Global Internet of Things in Retail Market

Internet of Things in Retail Market Size, Share, Growth Analysis, By Solutions(Hardware and software), By Service(Professional and managed service), By Technology(Bluetooth low energy, Near field communication) - Industry Forecast 2024-2031

Report ID: SQMIG45D2057 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 86 | Figures: 76

Internet of Things in Retail Market News

  • In August 2022, Telit further bolsters its IoT portfolio with Mobilogix acquisition, to reduce the complexity and time-to-market of deploying IoT solutions.
  • In July 2022, JT IoT announced that it has acquired Top Connect, The acquisition of this IoT and roaming connectivity provider and its expert team will accelerate JT IoT’s plan to build a stronger global IoT ecosystem and to expand into new markets and use cases.
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Internet of Things in Retail Market size was valued at USD 33.1 billion in 2019 and is poised to grow from USD 42.38 billion in 2023 to USD 297.44 billion by 2031, growing at a CAGR of 28.4% in the forecast period (2024-2031).

Internet of Things in Retail Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'IBM', 'Intel Corporation', 'Microsoft Corporation', 'Cisco Systems Inc.', 'SAP SE', 'Zebra Technologies Corporation', 'PTC Inc.', 'Huawei Technologies Co. Ltd.', 'Software AG', 'Amazon Web Services, Inc.', 'Fujitsu Ltd.', 'Bosch Software Innovations GmbH', 'NXP Semiconductors N.V.', 'Qualcomm Inc.', 'Google LLC', 'Hewlett Packard Enterprise Development LP', 'Oracle Corporation', 'ARM Holdings PLC', 'Siemens AG', 'General Electric Company'

The demand for internet of things (IoT) in the retail business is driven by factors such efficient shop space monitoring, inventory management, supply chain management, and customer behaviour tracking. Furthermore, one of the key drivers of loT adoption among retailers is the optimization and automation of the supply chain. Digital signage, top-of-the-shelf displays, beacons, and price displays are examples of connectivity technologies that give brands access to vast amounts of information about consumer behaviour during in-store purchases.

Businesses are investing in digital transformation in an effort to keep up with changing customer expectations brought on by developing loT technologies like sensors and RFID in retail. Implementing and embracing loT-enabled automation technologies for enhanced company operations and decision-making is the core of digital transformation. One of the most popular digital technologies for businesses looking to increase productivity and use their IT systems to meet changing client demands is IoT in retail solutions.

North America held the largest Internet of Things in Retail Market share and accounted for a revenue share of over 33% in 2021. The expansion of e-commerce in the region has posed a challenge for department stores to excel in their commercial operations. The excellent R&D capabilities of top businesses like IBM Corporation, Google LLC, Microsoft Corporation, Intel Corporation, and PTC Inc. can also be credited with the region’s success. Google started distributing free beacons to physical establishments as part of the Project Beacon test programme.

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