The iot in retail global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
IoT In Retail Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The iot in retail market size has grown rapidly in recent years. It will grow from $33.76 billion in 2023 to $40.35 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth in the historic period can be attributed to data-driven decision making, customer engagement evolution, inventory optimization, enhanced in-store experiences, security and loss prevention..
The iot in retail market size is expected to see rapid growth in the next few years. It will grow to $78.73 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to data analytics and ai integration, adoption of edge computing, consumer adoption of iot devices, expansion of omnichannel retailing, cybersecurity and data privacy measures.. Major trends in the forecast period include supply chain visibility and transparency, smart shelves and product monitoring, enhanced security and loss prevention, in-store analytics and foot traffic monitoring, contactless payment and checkout..
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Scope Of IoT In Retail Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
IoT In Retail Market Overview
Market Drivers –
The increasing penetration of e-commerce is expected to propel the growth of the IoT in the retail market going forward. E-commerce, often known as electronic commerce or online commerce, refers to the purchase and sale of goods or services over the internet, as well as the transmission of money and data to complete these transactions. In e-commerce, IoT is used in inventory management such as using radio frequency identification tags that enable the learning of all crucial item information regarding the product type, its availability, and expiration date, without the necessity of any human involvement. The precise and detailed tracking of the item journey during supply chain management, remote assessment of products and items to predict their maintenance and analyze their performance, business personalization, customer and sales management, and other features are possible by IoT to optimize the retail operations in e-commerce. For instance, according to the Census Bureau of the Department of Commerce, a US-based source of quality data about the nation’s people and economy, total retail sales for the third quarter of 2022 were estimated at $1,792.0 billion, an increase of 0.7 percent (±0.1%) from the second quarter of 2022. The third quarter of 2022 e-commerce estimate increased by 10.8 percent (±1.2%) from the third quarter of 2021 while total retail sales increased by 9.1 percent (±0.4%) in the same period, in which, the third quarter of 2022 e-commerce sales made up 14.8% of total sales. Further, as per ecommerceDB, a UK-based statistical company, with sales of 177.5 billion in 2021, the United Kingdom is the fourth largest ecommerce market trailing only Germany and Japan. The UK ecommerce market increased by 9% in 2021, contributing to a global growth rate of 18%. Therefore, the increasing penetration of E-commerce is driving the growth of the IoT in the retail market.
Market Trends –
Product innovation is a key trend gaining popularity in the IoT in the retail market. Major companies operating in the market are focused on research and development for product innovations to sustain their position in the market. For instance, in May 2022, Hanshow Technology Co. Ltd, a US-based developer, and supplier of electronic shelf label (ESL) products and solutions introduced AllStar, a new IoT platform that focuses on the retail industry and is designed to help retailers to upgrade and expand their digitalization. The AllStar platform functions as an integrated system for managing a store’s full digital devices, including SaaS and private deployment options that include unified user authentication and third-party application access integration via an open API based on HTTP. Additionally, it provides smart store operation efficiency and improves customer in-store experience, including key functions such as pricing management, inventory management, picking, geolocation, dynamic pricing, promotion boards, interactive marketing, digital payment, passenger flow analysis, and automatic monitoring patrol.
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
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Regional Insights –
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
Key Companies –
Major companies operating in the iot in retail market report are 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 .
Table of Contents
1. Executive Summary
2. IoT In Retail Market Report Structure
3. IoT In Retail Market Trends And Strategies
4. IoT In Retail Market – Macro Economic Scenario
5. IoT In Retail Market Size And Growth
…..
27. IoT In Retail Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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