New York, NY, July 20, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Internet of Things (IoT) In Retail Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Platform, Services); By Technology; By Deployment (Cloud, On-premise); By Application; By Region, And Segment Forecasts, 2023 - 2032” in its research database.
“As per the latest research analysis, the global Internet of Things (IoT) In Retail Market size/share will be valued at roughly USD 42.27 Billion in 2022, and its revenue is projected to reach about USD 507.32 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 28.2% between 2023 and 2032.”
What is Internet Of Things (IoT) In Retail? How Big is Internet Of Things (IoT) In Retail Market Size & Share?
- Overview
Because technology offers firms in this sector countless opportunities and advancements, the Internet of Things (IoT) is used more frequently in retail. IoT technologies can be used by businesses to increase productivity, develop new business models, and understand their customers better.
Moreover, IoT applications have several benefits for the retail sector. For instance, IoT in the retail industry can enhance consumer happiness and product handling. Supply chain efficiency can also be improved through clever ideas. Smart devices that are IoT-connected can also improve customer service. Digital signage, smart mirrors, and self-checkout are some IoT application cases in retail, which are expected to drive the Internet of Things (IoT) in retail market during the forecast period.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 110+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Leaders Are:
- Cisco Systems
- IBM Corporation
- Intel Corporation
- Losant IoT
- Microsoft Corp.
- NXP Semiconductors
- PTC Inc.
- RetailNext
- SAP
- Softweb Solutions
- Verizon Communications
- Zebra Technologies
- Arm Limited
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Prominent Growth Driving Factors
- Gains competitive edge: Over the projected period, the Internet of Things (IoT) expansion in the Retail market is anticipated to be driven by connecting technologies in the retail sector. Retailers can gain a competitive advantage by utilizing these technologies to enhance customer satisfaction, boost productivity, and streamline processes.
- Gathering data: Retailers can access much information on consumer behavior and preferences during in-store or in-person purchases because of connecting technologies like beacons, digital signage, on-shelf displays, and price tickers. They can collect information about product interactions, consumer foot traffic, and purchase history by utilizing these technologies to customize their offerings and enhance the overall customer experience, expanding the Internet of Things (IoT) in retail market demand.
- Improves supply chain management: Retailers may improve their store layouts, product choices, and marketing tactics by gathering data from these technologies on the behavior and preferences of their customers. Supply chain management and inventory forecasting can be improved using this data to cut waste and boost productivity.
- Enhances shopping experience: IoT technology can also improve customers' shopping experiences. For instance, when customers are in the store, retailers can utilize location-based services to send personalized offers or promotions to their smartphones.
Top Findings of the Report
- Adopting IoT technology can give traders a competitive edge by enhancing efficiency, improving customer experience, and lowering costs.
- The Internet of Things (IoT) in retail market segmentation is primarily based on the technology, component, deployment, application, and region.
- North America accounted for the largest revenue share in 2022.
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Top Trends Influencing the Market
- Real-time visibility: Retailers may monitor store premises for security purposes, maintain inventory levels, obtain real-time visibility into their supply chain, and collect information on customer behavior and preferences using IoT devices and sensors. Also, by utilizing IoT-enabled sensors, retailers may track products through the supply chain, from the factory to the distribution center to the retail store. Retailers can enhance inventory management, optimize their operations, and lower waste and inefficiencies due to this real-time visibility into the supply chain.
- Monitoring store premises: Retailers may ensure they always have the proper products, lowering out-of-stock scenarios and raising consumer happiness by utilizing sensors to detect product movements and inventory levels. IoT technology can monitor shop premises for security and manage supply chains and inventories. Retailers can use sensors to check inventory levels, track foot traffic, and spot strange behavior like stealing or damage, boosting the Internet of Things (IoT) in retail market growth.
Segmental Analysis
- Hardware Sector Holds the Largest Revenue Share
Retailers increasingly use sensors and RFID tags to maintain inventory, monitor store environments, and collect customer behavior and preferences information. The adoption of these technologies is anticipated to speed up even more as the cost of IoT sensors continues to drop and the number of linked devices in retail establishments increases.
