USD 33.1 billion
Internet of Things in Retail Market Size, Share, Growth Analysis, By Solutions(Hardware and software), By Service(Professional and managed service), By Technology(Bluetooth low energy, Near field communication, ZigBee.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2057 |
Region:
Global |
Published Date: July, 2024
Pages:
242
|Tables:
86
|Figures:
76
Internet of Things in Retail Market Insights
Internet of Things in Retail Market size was valued at USD 33.1 billion in 2019 and is poised to grow from USD 42.38 billion in 2023 to USD 297.44 billion by 2031, growing at a CAGR of 28.4% in the forecast period (2024-2031).
The expansion of digital and in-store operations within the retail industry is responsible for the development. IoT is predicted to completely overhaul the retail sector, converting conventional brick and mortar establishments into cutting-edge digital ones. With the use of smart shelves and RFID tags, which can follow the movement of the relevant goods and detect low inventory, the technology gives shops a competitive edge. Adopting IoT technology enables merchants to efficiently manage in-store operations and give customers a better shopping experience.
The demand for internet of things (IoT) in the retail business is being driven by factors such efficient shop premise monitoring, inventory management, supply chain management, and customer behaviour observation. One of the key drivers behind retailers’ adoption of IoT is the optimization and automation of the supply chain. Connecting technology, such as digital signage, on-shelf displays, beacons, and price tickers, give brands access to a wealth of information on consumer behaviour during in-store purchases. Retailers can now build up an automated checkout system employing IoT devices thanks to IoT in the industry. High customer satisfaction is a result of the automated checkout systems, which increases foot traffic—especially when there is a time crunch.
US Internet of Things in Retail Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
28.4% CAGR
Global Internet Of Things In Retail Market ($ Bn)
Country Share for North America Region (%)
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Internet of Things in Retail Market Segmental Analysis
Global Internet of Things in Retail Market is segmented based on the Solution, service, technology and region. Based on the solution, the Global Internet of Things in Retail Market is segmented into hardware and software. Based on the service, the market has been segmented into professional and managed service. Based on the technology, the market has been segmented into Bluetooth low energy, Near field communication, ZigBee. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Internet of Things in Retail Market Analysis by Solution
The hardware segment dominated the market growth and accounted for the highest revenue share in 2021. The expansion of the category is anticipated to be fueled by the spike in the number of connected products in retail stores and the falling cost of IoT sensors. Retailers are being encouraged to add hardware components by the government’s backing and the necessity to implement IoT technology to improve productivity, increase stock efficiency, and automate supply chains. The dedication of retailers to IoT innovation is a factor in the expansion of linked devices, including beacons and RFID tags.
Software segment is fastest growing segment during the forecast period due to the increasing adoption of retail analytics. The rise of the retail software market is being driven by the widespread usage of mobile applications and smartphones. The emergence of hardware driven by apps and retailers’ emphasis on delivering integrated solutions are anticipated to have a beneficial effect on segment growth. The adoption of retail IoT software is also being fueled by the development of smart linked software by major firms like PTC Inc. And SAP SE.
Internet of Things in Retail Market Analysis by Services
The professional services segment dominated the market and accounted for the highest market share in 2021. Services for application management, infrastructure management, and consulting are all considered professional services. The demand for infrastructure and application management services has grown as a result of the retail industry’s high IoT adoption rate. The essential services provided by IoT solution and product suppliers include professional installation and deployment, repair, and maintenance services, as well as training and help desk support. Additionally, for shops to increase production and efficiency, they need specialized solutions. Such customization is required, which is driving up demand for consulting services.
Managed service segment is fastest growing segment during the forecast period. This increased demand can be due to the rising use of these services to cut back on IT expenses. Retailers outsource services to lower risks and concentrate on their core skills. The payment-as-a-service option provides merchants with gateway solutions and terminal management services that facilitate effective transaction routing, multichannel acceptance and processing, and payment value-added services including mobile banking, POS terminals, and payment gateway.
