Global IoT In Retail Market Size and Forecast 2023-2032|ARM Holdings Plc., Cisco Systems Inc., Google LLC, International Business Machines Corporation, Impinj Inc

The IoT In Retail Global Market Report 2023 by The Business Research Company, provides IoT in retail market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s IoT In Retail Global Market Report 2023, the market size is expected to grow from $28.24 billion in 2022 to $33.80 billion in 2023 at a compound annual growth rate (CAGR) of 19.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global IoT in retail market size is expected to grow to $67.75 billion in 2027 at a CAGR of 19.0%.

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.

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The IoT in retail market is segmented:

1) By Type: Beacons, RFID Tags, Sensors, Wearables, Other Types

2) By Offering: Solution, Service

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

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 report table of contents includes:

1. Executive Summary

2. IoT In Retail Market Characteristics

3. IoT In Retail Market Trends And Strategies

4. IoT In Retail Market – Macro Economic Scenario

5. IoT In Retail Market Size And Growth

26. Africa IoT In Retail Market

27. IoT In Retail Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The IoT In Retail Market

29. IoT In Retail Market Future Outlook and Potential Analysis

30. Appendix

Top Major Players: