Dublin, May 15, 2024 (GLOBE NEWSWIRE) -- The "Global Internet of Things in Retail Market Report by Solution, Service, Technology, Platform, Application, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global internet of things (IoT) in retail market size reached US$ 58.5 Billion in 2023. Looking forward, the market is projected to reach US$ 229.0 Billion by 2032, exhibiting a growth rate (CAGR) of 16.37% during 2023-2032.
The Internet of things (IoT) is a data network comprising devices that connect to the Internet and exchange data without requiring human-to-machine interaction. It finds extensive applications in the retail sector as IoT helps link the physical and digital world by allowing bidirectional real-time interaction with consumers inside and outside the store. It offers functional advantages, such as dynamic pricing, inventory tracking, monitoring, and personalized recommendations. Besides this, it also allows retailers to track customer movement and acquire insights about their shopping behavior.
Internet of Things in Retail Market Trends
The rising automation in the retail sector to minimize labor costs represents one of the key factors bolstering the growth of the market. Moreover, retailers are focusing on launching innovative products and services and guaranteeing security to avoid data breaches. They are also aiming at bringing a digital transformation to their conventional bricks-and-mortar outlets. As a result, retailers are nowadays adopting IoT technologies, such as digital signage, payment systems, and smart lighting and vending machines.
In addition, they are utilizing radio-frequency identification (RFID) for asset tracking in stores and warehouses, sensors and cameras for monitoring product status and customer traffic, and in-store Wi-Fi to detect return customers and encourage digital interaction. Apart from this, IoT devices enhance customer experience (CX) in stores through interactive terminals, virtual or augmented reality (AR/VR) experience, smart fitting rooms, and robots that can be deployed as smart sales assistants. These benefits, coupled with the rapid expansion of the e-commerce industry, are facilitating the growth of the market. Furthermore, with the declining cost of IoT hardware, small and medium-sized retailers are increasingly investing in IoT technologies, which is positively influencing the market.
Key Questions Answered in This Report
- What was the size of the global Internet of Things in retail market in 2023?
- What is the expected growth rate of the global IoT in retail market during 2024-2032?
- What are the key factors driving the global Internet of Things in retail market?
- What has been the impact of COVID-19 on the global Internet of Things (IoT) in retail market?
- What is the breakup of the global Internet of Things (IoT) in retail market based on the solution?
- What is the breakup of the global IoT in retail market based on the service?
- What is the breakup of the global Internet of Things in retail market based on the technology?
- What is the breakup of the global IoT in retail market based on the platform?
- What is the breakup of the global Internet of Things in retail market based on the application?
- What are the key regions in the global Internet of Things (IoT) in retail market?
- Who are the key players/companies in the global Internet of Things (IoT) in retail market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $58.5 Billion |
| Forecasted Market Value (USD) by 2032 | $229 Billion |
| Compound Annual Growth Rate | 16.3% |
| Regions Covered | Global |
Companies Featured
- Allerin Tech Pvt Ltd
- Amazon.com Inc.
- Bosch.IO GmbH
- Cisco Systems Inc.
- Huawei Technologies Co. Ltd
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- NEC Corporation (AT&T Corporation)
- Oracle Corporation
- Software AG
- Telit
- Vodafone Group Plc.
Key Market Segmentation
Breakup by Solution:
- Hardware
- RFID tags
- Beacons
- Sensors
- Wearables
- Software
Breakup by Service:
- Professional Services
- Managed Services
Breakup by Technology:
- Near Field Communication
- Bluetooth Low Energy
- ZigBee
- Others
Breakup by Platform:
- Device Management
- Application Management
- Connectivity Management
Breakup by Application:
- Operations Management
- Asset Management
- Customer Experience Management
- Advertising and Marketing
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/60fvwv
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