Internet of Things (IoT) in Retail - Global Strategic Business Report

The global market for Internet of Things (IoT) in Retail was estimated at US$39.4 Billion in 2023 and is projected to reach US$138.2 Billion by 2030, growing at a CAGR of 19.6% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Internet of Things (IoT) in Retail Market - Key Trends and Drivers Summarized

How Is the Internet of Things (IoT) Transforming the Retail Industry?

The Internet of Things (IoT) is significantly reshaping the retail industry by enhancing both operational efficiency and the customer experience. IoT technologies enable retailers to optimize inventory management, automate supply chains, and provide personalized shopping experiences. With IoT-enabled devices such as smart shelves, RFID tags, and connected point-of-sale systems, retailers can monitor inventory levels in real-time, preventing stockouts and improving inventory accuracy. Moreover, IoT solutions like beacon technology and smart shopping carts are used to deliver personalized promotions to customers based on their shopping habits and preferences. As a result, IoT is helping retailers not only streamline operations but also build stronger relationships with customers by offering tailored shopping experiences.

How Are Technological Advancements Driving IoT in Retail?

Technological advancements, including artificial intelligence (AI), machine learning (ML), and sensor technology, are accelerating the adoption of IoT in the retail sector. AI and ML are being integrated into IoT platforms to analyze vast amounts of data from connected devices, providing insights that retailers can use to optimize store layouts, predict demand, and improve customer engagement. Advanced sensor technologies, such as RFID and NFC, are enabling real-time tracking of products throughout the supply chain, offering greater visibility and control over inventory. Additionally, advancements in facial recognition and mobile payment technologies are enhancing in-store security and creating frictionless checkout experiences. These technologies are making IoT solutions more efficient, scalable, and adaptable to the evolving needs of the retail industry.

How Do Market Segments Define the Growth of IoT in Retail?

Components include hardware such as sensors, smart shelves, and connected point-of-sale terminals; software platforms for inventory management, customer analytics, and security; and services such as system integration and support. Key applications of IoT in retail include supply chain management, inventory tracking, personalized marketing, and smart checkout solutions, with inventory management and personalized marketing leading the market due to the focus on optimizing operations and enhancing the customer experience. Geographically, North America dominates the market due to early adoption of IoT technologies, while Asia-Pacific is expected to see rapid growth as retailers in the region embrace digital transformation to stay competitive in a fast-evolving retail landscape.

What Factors Are Driving the Growth in the IoT in Retail Market?

The growth in the IoT in retail market is driven by several factors, including the increasing demand for operational efficiency, advancements in connected device technologies, and the growing focus on enhancing the customer experience. Retailers are adopting IoT solutions to streamline inventory management, reduce costs, and improve supply chain transparency. Technological innovations such as AI-driven analytics and advanced sensors are enabling retailers to gain real-time insights into customer behavior, helping them deliver personalized shopping experiences. Additionally, the rise of omnichannel retail strategies and the growing need for seamless in-store and online integration are pushing retailers to invest in IoT technologies to stay competitive in an increasingly digital retail environment.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Software Component segment, which is expected to reach US$72.0 Billion by 2030 with a CAGR of a 20.7%. The Hardware Component segment is also set to grow at 18.9% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, which was estimated at $10.9 Billion in 2023, and China, forecasted to grow at an impressive 18.6% CAGR to reach $20.6 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Internet of Things (IoT) in Retail Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Internet of Things (IoT) in Retail Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Internet of Things (IoT) in Retail Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Internet of Things (IoT) in Retail market such as Accenture, Allerin, Amazon Web Services, AT&T, Bosch.Io and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 37 companies featured in this Internet of Things (IoT) in Retail market report include:

• Accenture
• Allerin
• Amazon Web Services
• AT&T
• Bosch.Io
• Cisco
• Google
• Happiest Minds
• Huawei
• IBM
• Intel
• Microsoft
• NEC Corporation
• Oracle
• PTC
• SAP
• Sierra Wireless
• Software AG
• Telit
• Vodafone