Factors including effective store space monitoring, supply chain management, inventory management, and customer behavior monitoring coupled with optimization and automation of the supply chain have boosted the growth of the global IoT in the retail market.
However, concerns regarding data security & privacy and the high implementation & maintenance cost of IoT devices hinder the market growth. On the contrary, advanced technologies such as digital signage, top-of-the-shelf displays, price displays, and beacons are expected to open new opportunities in the future.
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As per the report, the global IoT in retail industry was accounted for $28.14 billion in 2021, and is expected to reach $177.90 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.
By application, the supply chain operation management segment held the lion’s share in 2021, contributing to more than one-third of the global IoT in the retail industry. IoT enables retailers to drive innovation in their supply chains to reduce costs and improve customer services, which boosted market growth.
However, the customer management segment is estimated to manifest the highest CAGR of 23.1% from 2022 to 2031, as it simplifies the process of communicating with customer and increase their satisfaction with services or products.
By offering, the solution segment held the largest share in 2021, accounting for more than two-thirds of the global IoT in the retail market, due to the proliferation of smartphones and the use of mobile applications.
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However, the services segment is expected to register the highest CAGR of 21.7% during the forecast period. Services related to IoT in retail provide IoT technology for various strategies and these strategies ensure smooth running and troubleshooting of any glitches within the solutions.
By deployment mode, the cloud segment is expected to register the highest CAGR of 23.1% during the forecast period. Cloud-based IoT in retail software has low capital expenditure as well as low maintenance requirements and is, therefore, highly preferred by mid-sized financial institutions.
Growth in the adoption of cloud-based IoT in retail software among large and medium-sized enterprises mainly drives the global IoT in retail market growth. However, the on-premise segment dominated the market in terms of revenue in 2021, accounting for nearly three-fifths of the market.
On-premises applications offer many benefits in terms of security, flexibility, and customization. These factors drive the growth of the on-premise IoT in retail market.
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By region, the global IoT in the retail market across Asia-Pacific dominated in 2021, holding more than two-fifths of the market, due to numerous economic and process benefits such as real-time data analytics, network management, and industrial automation. However, the market across North America is projected to portray the highest CAGR of 23.2% during the forecast period, owing to the adoption of IoT to improve retail sales and customer management performance.
Some of the key IoT in retail industry players profiled in the report include Cisco System, Inc., International Business Machine Corporation, Intel Corporation, Microsoft Corporation, PTC, Huawei Technologies Co. Ltd., Sierra Wireless, Amazon Web Service (AWS), SAP SE, Software AG, Bosch.IO GmbH, Google LLC., NEC Corporation, Oracle Corporation, AT&T Intellectual Property, Vodafone Idea limited, and Happiest Minds. This study includes market trends, IoT in retail market analysis, and future estimations to determine the imminent investment pockets.
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