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.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global Internet Of Things In Retail Market Segmentation
By Solution
- Hardware
- Software
By Services
- Professional Services
- Managed Services
By Technology
- Bluetooth low energy
- Near field communication
- ZigBee
- Others
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.
COVID-19 Impact:
The pandemic has profoundly impacted worldwide IoT spending, including that of the retail industry. Several new projects have been put on hold by the retailers as their primary focus was on the continuation of business operations during the economic crisis. Moreover, the technology roadmap for IoT has been delayed by the companies due to remote working limitations. As a result, the IoT in retail market has witnessed a decline in revenue in 2020 compared to 2019. However, the adoption of IoT in retail is expected to gradually increase in late 2021. Retailers are already implementing mobile payment systems, autonomous cleaning robots, and contactless checkout kiosks to reduce human interference and curb the spread of the coronavirus. Post the pandemic, AI technology, cloud services, and automation are expected to power the retail industry for years to come.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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