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

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.