The global Internet Of Things In Retail Market was valued at USD 32.4 Billion in 2022 and it is anticipated to grow up to USD 555.2 Billion by 2032, at a CAGR of 32.9% during the forecast period.
The use of IoT in retail industry is tightly connected to GPS and RFID technologies that help brands track products through the entire supply chain process. It gives retailers the visibility they need to monitor product movement, conditions and track location as well as predict a precise delivery time.
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Market Trends and Drivers
Factors such as effective store premise monitoring, inventory management, supply chain management, and customer behavior observation are driving the demand for internet of things (IoT) in retail market. Optimizing and automating the supply chain is one of the prime factors for the adoption of IoT among retailers. Connecting technologies, including digital signage, on-shelf displays, beacons, and price tickers, provide opportunities for a brand to gain access to a high amount of data on customer activity during in-store shopping.
Moreover, inclusion of digital and in-store operations in the retail sector. IoT is expected to revamp the retail industry, transforming traditional brick and mortar shops into advanced digital stores. The technology provides a competitive edge to the retailers with the help of smart shelves and RFID tags, which detect low inventory and track the movement of the respective goods. The adoption of IoT technology helps retailers to effectively manage in-store operations and provide an improved shopping experience to their customers.
Market Restraints and Challenges
Most retailers lack the infrastructure and network components that huge volumes of IoT data require. In order for merchants to digitize their retail stores, they would need to have a robust network, cloud solutions, and end-user solutions such as barcode scanners, tablets, and mPOS. All of those things would require considerable investment. Furthermore, many retailers are wary of the security and privacy issues associated with IoT. These concerns have been amplified by the introduction of GDPR (General Data Protection Regulation). Access to the customer’s data gives retailers various opportunities but at the same time opens the door to cyber-attack threats and legal complications.
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Global Internet Of Things In Retail Market Segmentation
By Solution
- Hardware
- Software
By Services
- Professional Services
- Managed Services
Major Players in the Global IoT in Retail Market
The market is moderately competitive and consists of numerous prominent players. In terms of market share, few of these significant players with substantial market share currently dominate the market and are focusing on increasing their customer base across overseas locations. The companies are also leveraging strategic collaborative initiatives to capture more market share and improve their profitability.
The key players in the Internet Of Things In Retail Market are Arm Limited; Cisco Systems Inc.; Google LLC; IBM Corporation; Impinj, Inc.; Intel Corporation; Losant IoT; Microsoft Corporation; NXP Semiconductors; PTC Inc.; RetailNext, Inc.; SAP SE; Softweb Solutions Inc.; Verizon Communications Inc.; Zebra Technologies Corporation. among others.
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Reasons to buy Internet Of Things In Retail Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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