IMARC Group's report titled “Internet Of Things Iot In Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global internet of things Iot in retail market size reached US$ 49.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 147.0 Billion by 2028, exhibiting a growth rate (CAGR) of 18.2% during 2023-2028.

The Internet of things (IoT) represents a data network comprising devices that exchange information without requiring human-to-machine interaction. It offers functional advantages, such as inventory tracking, monitoring, personalized recommendations and dynamic pricing. IoT also enables retailers to track customer movement and acquires insights into their shopping behavior. It improves the process of product maintenance, creates a short and direct customer journey, builds a long-lasting bond with first-time shoppers, etc. IoT finds extensive applications in the retail industry, as it assists in decreasing shrinkage and navigating inventory easily.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/internet-of-things-in-retail-market/requestsample

Internet Of Things Iot In Retail Market Trends and Drivers:

The introduction of numerous technological advancements, including on-shelf displays, digital signage, beacons, and price tickers, is primarily driving the internet of things (IoT) in retail market. Additionally, the growing adoption of real-time systems and location-based solutions and the inflating need for security to avoid data breaches are further bolstering the market growth. Besides this, the increasing usage of retailers in radio-frequency identification (RFID) for asset tracking in warehouses and stores, cameras and sensors for monitoring product status and customer traffic, and in-store Wi-Fi to detect returns and encourage digital interaction is acting as another significant growth-inducing factor. Moreover, the escalating demand for smart payment solutions and a seamless shopping experience is positively influencing the global market. Apart from this, the rising popularity of IoT devices via interactive terminals, virtual or augmented reality (AR and VR), robots, and smart fitting rooms is also stimulating the market growth. Furthermore, extensive investments in R&D activities are anticipated to fuel the internet of things (IoT) in retail market over the forecasted period.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Solution:

• Hardware
  • RFID tags
  • Beacons
  • Sensors
  • Wearables
• Software

Breakup by Service:

• Professional Services
• Managed Services

Breakup by Technology:

• Near Field Communication
• Bluetooth Low Energy
• ZigBee
• Others

Breakup by Platform:

• Device Management
• Application Management
• Connectivity Management

Breakup by Application:

• Operations Management
• Asset Management
• Customer Experience Management
• Advertising and Marketing

Market Breakup by Region:

• 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

Competitive Landscape with Key Player:

• 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.

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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