Meticulous Research®—a leading global market research company, published a research report titled, IoT in Retail Market by Component (Hardware, Services, Connectivity, and Platform), Application (Customer Experience Management, Operations Management, Asset Management) - Global Forecast to 2029.
According to this latest publication from Meticulous Research®, the global Internet of Things in retail market is expected to grow at a CAGR of 17.2% from 2022 to 2029, to reach $42.6 billion by 2029.
The IoT in retail market is driven by the growing customer demand for a seamless shopping experience, the increasing adoption of smart payment solutions, and the declining cost of IoT sensors and hardware. However, security concerns due to vast data flow and misconceptions and the lack of knowledge regarding IoT in retail restrain the growth of this market to some extent. However, the increasing investment in retail automation and the growing demand for IoT in retail solutions in developed and developing regions worldwide are expected to offer significant growth opportunities for players operating in this market.
To provide efficient analysis, Meticulous Research® has segmented this market by component (hardware, services, connectivity, platform), application (customer experience management, operations management, asset management), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes regional and country-level markets.
Based on component, in 2022, the hardware segment is expected to account for the largest share of the Internet of Things in retail market. Factors such as consistent engagement of the industrial sector in improving efficiency, reducing costs, and increasing Overall Equipment Effectiveness (OEE) through better access to information from real-time solutions attribute to the growth of this segment. However, the platform segment is projected to grow at the highest CAGR during the forecast period. The increasing customer demand for a seamless shopping experience and the growing need for superior monitoring technologies drive the growth of this segment.
Based on application, in 2022, the customer experience management segment is expected to account for the largest share of the Internet of Things in retail market. The large market share of this segment is attributed to the increasing need to improve customer engagement and reduce customer churn rates, better customer understanding, and the rising need for collecting all the information on a single platform. However, this segment is also projected to grow with the highest CAGR during the forecast period.
Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the Internet of Things in retail market. Prominent key players in this region are expected to contribute to the high revenue share due to the rapid economic growth in major countries such as China, Japan, India, and South Korea. Additionally, the advent of Industry 4.0, high, rising demand for retail automation, and high Internet of Things penetration are driving the demand for IoT in retail market in Asia-Pacific.
The key players operating in the Internet of Things in retail market are ABB Ltd. (Switzerland), NEC Corporation (Japan), Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), PTC, Inc. (U.S.), Huawei Technologies Co., Ltd (China), Allerin Tech Pvt Ltd. (India), RetailNext, Inc. (U.S.), Impinj, Inc. (U.S.), Software AG (Germany), Vodafone Group Plc (U.K.), and Sierra Wireless (Canada).
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