Growing 20.3% of CAGR | The IoT in Retail Market Share Reach USD 177.90 Billion by 2031

Effective store space monitoring, inventory management, SCM and customer behavior monitoring drive demand for the internet of things (IoT) in retail market.

WILMINGTON, DE, UNITED STATES, December 16, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, " Growing 20.3% of CAGR | The IoT in Retail Market Share¹ Reach USD 177.90 Billion by 2031." The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

The global IOT in retail market size was valued at USD 28.14 billion in 2021, and is projected to reach USD 177.90 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.

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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 retail market. However, concerns regarding data security & privacy and 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.

The IoT in retail industry is segmented on the basis of offering, organization size, deployment, application, and region. On the basis of offering, the market is segmented into solutions and services. Depending on solutions, the market is segmented into hardware and platforms. Depending on platforms, the market is segmented into device management, application management, and connectivity management. According to organization size, it is fragmented into large enterprises and SMEs. On the basis of deployment, the market is segmented into cloud and on-premise. Depending on application, the market is segregated into supply chain operations management, customer management, sales & customer management, asset management, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Covid-19 Scenario:

● During the Covid-19 pandemic, several companies adopted work-from-home policies that demand cloud-based solutions and SaaS-based model. This, in turn, favored the demand for IoT and automation in retail as it eliminated the dependency on staff availability.

● The pandemic disrupted normal lifestyle and forced substantial changes in policies and activities of organizations, governments, and individuals. These changes worked as a major catalyst in increasing the demand for IoT.

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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 retail industry. IoT enables retailers to drive innovation in their supply chains to reduce costs and improve customer services, which boosted the market growth. However, the customer management segment is estimated to manifest the highest CAGR of 23.1% from 2022 to 2031, as it simplifies 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 retail market, due to proliferation of smartphones and use of mobile applications. 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 region, the global IoT in 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 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 are 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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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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