Internet of Things (IoT) In Retail Market to be Worth $297.44 Billion by 2030: Grand View Research, Inc.
Wednesday, May 10, 2023
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.
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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)
-- Hardware
-- Beacons
-- RFID Tags
-- Sensors
-- Wearables
-- Platform
-- Connectivity Management
-- Application Management
-- Device Management
-- Services
-- Professional Services
-- Managed Services
IoT in Retail Market - Technology Outlook (Revenue, USD Billion, 2018 - 2030)
-- Bluetooth Low Energy
-- Near Field Communication
-- ZigBee
-- Others
IoT in Retail Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)
-- Operations Management
-- Inventory Management
-- Supply Chain Automation
-- Workforce Management
-- Security and Safety
-- Customer Management
-- Smart Vending Machine
-- Smart Shelves
-- Queue Management
-- Automated Checkout
-- Asset Management
-- Asset Tracking
-- Predictive Maintenance
-- Advertising and Marketing
-- Smart Digital Signage
-- Geomarketing
-- Others
IoT in Retail Market - Deployment Outlook (Revenue, USD Billion, 2018 - 2030)
-- On-premise
-- Cloud
IoT in Retail Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)
-- North America
-- U.S.
-- Canada
-- Europe
-- UK
-- Germany
-- France
-- Italy
-- Spain
-- Asia Pacific
-- China
-- India
-- Japan
-- South Korea
-- Latin America
-- Brazil
-- Mexico
-- Middle East & Africa
-- UAE
-- South Africa
List of Key Players in Internet Of Things In Retail Market
-- Arm Limited
-- Cisco Systems Inc.
-- Google LLC
-- IBM Corporation
-- Impinj, Inc.
-- Intel Corporation
-- Losant IoT
-- Microsoft Corporation
-- NXP Semiconductors
-- PTC Inc.
-- RetailNext, Inc.
-- SAP SE
-- Softweb Solutions, Inc.
-- Verizon Communications, Inc.
-- Zebra Technologies Corporation
Check out more related studies published by Grand View Research:
-- Internet of Things in Healthcare Market - The global internet of things
in healthcare market size is expected to reach USD 861.3 billion by 2030
and is expected to expand at 16.8% CAGR from 2023 to 2030, according to
a new report by Grand View Research, Inc. High penetration of
smartphones is one of the significant factors boosting the growth of the
market. As per the statistics published in GSM Association's report, The
Mobile Economy 2018, the number of people connected to mobile services
surpassed 5 billion in 2017 and the number of unique mobile subscribers
is expected to reach 5.9 billion by 2030 (71% of the global population).
-- 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.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
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.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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SOURCE Grand View Research, Inc.
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