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.
List of Prominent Players in the Internet of Things in Retail Market:
- Accenture
- Allerin Tech Pvt Ltd
- Amazon Web Services
- Arm Limited
- AT&T
- 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
Market Segmentation:
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).
Based On Components, The Hardware Segment Accounts For A Major Contributor To The Internet Of Things In The Retail Market.
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 E Segment Witnessed Growth At A Rapid Rate
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.
In The Region, The North American Internet Of Things In The Retail Market Holds A Significant Revenue Share.
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.
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.
Internet of Things in Retail Market Report Scope
|
Report Attribute |
Specifications |
|
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. |
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