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 trends. 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:
- Operational Efficiency:
The internet of things (IoT) optimizes retail operations, delivering cost savings while improving productivity. Real time inventory management systems, empowered by radio frequency identification (RFID) tags and sensors, prevent stockouts and overstocks. Monitoring equipment performance using IoT devices minimizes downtime and maintenance costs. IoT-driven supply chain optimization enhance visibility and transparency and reduce transportation costs while ensuring timely deliveries. In addition, enhanced operational efficiency translates to smoother processes, higher profitability, and improved satisfaction of individuals. By leveraging IoT, retailers gain a competitive edge in a rapidly evolving market landscape.
- Inventory Management:
IoT transforms inventory management by providing real time visibility throughout the supply chain, which is impelling the market growth. RFID tags and sensors track products from warehouse to store shelves, enabling accurate inventory tracking and optimization. Retailers minimize stockouts, reduce shrinkage, and improve forecasting accuracy. In line with this, automated inventory management systems streamline processes, freeing up resources for strategic initiatives. Apart from this, IoT-driven inventory management ensures products are available when and where individuals need them, enhancing satisfaction and loyalty.
- Supply Chain Optimization:
IoT enhances supply chain management by offering end-to-end visibility and transparency. Sensors and connected devices monitor goods during transit, track shipments in real time, and alert stakeholders to issues or delays. This visibility enables retailers to streamline logistics, reduce transportation costs, and ensure timely delivery, which is bolstering the market growth. By optimizing the supply chain, retailers improve efficiency, reduce operating costs, and enhance satisfaction among individuals. IoT-driven supply chain optimization empowers retailers to respond quickly to changing market demands and deliver exceptional service to a wider consumer base.
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 represents the largest segment, which can be accredited to its ability to allow retailers to adapt to changing business needs.
By Service:
- Professional Services
- Managed Services
Professional services hold the biggest market share as they offer consulting and advisory services to help retailers define their IoT strategy, assess technology requirements, and develop a roadmap for implementation.
By Technology:
- Near Field Communication
- Bluetooth Low Energy
- ZigBee
- Others
Near field communication accounts for the largest market share due to the rising need for contactless payments.
By Platform:
- Device Management
- Application Management
- Connectivity Management
Device management exhibits a clear dominance in the market, driven by the increasing focus on security and compliance.
By Application:
- Operations Management
- Asset Management
- Customer Experience Management
- Advertising and Marketing
Operations management holds the biggest market share on account of its ability to provide enhanced experience to individuals.
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 enjoys a leading position in the internet of things (IoT) in retail market, which can be attributed to stringent regulations related to data privacy.
Global Internet of Things (IoT) in Retail Market Trends:
Through IoT devices like beacons and sensors, retailers gather data on the behavior, preferences, and traffic patterns of individuals. This data encourage personalized recommendations, efficient product placement, and streamlined checkout processes. By tailoring interactions based on real time insights, retailers enhance satisfaction and loyalty. Personalization extends beyond in-store experiences, influencing online interactions and marketing strategies. IoT enables retailers to forge deeper connections with individuals, fostering brand loyalty.
IoT generates vast amounts of data that can be analyzed to gain valuable insights into the behavior, market trends, and operational performance of individuals. Advanced analytics tools enable retailers to uncover hidden patterns, identify opportunities for optimization, and make data-driven decisions to drive business growth and innovation.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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