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IoT In Retail Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
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LONDON, GREATER LONDON , UNITED KINGDOM, September 26, 2024 /EINPresswire / -- The IoT in retail market has experienced robust growth in recent years, expanding from $33.76 billion in 2023 to $40.35 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth in the historic period can be attributed to data-driven decision making, customer engagement evolution, inventory optimization, enhanced in-store experiences, security and loss prevention.
What Is The Estimated Market Size Of The Global IoT In Retail Market And Its Annual Growth Rate?
The IoT in retail market is projected to continue its strong growth, reaching $78.73 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to data analytics and AI integration, adoption of edge computing, consumer adoption of IoT devices, expansion of omnichannel retailing, cybersecurity and data privacy measures.
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Growth Driver Of The IoT In Retail Market
The increasing penetration of e-commerce is expected to propel the growth of the IoT in the retail market going forward. E-commerce, often known as electronic commerce or online commerce, refers to the purchase and sale of goods or services over the internet, as well as the transmission of money and data to complete these transactions. In e-commerce, IoT is used in inventory management such as using radio frequency identification tags that enable the learning of all crucial item information regarding the product type, its availability, and expiration date, without the necessity of any human involvement. The precise and detailed tracking of the item journey during supply chain management, remote assessment of products and items to predict their maintenance and analyze their performance, business personalization, customer and sales management, and other features are possible by IoT to optimize the retail operations in e-commerce.
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Which Market Players Are Driving the IoT In Retail Market Growth?
Key players in the market include ARM Limited, Cisco Systems Inc., Alphabet Inc., IBM Corporation, Impinj Corporation, Intel Corporation, Microsoft Corporation, PTC Inc., RetailNext Inc., SAP SE, Softweb Solutions Inc., Zebra Technologies Corporation, Huawei Technologies Company Limited, Amazon Web Services Inc., Software AG, Bosch Software Innovations GmbH, NEC Corporation, Oracle Corporation, Vodafone Group Plc., Allergen Technologies Private Limited, Sierra Wireless Inc., Happiest Minds Technologies Limited, Losant IoT Inc., NXP Semiconductors N.V., Verizon Communications Inc., Freescale Semiconductor Inc., Xively Inc., Microchip Technology Incorporated, Bsquare Corporation, Fujitsu Limited, Hewlett Packard Enterprise Development LP.
What Are the Emerging Trends Shaping the IoT In Retail Market Overview?
Major companies operating in the IoT in retail market are adopting a strategic partnership approach to create IoT applications for in-store retail powered wirelessly. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success.
How Is The Global IoT In Retail Market Segmented?
1) By Offering: Solution, Service
2) By Type: Beacons, RFID Tags, Sensors, Wearables, Other Types
3) By Technology: Bluetooth low energy, Near field communication, ZigBee, Other Technologies
4) By Deployment Mode: On-premise, Cloud
5) By Application: Supply Chain Operations Management, Customer Management, Sales and Customer Management, Asset Management, Other Applications
Geographical Insights: North America Leading The IoT In Retail Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
IoT In Retail Market Definition
The internet of things (IoT) is a physical object network that contains integrated technologies that allow it to connect, sense, and interact with internal or external environments. It is a collection of end-to-end services where companies contract with external vendors to design, build, install, and operate IoT solutions, including consulting advice for IoT planning. IoT in the retail industry is used for flow management in the stores, inventory management, and improving the customer experience using real-time customer data.
IoT In Retail Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global IoT in retail market report covering trends, opportunities, strategies, and more
The IoT In Retail Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on IoT in retail market size, IoT in retail market drivers and trends and IoT in retail market growth across geographies. This market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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