IoT in Retail Market Size

IoT in Retail Market Size

IoT in Retail Market size valued at USD 10 billion in 2017 and will grow at a CAGR of over 19% from 2018 to 2024.

The growing focus of global retail companies and stores to transform into experience-based retailers by adopting IoT technology is driving the IoT in retail market growth. With the implementation of AR, VR, and data analytics tools, retailers can enhance online & in-store shopping experience and gain a high customer base. Increased adoption of digitization & automation across various industries including the retail sector to gain the operational efficiency benefits is adding up to the demand. The benefits associated with these technologies including strategies for new product development, existing product performance, and optimizing the store layout are compelling retailers across the globe to adopt IoT solutions. Additionally, continuous technical enhancements in network platforms, devices, and professional services that aid in improving the store management efficiency will support the market growth.
 

The lack of knowledge & awareness among retailers in small & technically backward economies is a factor limiting the industry growth. Store owners and supermarkets in these countries are unaware of the benefits associated with internet-based technologies and have limited investment capabilities. The rapid development of the global retail industry and the popularity of digitized products will help in overcoming these issues over the forecast timespan.