IoT In Retail Market
Information Technology

IoT In Retail Market Key Insights 2024-2033: Growth Rate, Trends And Opportunities

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033


The Business Research Company’s IoT In Retail Global Market Report 2024 offers crucial insights into the IoT in retail market help businesses analyse and build stronger strategies.


Introduction: The IoT in retail market is experiencing exponential growth, driven by various factors such as data-driven decision-making and enhanced customer experiences.


Rapid Growth Trajectory:

  • The market size surged from $33.76 billion in 2023 to $40.35 billion in 2024.
  • Forecasted to reach $78.73 billion in 2028, with a CAGR of 18.2%.

Driving Forces Behind Growth:

  1. Data Analytics and AI Integration:
  • Integration of advanced analytics and AI for informed decision-making.
  • Enhanced customer insights and personalized experiences.
  1. Adoption of Edge Computing:
  • Decentralized processing for faster data analysis.
  • Enables real-time responses and reduced latency.
  1. Consumer Adoption of IoT Devices:
  • Proliferation of IoT devices for smart homes and personalized experiences.
  • Increases demand for IoT solutions in retail.
  1. Expansion of Omnichannel Retailing:
  • Seamless integration of online and offline retail channels.
  • Enhances customer experience and operational efficiency.
  1. Cybersecurity and Data Privacy Measures:
  • Ensuring the security of IoT networks and customer data.
  • Compliance with data protection regulations.


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Major Trends Shaping the Future:

  1. Supply Chain Visibility and Transparency:
  • Real-time tracking of inventory and shipments.
  • Improves efficiency and reduces operational costs.
  1. Smart Shelves and Product Monitoring:
  • RFID tags and sensors for inventory management.
  • Enables automatic restocking and reduces out-of-stock situations.
  1. Enhanced Security and Loss Prevention:
  • IoT-enabled surveillance systems and access controls.
  • Minimizes theft and enhances store security.
  1. In-store Analytics and Foot Traffic Monitoring:
  • Sensors and cameras to analyze customer behavior.
  • Optimizes store layout and product placement.
  1. Contactless Payment and Checkout:
  • Integration of NFC and mobile payment solutions.
  • Provides convenience and enhances the checkout experience.

Accelerated Growth Driven By The Surging Influence Of E-Commerce:

  1. Impact of E-commerce on IoT in Retail:
  • IoT facilitates inventory management and personalized experiences in e-commerce.
  • E-commerce sales continue to grow, driving demand for IoT solutions.
  1. Examples of E-commerce Growth:
  • Statistics from the Census Bureau and ecommerceDB highlight the rapid growth of e-commerce.
  • Increasing market share of e-commerce in total retail sales.

IOT In Retail Market Embraces Innovation:

  1. Product Innovation as a Key Trend:
  • Companies invest in R&D to introduce innovative IoT solutions.
  • Example: Hanshow Technology’s AllStar platform for digital store management.
  1. Strategic Acquisitions:
  • Panasonic’s acquisition of Blue Yonder to strengthen supply chain capabilities.
  • Emphasis on end-to-end solutions for e-commerce and retail operations.

Market Segmentation:

  • Offering: Solutions and Services
  • Type: Beacons, RFID Tags, Sensors, Wearables, Others
  • Technology: Bluetooth Low Energy, NFC, ZigBee, Others
  • Deployment Mode: On-premise, Cloud
  • Application: Supply Chain Management, Customer Management, Asset Management, Others

Regional Insights:

  • North America led the IoT in retail market in 2023.
  • Asia-Pacific expected to witness the fastest growth.


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The IoT In Retail Global Market Report 2024  provides a comprehensive outlook of the IoT in retail market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The IoT in retail market forecast offers a thorough analysis on IoT in retail market size, IoT in retail market share, prominent players and their strategies.


The Table Of Content For The IoT In Retail Market Include:
1. IoT In Retail Market Executive Summary
2. IoT In Retail Market Segments
3. IoT In Retail Market Size And IoT In Retail Market Growth Rate
4. Key IoT In Retail Market Trends
5. Major IoT In Retail Market Drivers
25. Key Mergers And Acquisitions In The IoT In Retail Market
26. Top IoT In Retail Companies
27. IoT In Retail Market Opportunities And Strategies
28. IoT In Retail Market, Conclusions And Recommendations
29. Appendix


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