a well-established IT ecosystem, and a strong commitment to technological advancement, creating an ideal environment for IoT integration across various sectors. Additionally, substantial investments in IoT research and development, supported by government initiatives, have propelled North America to a leading position in the global IoT market.
The presence of numerous influential IoT solution providers and a tech-savvy population further reinforces the region's leadership in the worldwide IoT market. Several key factors drive Asia-Pacific's significant market share. The region's large and rapidly growing population provides fertile ground for IoT proliferation. Governments and businesses are actively investing in IoT infrastructure, particularly in sectors like manufacturing, agriculture, and healthcare. Furthermore, the region's tech-savvy consumer base fuels the demand for IoT-driven offerings.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 57.8 Bn |
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Revenue Forecast In 2031 |
USD 464.9 Bn |
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Growth Rate CAGR |
CAGR of 30.1% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Components, Technology, Deployment, And Application |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Accenture, Allerin Tech Pvt Ltd, Amazon Web Services, Arm Limited, Cisco Systems Inc., Google LLC, IBM Corporation, Impinj, Inc., Intel Corporation, Losant IoT, Microsoft Corporation, NXP Semiconductors, PTC Inc., RetailNext, Inc., SAP SE, Softweb Solutions Inc., Verizon Communications, Inc., Zebra Technologies Corporation, and Others. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Internet Of Things In Retail Market Snapshot
Chapter 4. Global Internet Of Things In Retail Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Application Estimates & Trend Analysis
5.1. by Application & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:
5.2.1. Operations Management
5.2.1.1. Inventory Management
5.2.1.2. Supply Chain Automation
5.2.1.3. Workforce Management
5.2.1.4. Security & Safety
5.2.2. Customer Management
5.2.2.1. Smart Vending Machine
5.2.2.2. Smart Shelves
5.2.2.3. Queue Management
5.2.2.4. Automated Checkout
5.2.3. Asset Management
5.2.3.1.1. Asset Tracking
5.2.3.1.2. Predictive Maintenance
5.2.4. Advertising and Marketing
5.2.4.1. Smart Digital Signage
5.2.4.2. Geomarketing
5.2.4.3. Others
Chapter 6. Market Segmentation 2: by Component Estimates & Trend Analysis
6.1. by Component & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Component:
6.2.1. Hardware
6.2.1.1. Beacons
6.2.1.2. RFID Tags
6.2.1.3. Sensors
6.2.1.4. Wearables
6.2.2. Platform
6.2.2.1. Connectivity Management
6.2.2.2. Application Management
6.2.2.3. Device Management
6.2.3. Services
6.2.3.1. Professional Services
6.2.3.2. Managed Services
Chapter 7. Market Segmentation 3: By Technology Estimates & Trend Analysis
7.1. By Technology & Market Share, 2019 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Technology:
7.2.1. Bluetooth Low Energy
7.2.2. Near Field Communication
7.2.3. Zigbee
7.2.4. Others
Chapter 8. Market Segmentation 4: By Deployment Estimates & Trend Analysis
8.1. By Deployment & Market Share, 2019 & 2031
8.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Deployment:
8.2.1. On-premise
8.2.2. Cloud
Chapter 9. Internet Of Things In Retail Market Segmentation 5: Regional Estimates & Trend Analysis
9.1. North America
9.1.1. North America Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
9.1.2. North America Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by Component, 2024-2031
9.1.3. North America Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts By Technology, 2024-2031
9.1.4. North America Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts By Deployment, 2024-2031
9.1.5. North America Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
9.2. Europe
9.2.1. Europe Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
9.2.2. Europe Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by Component, 2024-2031
9.2.3. Europe Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts By Technology, 2024-2031
9.2.4. Europe Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts By Deployment, 2024-2031
9.2.5. Europe Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
9.3. Asia Pacific
9.3.1. Asia Pacific Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
9.3.2. Asia Pacific Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by Component, 2024-2031
9.3.3. Asia-Pacific Thermal Cyclers Asia-Pacific Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts By Technology, 2024-2031
9.3.4. Asia-Pacific Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts By Deployment, 2024-2031
9.3.5. Asia Pacific Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
9.4. Latin America
9.4.1. Latin America Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
9.4.2. Latin America Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by Component, 2024-2031
9.4.3. Latin America Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts By Technology, 2024-2031
9.4.4. Latin America Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts By Deployment, 2024-2031
9.4.5. Latin America Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
9.5. Middle East & Africa
9.5.1. Middle East & Africa Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
9.5.2. Middle East & Africa Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by Component, 2024-2031
9.5.3. Middle East & Africa Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts By Technology, 2024-2031
9.5.4. Middle East & Africa Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts By Deployment, 2024-2031
9.5.5. Middle East & Africa Internet Of Things In Retail Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
Chapter 10. Competitive Landscape
10.1. Major Mergers and Acquisitions/Strategic Alliances
10.2. Company Profiles
10.2.1. Accenture
10.2.2. Allerin Tech Pvt Ltd
10.2.3. Amazon Web Services
10.2.4. Arm Limited
10.2.5. AT&T
10.2.6. Bosch.IO GmBH
10.2.7. Cisco Systems Inc.
10.2.8. Google LLC
10.2.9. Happiest Minds Technologies
10.2.10. Huawei Enterprise
10.2.11. IBM Corporation
10.2.12. Intel Corporation
10.2.13. Losant IoT
10.2.14. Microsoft Corporation
10.2.15. NEC Corporation
10.2.16. NXP Semiconductors
10.2.17. Oracle
10.2.18. PTC Inc.
10.2.19. RetailNext, Inc.
10.2.20. SAP SE
10.2.21. Sierra Wireless
10.2.22. Software AG
10.2.23. Softweb Solutions Inc.
10.2.24. Telit Cinterion
10.2.25. Verizon Communications Inc.
10.2.26. Vodafone
10.2.27. Zebra Technologies Corporation
Internet Of Things In Retail Market By Component
Internet Of Things In Retail Market By Technology
Internet Of Things In Retail Market By Deployment
Internet Of Things In Retail Market By Application
Internet Of Things In Retail Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
