Global IoT In Retail Market Segments 2024, Forecast To 2033
5 Mar, 2024
The IoT in retail market has witnessed rapid growth, increasing from $33.76 billion in 2023 to $40.35 billion in 2024, with a 19.5% CAGR. The historic period's growth is attributed to data-driven decision-making and enhanced in-store experiences. Expecting rapid growth, the market is projected to reach $78.73 billion in 2028 with an 18.2% CAGR, driven by data analytics integration and omnichannel retailing expansion.
Global IoT In Retail Market Key Driver
IoT in the retail market growth is spurred by the increasing penetration of e-commerce. E-commerce sales made up 14.8% of total sales in Q3 2022. The increasing penetration of e-commerce drives the IoT in the retail market, supported by data from the Census Bureau of the Department of Commerce and ecommerceDB.
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The iot in retail market covered in this report is segmented –
1) By Offering: Solution, Service
2) By Type: Beacons, RFID Tags, Sensors, Wearables, Other Types
3) By Technology: Bluetooth low energy, Near field communication, ZigBee, Other Technologies
4) By Deployment Mode: On-premise, Cloud
5) By Application: Supply Chain Operations Management, Customer Management, Sales and Customer Management, Asset Management, Other Applications
By Geography: The regions covered in the anti inflammatory therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the IoT in retail market in 2023. Asia-Pacific is expected to be the fastest-growing region in the IoT in retail market report during the forecast period. The regions covered in the iot in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major IoT In Retail Industry Players
ARM Limited; Cisco Systems Inc.; Alphabet Inc.; IBM Corporation; Impinj Corporation; Intel Corporation; Microsoft Corporation; PTC Inc.; RetailNext Inc.; SAP SE; Softweb Solutions Inc.; Zebra Technologies Corporation; Huawei Technologies Company Limited; Amazon Web Services Inc.; Software AG; Bosch Software Innovations GmbH; NEC Corporation; Oracle Corporation; Vodafone Group Plc.; Allergen Technologies Private Limited; Sierra Wireless Inc.; Happiest Minds Technologies Limited; Losant IoT Inc.; NXP Semiconductors N.V.; Verizon Communications Inc.; Freescale Semiconductor Inc.; Xively Inc.; Microchip Technology Incorporated; Bsquare Corporation; Fujitsu Limited; Hewlett Packard Enterprise Development LP
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AIOps IoT In Retail Market Overview
The internet of things (IoT) is a physical object network that contains integrated technologies that allow it to connect, sense, and interact with internal or external environments. It is a collection of end-to-end services where companies contract with external vendors to design, build, install, and operate IoT solutions, including consulting advice for IoT planning. IoT in the retail industry is used for flow management in the stores, inventory management, and improving the customer experience using real-time customer data.
IoT In Retail Global Market Report 2023 provides data on the global iot in retail market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The iot in retail market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.