Global Internet Of Things In Retail Market By Solution
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Internet of Things in Retail Market Regional Insights
North America held the largest global Internet of Things in Retail Market share and accounted for a revenue share of over 33% in 2021. The expansion of e-commerce in the region has posed a challenge for department stores to excel in their commercial operations. The excellent R&D capabilities of top businesses like IBM Corporation, Google LLC, Microsoft Corporation, Intel Corporation, and PTC Inc. can also be credited with the region’s success. Google started distributing free beacons to physical establishments as part of the Project Beacon test programme.
Asia Pacific is the fastest growing region during the forecast period. Use of IoT has been most widely used in developing countries like China. Due to rising investments in the retail industry, India has enormous development potential. The regional market is anticipated to develop as real-time systems and location-based services become more widely used. The expansion of the regional retail industry is anticipated to benefit from the rise in government measures to promote digitisation. The adoption of IoT in the region is mostly driven by the convergence of technologies such as cloud, analytics, mobility, big data, and mobile.
Global Internet Of Things In Retail Market By Region
- Largest
- Fastest
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Internet of Things in Retail Market Dynamics
Internet of Things in Retail Market Driver
Numerous Benefits of IoT to Benefit Retail Industry
- The demand for internet of things (IoT) in the retail business is driven by factors such efficient shop space monitoring, inventory management, supply chain management, and customer behaviour tracking. Furthermore, one of the key drivers of loT adoption among retailers is the optimization and automation of the supply chain. Digital signage, top-of-the-shelf displays, beacons, and price displays are examples of connectivity technologies that give brands access to vast amounts of information about consumer behaviour during in-store purchases.
Internet of Things in Retail Market Restraint
Rising Security Concerns
- Global market growth is constrained by issues with data security and privacy as well as high deployment and maintenance costs of loT devices. On the other hand, it is anticipated that the decline in price of connected devices and the adoption of loT among SMEs would generate profitable chances for the expansion of the loT in the global retail sector.
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Internet of Things in Retail Market Competitive Landscape
Global Internet of Things in Retail Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Internet of Things in Retail Market Top Player's Company Profiles
- IBM
- Intel Corporation
- Microsoft Corporation
- Cisco Systems Inc.
- SAP SE
- Zebra Technologies Corporation
- PTC Inc.
- Huawei Technologies Co. Ltd.
- Software AG
- Amazon Web Services, Inc.
- Fujitsu Ltd.
- Bosch Software Innovations GmbH
- NXP Semiconductors N.V.
- Qualcomm Inc.
- Google LLC
- Hewlett Packard Enterprise Development LP
- Oracle Corporation
- ARM Holdings PLC
- Siemens AG
- General Electric Company
Internet of Things in Retail Market Recent Developments
- In August 2022, Telit further bolsters its IoT portfolio with Mobilogix acquisition, to reduce the complexity and time-to-market of deploying IoT solutions.
- In July 2022, JT IoT announced that it has acquired Top Connect, The acquisition of this IoT and roaming connectivity provider and its expert team will accelerate JT IoT’s plan to build a stronger global IoT ecosystem and to expand into new markets and use cases.
Internet of Things in Retail Key Market Trends
- Businesses are investing in digital transformation in an effort to keep up with changing customer expectations brought on by developing loT technologies like sensors and RFID in retail. Implementing and embracing loT-enabled automation technologies for enhanced company operations and decision-making is the core of digital transformation. One of the most popular digital technologies for businesses looking to increase productivity and use their IT systems to meet changing client demands is IoT in retail solutions.
Internet of Things in Retail Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Internet of Things in Retail Market analysis, North America is expected to capture higher market share, the growth of the region is attributed to expansion of e-commerce in the region has posed a challenge for department stores to excel in their commercial operations. The US has emerged as a significant contributor to market growth in North America. In terms of solutions, the hardware segment dominates the market. This segment's leading position can be attributed to be fueled by the spike in the number of connected products in retail stores and the falling cost of IoT sensors. In terms of services, the professional services led the market and is predicted to grow at the fastest rate.
| Report Metric | Details |
|---|---|
| Market size value in Retail | USD 33.1 billion |
| Market size value in 2031 | USD 297.44 billion |
| Growth Rate | 28.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Internet of Things in Retail Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Internet of Things in Retail Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Internet of Things in Retail Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Internet of Things in Retail Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Internet of Things in Retail Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Internet of Things in Retail Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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