SAN FRANCISCO, May 2, 2023 /PRNewswire/ -- The global internet of things in retail market size is expected to reach USD 297.44 billion by 2030, growing at a CAGR of 28.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the adoption and implementation of connected technologies, such as Bluetooth Low Energy (BLE) and Near-Field Communication (NFC), for enhanced shopping and payment experience. Furthermore, with the reduced cost of IoT sensors and hardware, the demand for a seamless shopping experience is expected to fuel the adoption of IoT in the retail market. The growing acceptance of smart payments in the retail sector is also one of the major factors that will drive the industry's growth over the forecast period.
Key Industry Insights & Findings from the report:
The services component segment is expected to grow at a CAGR of 31.1% from 2023 to 2030 owing to the significant adoption of IoT in the retail sector, which has augmented the demand for infrastructure and application management services.
The NFC technology segment accounted for a significant revenue share of over 32% in 2022 owing to innovation in payment methods via mobile wallets.
The customer management application segment is expected to grow at the highest CAGR of 33.1% from 2023 to 2030 as it enables retailers to deliver a customized, personalized, and engaging experience to their customers.
The on-premise deployment segment accounted for a considerable revenue share of over 48% in 2022 owing to the advantages offered to retailers, such as control over data security & privacy, reliability, cost savings, and customization options.
Asia Pacific is expected to grow at the fastest CAGR of 32.7% during the forecast period as a result of rising investments in the retail sectors of developing countries in the region.
Read full market research report, "Internet Of Things (IoT) In Retail Market Size, Share & Trends Analysis Report By Component (Hardware, Services), By Technology, By Deployment (Cloud, On-premise), By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Internet Of Things In Retail Market Growth & Trends
IoT devices also help in the back-end operations for retailers, such as organizing effective logistics operations. The GPS trackers, RFID tags, and IoT-connected sensors help track the movement of goods in real-time, providing seamless supply chain management. This also prevents damage, spoilage, or loss of goods during transportation, which is significantly valuable for perishable food items. This, in turn, is expected to drive the IoT in retail market growth. For instance, in November 2022, Microsoft Corporation launched its Microsoft Supply Chain Platform, which is expected to help organizations make the most of their supply chain data domain investment. This would be aided by the Microsoft ecosystem, which includes Microsoft Cloud, Azure, and Dynamic 365, among others.
The pandemic has had a significant impact on worldwide spending, including the retail industry. Retailers had put several new projects on hold as their primary focus was the continuation of business operations during the economic crisis. Moreover, the technology roadmap for IoT has been delayed by the companies due to remote working limitations. However, IoT adoption in retail is expected to increase in the coming years. Retailers are implementing mobile payment systems, autonomous cleaning robots, and contactless checkout kiosks to reduce human interference and curb the spread of the coronavirus. Advanced technologies, such as AI, cloud services, and automation, are further augmenting the growth of the retail industry post-pandemic.
Internet Of Things In Retail Market Segmentation
Grand View Research has segmented the global internet of things in retail market on the basis of component, technology, application, deployment, and region:
IoT in Retail Market - Component Outlook (Revenue, USD Billion, 2018 - 2030)
IoT in Retail Market - Technology Outlook (Revenue, USD Billion, 2018 - 2030)
Bluetooth Low Energy
Near Field Communication
IoT in Retail Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)
Advertising and Marketing
IoT in Retail Market - Deployment Outlook (Revenue, USD Billion, 2018 - 2030)
IoT in Retail Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)
Middle East & Africa
List of Key Players in Internet Of Things In Retail Market
Cisco Systems Inc.
Softweb Solutions, Inc.
Verizon Communications, Inc.
Zebra Technologies Corporation
Check out more related studies published by Grand View Research:
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IoT Cloud Platform Market - The global IoT cloud platform market size is anticipated to reach USD 51.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.6% from 2023 to 2030. The rapid adoption of internet of things (IoT) cloud platforms to connect hardware, such as sensors and smart devices to the cloud, to handle different communication protocols, and provide reliability, security, and authentication for users and devices is driving the IoT cloud platform market growth. In addition, the growing use of AI and ML integrated IoT platforms among organizations to reduce costs and maintain a competitive advantage is expected to boost the IoT cloud platform market growth.
Consumer IoT Market - The global consumer IoT market size is estimated to reach USD 555.92 billion by 2030, registering a CAGR of 12.7% from 2023 to 2030, according to a study published by Grand View Research Inc. The considerable growth can be ascribed to the rising prominence of smart technologies among people. They are increasingly adopting consumer internet of things (IoT) devices, such as smart wearables, fitness trackers, smart home devices, etc., that gather and share data over the network. The large-scale deployment of consumer IoT devices and applications is revolutionizing day-to-day lives through greater control, increased comfort, tracking of pets and valuables, improved connections, and better insights. The growth of the market is further driven by the technological developments initiated by the market players.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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