Moreover, falling IoT sensor prices and a rise in connected devices in specialized retail stores fuel the Internet of Things (IoT) in retail market size. Sensors and RFID tags are anticipated to increase as retailers look to streamline their processes, cut costs, and improve the consumer experience.
- BLE Sector Holds the Largest Share
The desire for location-based services and targeted marketing drives the segment's growth. Additionally, BLE devices are a desirable option for retailers who wish to integrate IoT technologies without making a sizable initial investment due to their low cost and simplicity of installation.
Moreover, retailers may adopt mobile payments, location-based marketing, and customized offers more easily by utilizing BLE technology for shop check-in and intelligent customer interaction. For instance, shops can employ BLE beacons to send consumers' smartphones personalized recommendations based on their location and past purchases while they are in the store.
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Internet Of Things (IoT) In Retail Market: Report Scope & Segments
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 507.32 Billion |
| Market size value in 2023 | USD 54.16 Billion |
| Expected CAGR Growth | 28.2% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Arm Limited, Cisco Systems, Google, IBM Corporation, Impinj,, Intel Corporation, Losant IoT, Microsoft Corp., NXP Semiconductors, PTC Inc., RetailNext, SAP, Softweb Solutions, Verizon Communications, and Zebra Technologies |
| Segments Covered | By Component, By Technology, By Application, By Deployment, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographical Overview
North America: The early adoption of new, innovative technologies has led to the progress of the North American region. Because of the increased rivalry brought on by the growth of e-commerce, department stores are investing in new technology and innovations to remain competitive. To optimize operations and improve the consumer experience, new in-store experiences have been created, such as interactive displays and augmented reality, as well as the incorporation of new technologies like RFID and IoT.
Asia Pacific: The region's adoption of location-based services and real-time systems is rising, and these trends, along with the falling cost of sensors and the convergence of technologies, are fueling the expansion of the Internet of Things (IoT) in retail market in Asia Pacific. We anticipate continuous growth in the market for IoT technology throughout the area as companies continue to see the advantages of these solutions.
Browse the Detail Report “Internet of Things (IoT) In Retail Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Platform, Services); By Technology; By Deployment (Cloud, On-premise); By Application; By Region, And Segment Forecasts, 2023 - 2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/internet-of-things-iot-in-retail-market
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Recent Developments
- To develop specialized solutions to connect IoT services with the business's 1W Watt Up PowerBridge transmitters for retail management, SATO Holdings teamed up with Energous Corp. in January 2023.
- Google Cloud and KORE teamed up in December 2022 to support businesses in developing useful IT services and gaining advantages from IoT in the retail sector.
The Report Answers Questions Such As
- How big is the Internet of Things (IoT) in retail market?
- What are the growth drives of the IoT in the retail market?
- Which segments hold the largest Internet of Things (IoT) in retail market share?
- What are the upcoming trends of IoT in the retail market?
- Which prominent companies are leading in the Internet of Things (IoT) in retail market?
- Which region accounts for the highest market share?
Polaris Market Research has segmented the Internet of Things (IoT) In Retail Market report based on component, technology, application, deployment, and region:
By Component Outlook
- Hardware
- Beacons
- RFID tags
- Sensors
- Wearables
- Platform
- Connectivity Management
- Application Management
- Device Management
- Services
- Professional Services
- Managed Services
By Technology Outlook
- Bluetooth Low Energy
- Near Field Communication
- ZigBee
- Others
By Application
- Operations Management
- Inventory Management
- Supply Chain Automation
- Workforce Management
- Security and Safety
- Customer Management
- Smart Vending Machine
- Smart Shelves
- Queue Management
- Automated Checkout
- Asset Management
- Asset Tracking
- Predictive Management
- Advertising and Marketing
- Smart Digital Signage
- Geomarketing
- Others
By Deployment Outlook
- On-premise
- Cloud
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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