Redding, California, July 21, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Internet of Things in Retail Market by Component (Hardware, Services, Connectivity, and Platform), Application (Customer Experience Management, Operations Management, Asset Management) - Global Forecast to 2029’’, the global IoT in retail market is expected to grow at a CAGR of 17.2% from 2022 to 2029, to reach $42.6 billion by 2029.
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IoT technology helps collect data, such as temperature, pressure, density, motion, light, and vibration, from real-world scenarios via various sensors. Retailers use AI, IoT-enabled sensors, and computer vision techniques to provide a seamless shopping experience. They are adopting IoT solutions to improve store operations, keep track of product locations, improve inventory tracking processes, monitor temperature readings throughout shipping, and achieve high operational efficiency throughout factories, warehouses, and stores.
The IoT in retail market is driven by the growing customer demand for a seamless shopping experience, increasing adoption of smart payment solutions, and the rapidly declining cost of IoT sensors and hardware. Furthermore, increasing investment in retail automation is expected to offer significant growth opportunities for the IoT in retail market. However, security concerns due to vast data flow and misconceptions and lack of knowledge regarding IoT in retail restrain the growth of this market.
Impact of COVID-19 on the Internet of Things in Retail Market
The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms negatively affected multiple industries, including the IoT in retail industry. Uncertainty regarding the duration of the lockdowns made it difficult for the key market players to anticipate the recovery of the IoT in retail market.
However, economies are shifting their focus from responding to the pandemic to economic recovery, and hence, various growth opportunities are expected to emerge for the IoT in retail market players due to the growing demand for seamless shopping experience and increasing adoption of smart payment solutions.
However, several businesses are exerting extensively to move the IoT in retail market in the right direction. Local governments are also undertaking several relief steps to mitigate the negative impacts of the COVID-19 pandemic. As a result, the IoT in retail market is expected to recover post-2023.
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The global IoT in retail market is segmented by component (hardware, services, connectivity, and platform), application (customer experience management, operations management, and asset management), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyses the market at a country and regional level.
Based on component, in 2022, the hardware segment is expected to account for the largest share of the IoT in retail market. The large market share of this segment is attributed to the increasing focus on hardware-centric capabilities and the rapidly declining cost of IoT sensors and hardware. Additionally, the benefits associated with hardware, such as high performance, accountability, reliability, and efficiency, further augment the growth of this segment. Several providers are investing in R&D to improve the hardware capabilities and make them more affordable for small and medium-scale enterprises.
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Based on application, in 2022, the customer experience management segment is expected to account for the largest share of the IoT in retail market. The large market share of this segment is attributed to the increasing need to improve customer engagement and reduce customer churn rates, better customer understanding, and the rising need for collecting all the information on a single platform. However, this segment is also projected to grow with the highest CAGR during the forecast period.
Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the global IoT in retail market. The presence of prominent players offering advanced IoT in retail solutions in Asia-Pacific is one of the major factors driving the growth of the IoT in retail market. Additionally, favorable government initiatives, rising demand for retail automation, and high IoT penetration are driving the growth of this regional market.
Besides the infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, Japan, and India, the growing digital transformation and rising trends of e-commerce and virtual payment create huge opportunities for the IoT in retail market. The Asia-Pacific region is also projected to register the highest CAGR during the forecast period.
Some of the key players operating in the global Internet of Things in retail market are ABB Ltd. (Switzerland), NEC Corporation (Japan), Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), PTC, Inc. (U.S.), Huawei Technologies Co., Ltd (China), Allerin Tech Pvt Ltd. (India), RetailNext, Inc. (U.S.), Impinj, Inc. (U.S.), Software AG (Germany), Vodafone Group Plc (U.K.), and Sierra Wireless (Canada).
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Scope of the Report:
Internet of Things in Retail Market, by Component
- Hardware
- Sensors & Actuators
- Network Components
- Other Hardware
- Services
- Professional Services
- Managed Services
- Platforms
- Platforms
Internet of Things in Retail Market, by Application
- Customer Experience Management
- Smart Payment and Checkout
- Automatic Vending Machine
- Smart Shelves
- Operations Management
- Supply Chain Optimization
- Workforce Management
- Surveillance and Security
- Inventory Optimization
- Asset Management
- Asset Condition Monitoring
- Predictive Equipment Maintenance
Internet of Things in Retail Market, by Geography
- North America
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- U.S.
- Canada
-
- Europe
-
- UK
- Germany
- France
- Italy
- Spain
- Poland
- Netherland
- Rest of Europe
-
- Asia-Pacific
-
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
-
- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- UAE
- Israel
- Rest of Middle East & Africa
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