JERSEY
CITY, N.J., July 29,
2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd.
announces the release of a market assessment report on the
"Global Internet of Things in Retail Market – (By
Component (Hardware, Platform, Services), By Deployment
(On-premise, Cloud), By Technology (Bluetooth Low Energy, Near
Field Communication, Zigbee, Others), By Application), Trends,
Industry Competition Analysis, Revenue and Forecast To
2031."
According to the latest research by InsightAce Analytic, the
Global Internet of Things in Retail Market is valued at
US$ 57.8 Bn in 2023, and it is expected to reach
US$ 464.9 Bn by 2031, with a
CAGR of 30.1% during the forecast period of
2024-2031.
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The Internet of Things (IoT) is transforming the retail market
by enhancing customer experiences, optimizing operations, and
enabling new business models. IoT technologies, such as smart
shelves, beacons, and connected devices, provide real-time data and
insights into inventory levels, customer preferences, and store
traffic patterns. This data allows retailers to manage stock more
efficiently, personalize marketing efforts, and streamline supply
chain operations. Additionally, IoT-enabled devices can improve
in-store experiences through features like automated checkout,
interactive displays, and tailored promotions based on shopper
behaviour.
As IoT adoption grows, it is expected to drive significant
innovation and efficiency improvements, helping retailers stay
competitive in a rapidly evolving market. The rise of omnichannel
retailing, driven by IoT technologies that seamlessly integrate
online and offline shopping experiences, is contributing to market
growth. Additionally, the growing prevalence of IoT-enabled smart
stores, where retailers use interconnected devices and sensors to
offer immersive and personalized shopping experiences, is further
accelerating market expansion.
List of Prominent Players in the Internet of Things in Retail
Market:
- Accenture
- Allerin Tech Pvt Ltd
- Amazon Web Services
- Arm Limited
- AT&T
- Bosch.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
Internet of Things in Retail Market Report Scope:
Report
Attribute
|
Specifications
|
Market Size Value In
2023
|
USD 57.8 Bn
|
Revenue Forecast In
2031
|
USD 464.9 Bn
|
Growth Rate
CAGR
|
CAGR of 30.1% from 2024
to 2031
|
Quantitative
Units
|
Representation of
revenue in US$ Bn and CAGR from 2024 to 2031
|
Historic
Year
|
2019 to 2023
|
Forecast
Year
|
2024-2031
|
Report
Coverage
|
The forecast of
revenue, the position of the company, the competitive market
structure, growth prospects, and trends
|
Segments
Covered
|
By Components,
Technology, Deployment, And Application
|
Regional
Scope
|
North America; Europe;
Asia Pacific; Latin America; Middle East & Africa
|
Country
Scope
|
U.S.; Canada; U.K.;
Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain;
South East Asia; South Korea
|
Market Dynamics:
Drivers-
The growth of the Internet of Things (IoT) in the retail market
is driven by several key factors. These include the increasing
demand for enhanced customer experiences and the need for efficient
inventory management. IoT technology enables retailers to gather
real-time data on consumer preferences and behaviour, allowing for
personalized marketing strategies. Additionally, IoT solutions
improve supply chain visibility and operational efficiency,
reducing costs and increasing productivity.
The rise in the knowledge and adoption of smart devices and
advancements in IoT technology further propel market growth.
Furthermore, the integration of IoT with emerging technologies such
as machine learning & artificial intelligence enhances
decision-making processes and predictive analytics in retail
operations.
Challenges:
The retail market faces numerous hurdles when it comes to
executing the Internet of Things (IoT). A significant obstacle is
in ensuring the security and privacy of data. As IoT devices
collect wide range of data, protecting this data from breaches and
ensuring customer privacy becomes increasingly difficult. Another
challenge is the integration of IoT systems with existing retail
infrastructures.
Retailers often face compatibility issues and the need for
substantial investments in upgrading their technology.
Additionally, the complexity of managing and maintaining a network
of interconnected devices can be overwhelming, requiring
specialized skills and knowledge. Furthermore, the rapid pace of
technological improvements means that retailers must continuously
adapt to stay competitive, which can be both costly and
resource-intensive.
Regional Trends:
The North American Internet of Things in the retail market is
expected to register a major market share. This growth is
attributed to the integration of in-store as well as digital
operations in the retail sector, with technologies like RFID tags
and smart shelves enabling retailers to manage inventory
efficiently and enhance the shopping experience. The Asia Pacific (APAC) region is predicted to be
the fastest-growing market, with a remarkable CAGR projected from
2024 to 2031. This rapid and continuous growth is driven by
increasing internet penetration, smartphone usage, and e-commerce
activities. This digital shift fosters an environment conducive to
adopting digital avatars in customer interactions, marketing
strategies, and virtual experiences.
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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.
Segmentation of Internet of Things in Retail Market-
By Component
- Hardware
- Beacons
- RFID Tags
- Sensors
- Wearables
- Platform
- Connectivity Management
- Application Management
- Device Management
- Services
- Professional Services
- Managed Services
By Technology
- Bluetooth Low Energy
- Near Field Communication
- Zigbee
- Others
By Deployment
By Application
- 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
- Advertising and Marketing
- Smart Digital Signage
- Geomarketing
- Others
By Region-
North America-
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and
Africa
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https://www.insightaceanalytic.com/customisation/2603
Why should buy this report:
- To receive a comprehensive analysis of the prospects for global
Internet of Things in Retail market
- To receive industry overview and future trends of global
Internet of Things in Retail market
- To analyze the Internet of Things in Retail market drivers and
challenges
- To get information on the Internet of Things in Retail market
size value (US$ Mn) forecast till 2031
- Major Investments, Mergers & Acquisition in global Internet
of Things in Retail industry
Other Related Reports Published by InsightAce
Analytic:
Retail E-commerce Packaging Market
Luxury E-Commerce Platforms Market
IoT in Agriculture Market
Digital Last-mile Platform Market
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and quantitative market intelligence solutions inform the need for
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clients gain competitive advantage by identifying untapped markets,
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