IoT in Retail Market
What industry-specific factors are fueling the growth of the iot in retail market?
The rise of e-commerce is projected to boost IoT growth in the retail sector in the future. E-commerce, or electronic commerce, is the practice of buying and selling goods or services online and transferring money and data to execute these transactions. IoT finds application in e-commerce in various areas like inventory management, where radio frequency identification tags are utilized, eliminating the need for human involvement to understand important details about a product’s kind, availability, and expiration date. With IoT, precise tracking of a product’s journey during supply chain management, remote product evaluation to forecast upkeep and performance analysis, business personalization, and management of customers and sales to enhance e-commerce retail operations, is possible. For instance, the U.S. Census Bureau reported in August 2024 that retail e-commerce sales in the U.S. rose to $291.6 billion in the second quarter of 2024, a 1.3% increase from the first quarter and a 6.7% increase year over year. Total retail sales amounted to $1,826.9 billion, a 0.5% increase from the first quarter and a 2.1% rise from the second quarter of 2023. As a result, the thriving trend of e-commerce is fueling IoT growth in the retail industry.
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What Is the projected market size and growth rate for the iot in retail market?
The market size of IoT in retail has experienced a quick expansion in the past few years. From a sum of $39.52 billion in 2024, it is expected to surge to $46.77 billion in 2025, projecting a compound annual growth rate (CAGR) of 18.3%. Factors contributing to this growth during the historic phase include data-driven decision making, the evolution of customer engagement, inventory optimization, improved in-store experiences, and measures for security and loss prevention.
The market size for IoT in retail is anticipated to witness a significant increase in the forthcoming years. It is projected to escalate to $93.77 billion by 2029 with a CAGR of 19.0%. The surge during the forecast period can be ascribed to factors such as the incorporation of AI and data analytics, edge computing adoption, consumers using IoT devices, broadening of omnichannel retailing, and measures being taken for cybersecurity and data privacy. Key trends during the projection period encompass enhanced transparency and visibility in supply chain, intelligent shelves and product monitoring, advanced security and loss prevention, in-store analysis and monitoring of foot traffic, and contactless modes of payment and checkout.
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What new trends are reshaping the iot in retail market and its opportunities?
Product enhancement is an emerging trend making headway in the retail sector of IoT. Key players in this sector are honing their research and development skills to bring forth new products, thereby affirming their competitive edge in the market. For instance, in May 2022, Hanshow Technology Co. Ltd., a US company in the business of manufacturing and circulating electronic shelf label (ESL) products and solutions, rolled out AllStar. This new IoT platform is targeted at the retail industry and aims to assist retailers in widening and advancing their digitization. The AllStar platform serves as a central hub to handle a store’s comprehensive digital devices, encompassing SaaS and proprietary deployment options including standardized user validation and integration of third-party app access through an open, HTTP-based API. Furthermore, it amplifies smart store operational efficacy and refines customer in-store experience with critical functions like price management, inventory control, product picking, geolocation, dynamic pricing, promotional boards, interactive ads, digital transactions, customer traffic analysis, and automated surveillance patrol.
What major market segments define the scope and growth of the iot in retail market?
The IoT in retail market covered in this report is 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
Subsegments:
1) By Solution: Smart Shelves, Inventory Management Systems, Customer Analytics Platforms, Point Of Sale (POS) Systems, Beacon Technology
2) By Service: Consulting Services, Integration Services, Maintenance And Support Services, Data Management And Analytics Services, Training Services
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Which region dominates the iot in retail market?
North America was the largest region in the IoT in retail market in 2024. Asia-Pacific is expected to be the fastest-growing region in the IoT in retail market report during the forecast period. The regions covered in the IoT in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which key market leaders are driving the iot in retail industry growth?
Major companies operating in the IoT in retail 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., Microchip Technology Incorporated, Bsquare Corporation, Fujitsu Limited, Hewlett Packard Enterprise Development LP
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What Is Covered In The IoT in Retail Global Market Report?
• Market Size Forecast: Examine the iot in retail market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the iot in retail market for a structured understanding.
• Key Players Overview: Analyze major players in the iot in retail market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the iot in retail market.
• Segment Contributions: Evaluate how different segments drive overall growth in the iot in retail market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the iot in retail market.
• Industry Challenges: Identify potential risks and obstacles affecting the iot in retail market.
• Competitive Landscape: Review strategic developments in the iot in retail market, including expansions, agreements, and new product launches.
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