Overview and Scope
The internet of things (IoT) is a physical object network that contains integrated technologies that allow it to connect, sense, and interact with internal or external environments. It is a collection of end-to-end services where companies contract with external vendors to design, build, install, and operate IoT solutions, including consulting advice for IoT planning. IoT in the retail industry is used for flow management in the stores, inventory management, and improving the customer experience using real-time customer data.
Sizing and Forecast
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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Segmentation & Regional Insights
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
Top 5 Major Players:
- ARM Limited,
- Cisco Systems Inc.,
- Alphabet Inc.,
- IBM Corporation,
- Impinj Corporation,
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
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the IoT in retail market are adopting a strategic partnership approach to create IoT applications for in-store retail powered wirelessly. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in January 2023, Energous Corporation, a US-based developer of wireless power transfer (WPT) technologies partnered with SATO Holdings Corporation, a Japan-based provider of auto-ID solutions. The partnership aims to collaborate on solutions by integrating Energous’ 1W WattUp PowerBridge transmitters with IoT applications designed for advanced smart store functionalities. This collaboration seeks to achieve wireless powering capabilities for Wiliot IoT Pixel sensor tags within a range of 5m to 10m, catering to asset and inventory management solutions in stores and warehouses developed by SATO. The IoT Pixels, compact Bluetooth Low Energy tags equipped with sensors for parameters such as humidity and temperature, among others, utilize data communication initiated by multiple tags receiving signals from an Energous transmitter. Acting as a bridge, the transmitter intelligently filters and relays data from the tags to the cloud. Implementing IoT Pixels on individual products and specific fixtures on shelves enables retailers to monitor real-time product quantity and condition, eliminating the need for manual checks.
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. Global IoT In Retail Market Size and Growth
…
31. Global IoT In Retail Market Competitive Benchmarking
32. Global IoT In Retail Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IoT In Retail Market
34. IoT In Retail Market Future Outlook and Potential Analysis
35. Appendix
List of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global IoT In Retail Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global IoT In Retail Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global IoT In Retail Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 76: ARM Limited Financial Performance
Table 77: Cisco Systems Inc. Financial Performance
Table 78: Alphabet Inc. Financial Performance
Table 79: IBM Corporation Financial Performance
Table 80: Impinj Corporation Financial Performance
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