IMARC Group's report titled "Internet of Things (IoT) in Retail Market Report by Solution (Hardware, Software), Service (Professional Services, Managed Services), Technology (Near Field Communication, Bluetooth Low Energy, ZigBee, and Others), Platform (Device Management, Application Management, Connectivity Management), Application (Operations Management, Asset Management, Customer Experience Management, Advertising and Marketing), and Region 2024-2032". offers a comprehensive analysis of the industry, which comprises insights on the global internet of things iot in retail market growth. The global market size reached US$ 58.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 229.0 Billion by 2032, exhibiting a growth rate (CAGR) of 16.05% during 2024-2032.
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Factors Affecting the Growth of the Internet of Things (IoT) in Retail Industry:
- Enhanced User Experience:
The integration of internet of things (IoT) devices, such as smart shelves, interactive kiosks, and personalized shopping assistants, is allowing retailers to offer a more engaging and personalized shopping experience. These technologies help in understanding buyer preferences and behavior in real time, enabling retailers to tailor their services and product offerings accordingly. IoT-driven analytics provide deep insights into shopping patterns, facilitating optimized product placements and targeted promotions. The ability to connect and analyze data from various sources ensures that individuals receive highly relevant recommendations and efficient service, elevating the overall shopping experience and driving buyer loyalty and satisfaction.
- Operational Efficiency and Inventory Management:
IoT technologies streamline various retail operations, ranging from supply chain management to in-store inventory tracking, leading to cost savings and improved productivity. Real-time inventory management systems powered by IoT devices like radio-frequency identification (RFID) tags and sensors offer accurate stock levels, reduce the incidence of overstocking or stockouts, and enable automated replenishment. These advancements result in a more efficient supply chain, optimized merchandise availability, and a reduction in lost sales due to inventory discrepancies. Additionally, IoT solutions enhance the efficiency of energy use, maintenance, and other operational areas, reducing costs and improving the bottom line for retailers.
- Seamless Omnichannel Integration:
The advent of IoT in retail is pivotal in creating seamless omnichannel experiences is bolstering the market growth. By interconnecting various shopping channels, IoT ensures that users receive a unified shopping experience, whether online, in-app, or in-store. This integration allows for consistent communication, real-time inventory visibility, and a cohesive customer journey across all platforms. Retailers can leverage IoT to synchronize their services, enabling buyers to check product availability, make online purchases for in-store pickup, or even receive personalized recommendations based on their online browsing when they visit physical stores. This seamless connectivity not only enhances user satisfaction but also optimizes inventory management and drives sales by providing a holistic view of individual interactions across all channels.
Leading Companies Operating in the Global Internet of Things IoT in Retail Industry:
- Allerin Tech Pvt Ltd
- Amazon.com Inc.
- Bosch.IO GmbH
- Cisco Systems Inc.
- Huawei Technologies Co. Ltd
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- NEC Corporation (AT&T Corporation)
- Oracle Corporation
- Software AG
- Telit
- Vodafone Group Plc.
Internet of Things (IoT) in Retail Market Report Segmentation:
By Solution:
- Hardware
- RFID tags
- Beacons
- Sensors
- Wearables
- Software
Hardware (RFID tags) exhibit a clear dominance in the market due to their critical role in inventory tracking, supply chain management, and enhancing user engagement through smart product interactions.
By Service:
- Professional Services
- Managed Services
Professional services represent the largest segment accredited to their crucial role in implementing, maintaining, and optimizing IoT systems, ensuring that retailers can effectively utilize technology to improve operations and user experiences.
By Technology:
- Near Field Communication
- Bluetooth Low Energy
- ZigBee
- Others
Near field communication holds the biggest market share owing to its widespread adoption in contactless payments, product information access, and ease of integration into existing retail ecosystems.
By Platform:
- Device Management
- Application Management
- Connectivity Management
Device management accounts for the majority of the market share. It is fundamental for the operational efficiency of IoT devices, ensuring their proper functionality, security, and seamless integration with other technologies.
By Application:
- Operations Management
- Asset Management
- Customer Experience Management
- Advertising and Marketing
Operations management represents the largest segment, as it leverages IoT to streamline store operations, enhance supply chain efficiency, and improve inventory management.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America dominates the market owing to the rapid adoption of advanced technologies, rising investments in IoT infrastructure, and the presence of leading retail corporations that are quick to implement innovative solutions.
Global Internet of Things (IoT) in Retail Market Trends:
The rise of autonomous retail, powered by IoT technologies, where stores operate with minimal human intervention, is offering around-the-clock shopping experiences through automated checkouts, real-time inventory management, and artificial intelligence (AI)-driven user service. This shift is enabling retailers to reduce operational costs while enhancing buyer convenience.
Additionally, the integration of augmented reality (AR) with IoT devices is creating immersive shopping experiences, allowing buyers to visualize products in their own space before making a purchase, which is increasing engagement and reducing return rates. Furthermore, the adoption of IoT in creating smart packaging is gaining traction, which includes packaging that can monitor freshness, display vital product information, and even interact with other IoT-enabled devices, enriching user interaction and engagement with products.
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