"Exploring the Potential of Internet of Things in Retail Market"

October 04, 2023

October 4^th,2023/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Internet of Things in Retail Market.

The Internet of Things in Retail Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The global internet of things in retail market is expected to grow from USD 14.89 billion in 2021 to USD 52.22 billion by 2028 at a CAGR of 19.6% during the forecast period.  Factors such as effective inventory management, store space monitoring, supply chain management, and customer behavior analysis drive demand for IoT in the retail market. Furthermore, automating and optimizing the supply chain is one of the major factors for IoT adoption among retailers.

Segments Analysis

By platform, the device management segment holds the largest market size during the forecast period

By platform, the IoT in retail market has been segmented into device management, application enablement, and connectivity management. By platform, the device management platform is expected to hold the largest market share of the IoT in the retail market, because of the growing use of IoT-based endpoints and devices.

By organizational size, the large enterprise segment dominated holds the largest market size during the forecast period

By organizational size, the large enterprise segment dominated the IoT in retail market in 2021 and is expected to continue its dominance over the forecast period. Increased adoption has been observed for IoT technology across large retail enterprises, owing to the fast expansion of business and the increase in the need for real-time data analytics, which results in high competition.

Companies need to plan and strategize about time-to-market and production management. Therefore, increased adoption of connected devices among large-sized enterprises to operate consistent machining operations, which significantly contributes to market growth. However, the small- and medium-sized enterprises (SMEs) segment is expected to register the fastest growth rate over the forecast period.

The use of IoT in retail solutions helps SMEs involve with the global market by enabling them to gain better and faster operational and business insights to support decision-making and benefit from future opportunities. It contributes to market growth by enabling streamlining processes, increasing efficiency, and decreasing downtime. Furthermore, the adoption of cloud-based IoT in retail solutions is providing SMEs with tremendous growth opportunities in the IoT in retail market.

By application, the operations management segment to hold the largest market size in 2020

The IoT in retail market by application has been segmented into operations management, customer experience management, asset management, and advertising and marketing. The operations management application is expected to lead the IoT in retail market in terms of market share as it covers core operations, such as workforce management, supply chain optimization, and surveillance and security.

North America to dominate the market over the forecast period

In terms of market share, North America dominated the IoT in retail market in 2021. In the region, retail companies are spending on various emerging technologies to streamline work processes. The adoption of IoT enhances retail sales and customer management performance. Furthermore, advanced telecommunication infrastructure in countries such as the US and Canada boosts the use of cloud-based IoT solutions in the retail sector.

Moreover, retail firms are increasingly expected to adopt IoT to bolster their businesses and enhance the customer experience, which is advantageous for the growth of the market. Additionally, enterprises in North America are expanding their IoT capability globally, which is anticipated to significantly contribute to the market growth. However, Asia-Pacific is anticipated to witness the fastest growth rate over the forecast period.

In Asia-Pacific, the growth of the IoT in the retail market can be attributed to several economic and process advantages such as network management, real-time data analytics, and industrial automation. Furthermore, increased demand for smartphones and other mobile devices, as well as an increase in the need for internet access, are some of the key factors driving the IoT in retail market growth.

Request a Sample here: https://www.stratviewresearch.com/Request-Sample/3223/internet-of-things-in-retail-market.html#form

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Internet of Things in Retail Marketanalysis report discusses the following heads in great detail:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors 

About Stratview Research

Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. It is a global market intelligence firm providing a wide range of services including syndicated market reports, custom research, and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

Contact: Stratview Research

E-mail: sales@stratviewresearch.com

Direct: +1-313-307-4176

 

Author : Emily