The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased e-commerce penetration is likely to encourage innovation in IoT in retail manufacturing, propelling the market during the forecast period.

The global IoT in retail market is expected to grow from $28.24 billion in 2022 to $33.80 billion in 2023 at a compound annual growth rate (CAGR) of 19.7%. The global IoT in retail market size is expected to grow to $67.75 billion in 2027 at a CAGR of 19.0%.

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Global IoT In Retail Market Segments Include:

• By Type: Beacons, RFID Tags, Sensors, Wearables, Other Types
• By Offering: Solution, Service
• By Technology: Bluetooth low energy, Near field communication, ZigBee, Other Technologies
• By Deployment Mode: On-premise, Cloud
• By Application: Supply Chain Operations Management, Customer Management, Sales and Customer Management, Asset Management, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global IoT in retail market in 2021.

Major Market Players in the IoT in retail market include ARM Holdings Plc., Cisco Systems Inc., Google LLC, International Business Machines Corporation, Impinj Inc., Intel Corporation, Microsoft Corporation, PTC Inc., RetailNext Inc.

Product innovation is a key trend gaining traction in the retail IoT sector. To maintain their market position, major market players are focusing on research and development for product developments. For example, in May 2022, Hanshow Technology Co. Ltd, a US-based developer and producer of electronic shelf label (ESL) products and solutions, launched AllStar, a new IoT platform aimed at the retail industry and meant to assist retailers in upgrading and expanding their digitalization. The AllStar platform serves as an integrated system for managing a store’s whole digital device ecosystem, offering SaaS and private deployment choices with unified user authentication and third-party application access integration via an open HTTP API. It also improves customer in-store experience by providing smart store operation efficiency and key functions such as pricing management, inventory management, picking, geolocation, dynamic pricing, promotion boards, interactive marketing, digital payment, passenger flow analysis, and automatic monitoring patrol.

The IoT In Retail Global Market Report 2023  provides a IoT in retail market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The IoT in retail market forecast analyzes IoT in retail market size, IoT in retail market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The internet of things (IoT) is a physical object network with embedded technologies that enable it to connect, detect, and interact with internal or external environments. It is a set of end-to-end services in which businesses contract with third-party vendors to design, manufacture, install, and run IoT solutions, as well as provide consultancy guidance for IoT strategy. In the retail industry, IoT is utilised for store flow management, inventory management, and improving the consumer experience by utilising real-time customer data.

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