Internet of Things in Retail Market Challenges Addressed by Improved Cybersecurity Measures

The global internet of things in retail market size is expected to reach USD 310.73 billion by 2030, growing at a CAGR of 29.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is attributed to enhanced customer experience, operational efficiency gains through automation and data-driven insights, supply chain optimization, and cost-effective implementation due to declining hardware costs. In addition, rising technological advancements and increasing competition in the market are expected to present opportunities for market growth.

IoT technologies are revolutionizing the retail industry by providing a seamless omnichannel shopping experience. Customers can now interact with brands across multiple touchpoints without any hassle. For instance, IoT-enabled mobile apps can offer personalized recommendations, enable mobile payments, and provide in-store navigation assistance, creating a cohesive experience that spans both online and offline channels. This integration ensures consistency and continuity throughout the customer journey, regardless of the channels or devices used, thereby enhancing customer satisfaction and loyalty.

Gather more insights about the market drivers, restrains and growth of the Global Internet Of Things In Retail Market

The data generated by IoT devices can provide retailers with crucial insights into customer behavior, preferences, and trends. This information can empower them to make data-driven decisions that optimize operations and drive business growth. By using advanced analytics and machine learning algorithms, retailers can gain actionable intelligence from IoT data, such as predicting demand, optimizing pricing strategies, and identifying opportunities for cross-selling and upselling. These insights enable retailers to stay ahead of market trends, anticipate customer needs, and deliver products and services that resonate with their target audience, ultimately driving revenue and profitability of the market.

Companies are involved in strategic partnerships and collaborations, allocating substantial resources toward research and development to drive innovation and stay competitive in the industry. For instance, in January 2024, IBM Corporation collaborated with SAP SE to develop solutions using generative AI to help clients in the consumer-packaged goods and retail industries optimize their supply chain, finance operations, sales, and services. Such strategies by market players are anticipated to augment the market’s growth in the near future.

Internet Of Things In Retail Market Report Highlights

• Based on component, the hardware segment dominated the market in 2023. The growing focus of retail businesses on data-driven decision-making and the need for real-time insights is driving the demand for IoT hardware to collect, process, and transmit data from physical environments, enabling retailers to make informed decisions and drive business growth.

• Based on technology, the Near Field Communication (NFC) segment dominated the market in 2023 due to the increasing consumer preference for mobile-centric shopping experiences and the growing availability of NFC-enabled smartphones and payment terminals in retail environments

• Based on application, the asset management segment dominated the market in 2023 due to the growing focus of retailers on optimizing asset utilization and operational efficiency

• Based on deployment, the cloud segment dominated the market in 2023 owing to the scalability, flexibility, and accessibility of the cloud model, enabling retailers to deploy and scale IoT initiatives quickly without significant upfront investments

• North America accounted for a significant market share in 2023 owing to the region’s mature and technologically advanced retail market, robust infrastructure, favorable regulatory environment, strong consumer demand for personalized experiences, and a culture of innovation and entrepreneurship fostering rapid IoT adoption and evolution in the retail sector

• In January 2024, Softweb Solutions Inc. launched the 360° programs focused on AI, generative AI, data, IoT, digital, and its new product called Needle. This new suite of technology provides an integrated approach to help enterprises realize their full potential of future-ready innovation.

List of Key Players in the Internet Of Things In Retail Market

• Cisco Systems Inc
• IBM Corporation
• Intel Corporation
• SAP SE
• Arm Limited
• Google LLC
• Microsoft Corporation
• NXP Semiconductors
• PTC Inc
• Softweb Solutions Inc.
• Verizon Communications Inc.
• Losant IoT
• RetailNext, Inc.
• Zebra Technologies Corporation

Order a free sample PDF of the Internet Of Things In Retail Market Intelligence Study, published by Grand View Research.