Retail IoT Market Size, Share, Trends, Growth 2032

Retail IoT Market Insights

According to a report from Zion Market Research, the global Retail IoT Market was valued at USD 67.76 Billion in 2023 and is projected to hit USD 694.08 Billion by 2032, with a compound annual growth rate (CAGR) of 29.5% during the forecast period 2024-2032.

This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Retail IoT Market industry over the next decade.

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The report covers a forecast and an analysis of the retail IoT market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion). The study includes drivers and restraints of the retail IoT market along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the retail IoT market on a global level.

Retail IoT Market: Growth Factors

Retailers worldwide are changing their business models to aid with emerging technologies. The global retail IoT market is likely to suit the requirements of the retail sector through innovative solutions, which will lead to business growth. IoT (Internet of Things) is one such technology that connects different devices, machines, and objects with the focus to create a smart world. Some of the initiatives taken up to develop technological aids include information beacons, digital signage, and radio frequency identification devices (RFID), which is helping buyers to improve their buying experiences. Marketing edges at specific locations with the help of digital signage is responsible for product awareness in many stores.

Retail IoT has helped many retailers in achieving increased revenue and improved customer experience. Retail IoT is used in managing inventory, making mobile payments, tracking losses and theft, enhancing shopper intelligence, and implementing marketing and inventory advertising. The global retails IoT market is mainly driven by easy internet availability globally and declining costs of IoT components like RFID and sensors.

In order to give the users of this report a comprehensive view of the retail IoT market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

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Additionally, the cloud platform is another major driver boosting the global retail IoT market. Furthermore, the ongoing developments witnessed in the retail sector, such as rapid smartphone adoption and omnichannel shopping, are supporting the retailers to create a brick-and-mortar shopping experience. This, in turn, is likely to boost the global retail IoT market in the years ahead.

The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new offering launches, agreements, partnerships, collaborations, and joint ventures, research and development, and regional expansion of major participants involved in the market on a global and regional basis.

Retail IoT Market: Segmentation

The study provides a decisive view of the retail IoT market by segmenting it based on offering, application, end-user, and region.

Based on offering, the market for retail IoT is categorized into hardware, software, and services.

Based on application, the retail IoT market is classified into product tracking, payments, customer engagement, supply chain management, and others.

On the basis of end-user, the market includes supermarkets/hypermarkets, specialty stores, e-commerce companies, and others.

Retail IoT Market: Report Scope

Retail IoT Market: Regional Insights

The regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North America and Europe are likely to dominate the global retail IoT market and hold more than 60% market share over the forecast time period. This can be attributed to the rising spending on supply chain monitoring and product monitoring. Additionally, the increasing penetration of e-commerce in the U.S and Canada has put many departmental stores under pressure to improve their growing average footfall and provide better in-store customer shopping experience. In Europe, the growing adoption of beacons mostly in countries like UK, France, and Germany is contributing to the retail IoT market growth in Europe.

Retail IoT Market: Competitive Space

The global retail IoT market profiles key players such as:

• Microsoft
• Intel Corporation
• Cisco Systems
• IBM Corporation
• Zebra Technologies
• SAP AG

This report segments the global retail IoT market into:

Global Retail IoT Market: Offering Analysis

• Hardware
• Software
• Services

Global Retail IoT Market: Application Analysis

• Product Tracking
• Payments
• Customer Engagement
• Supply Chain Management
• Others

Global Retail IoT Market: End-User Analysis

• Supermarkets/Hypermarkets
• Specialty Stores
• E-Commerce Companies
• Others

Global Retail IoT Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa