Global Internet of Things (IoT) Retail Market Scope Report

Global Internet of Things (IoT) Retail Market Highlights Over 2023 - 2033

The global internet of things (IOT) retail market is estimated to garner a revenue of USD 257.0 Billion by the end of 2033 by growing at a CAGR of ~20% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 34.0 Billion in the year 2022. The growth of the market can be attributed to the rising adoption of IOT technology. For instance, the number of IOT connected devices across the globe increased to more than 9.5 Billion in the year 2020.

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The Internet of Things (IoT) refers to a network of physical objects—"things"—embedded with sensors, software, and other technologies for connecting and exchanging data with other devices and systems via the internet. IoT enables to track missed in-store sales and monitor sales opportunities in real-time, taking demand planning to the next level. It's critical to remember that radio frequency identification is a tried-and-true component of the IoT that can be used for inventory management and more precise service-level optimization. Therefore, the rising adoption of GNSS and GPS technology is projected to increase the growth of the global internet of things (IoT) retail market. There are more than 6 Billion united installed base of GNSS devices worldwide in the year 2020

Global Internet of Things (IoT) Retail Market: Growth Drivers and Challenges

Growth Drivers

• Surging Need for Customer Satisfaction– There has been a surging need for customer satisfaction towards customers. Therefore, automated checkout systems and others are expected to rise the growth of the global internet of things (IoT) retail market.  In the year 2022, there are more than 70 percent of the global customers that feel loyal towards at least one company or brand.

• Increasing Internet Users – As per the World Bank, the number of individuals’ using the internet has increase from 7 percent in 2000 to 60 percent in 2020

• Rise in the Smart Payment Solutions– More than 50 percent of the consumers in the United States used a debit card in the year 2020

• Increasing Adoption of Artificial Intelligence- More than 35 percent of the businesses around the globe has opted artificial intelligence in its operations.

Challenges

• Threat to Privacy

• Lack of Skilled Workers

• High Cost for the Deployment of IoT Devices

The global internet of things (IoT) retail market is segmented and analyzed for demand and supply by organization size into small & medium enterprises, and large enterprises. Out of these, the small & medium enterprises segment is anticipated to hold the largest share over the forecast period owing to the rise in the number of small & medium enterprises around the globe, and the rapid use of IoT sensors owing to their reduction in cost. According to the Office of the United States Trade Representative, approximately 28 million small and medium-sized businesses in the United States account for roughly two-thirds of new private jobs.

Global Internet of Things (IoT) Retail Market Regional Synopsis

Regionally, the global internet of things (IoT) retail market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 on the back of surging smart city initiatives, increasing urbanization percentage, and rising population. According to the United Nation Population Fund, Asia Pacific region consists of nearly 60 per cent of the total population accounting for 4.3 Billion people.

Market Segmentation

Our in-depth analysis of the global internet of things (IOT) retail market includes the following segments:

Key Companies Dominating the Global Internet of Things (IOT) Retail Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global internet of things (IoT) retail market that is included in our report are Microsoft Corporation, Intel Corporation, Cisco System, Inc., Alphabet Inc., Oracle Corporation, SAP SE, Bosch.IO GmbH, NEC Corporation, AT & T Intellectual Property, Amazon Web Services, Inc., and others.

Global Internet of Things (IoT) Retail Market: Latest Developments

• January, 2022: Intel Corporation announced the 12^th Gen intel core processor for IoT that offers increased core count and performance to retail, healthcare, manufacturing, and digital safety customers

• February, 2022: Cisco announced advancements to its internet of things (IoT) portfolio to help its service provider customers offer a simpler way to manage LPWAN/4G/5G IoT connectivity for new and emerging use cases at Mobile World Congress

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.  

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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