Retail IoT Market Is Expected To Reach Around $694.08 Billion By 2032

Zion Market Research has published a new report titled “Retail IoT Market by Offering (Hardware, Software, and Services), by Application (Product Tracking, Payments, Customer Engagement, Supply Chain Management, and Others), and by End-User (Supermarkets/Hypermarkets, Specialty Stores, E-Commerce Companies, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024-2032”. According to the report, the global retail IoT market was approximately 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.

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.

Additionally, the acceptance of collective standards and rise in connected devices is also supporting the retail IoT market. The emergence of digital sensors, coupons, and M2M (Machine-to-Machine) communication to send product information and discount codes has become possible. Retailers have combined smart technologies with in-store solutions, such as BLE (Bluetooth Low Energy), wearable devices, video analytics, and beacons to collect huge volumes of customer data, thus boosting the global retail IoT market growth.

Browse the full “Retail IoT Market by Offering (Hardware, Software, and Services), by Application (Product Tracking, Payments, Customer Engagement, Supply Chain Management, and Others), and by End-User (Supermarkets/Hypermarkets, Specialty Stores, E-Commerce Companies, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024-2032?” Report at https://www.zionmarketresearch.com/report/retail-iot-market

The global retail IoT market is fragmented on the basis of offering, application, and end-user. Based on offering, the market for retail IoT is categorized into hardware, software, and services. The services segment held a major share of the market in 2018. Retailers across various industries are supporting and implementing Payment-as-a-Service solutions, which offer them gateway solutions and terminal management services. These solutions enable different value-added payment services like mobile banking, payment gateway, and POS terminals.

Based on application, the retail IoT market is classified into product tracking, payments, customer engagement, supply chain management, and others. Supply chain management held a major share of the retail IoT market in 2018. The connectivity between devices has enabled the retailers to streamline their supply chain management, inventory management, and aid real-time marketing, analytics-based decisions, and advertising. Retail IoT also helps customers by enabling easy payment procedures and reduces payment time along with offering a comparative cost analysis and making shopping easier.

On the basis of end-user, the market includes supermarkets/hypermarkets, specialty stores, e-commerce companies, and others. E-commerce companies held the major market share in 2018, growing used of mobile applications. The adoption of surveillance analytics has helped retailers to gain valuable insights about their customers. Video analytics is becoming more popular among retailers as it streamlines the operations. The growing need for specific solutions like product performance analytics and inventory management has encouraged retailers to implement niche solutions.

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.

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

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