Oct 06, 2022 
The global internet of things (IoT) retail market is estimated to grow at a CAGR of ~ 20% over the forecast period, i.e., 2022-2031. The market is segmented by organization size into small & medium enterprises, and large enterprises. Out of these, 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 rapid use of IoT sensors owing to its reduction in cost.
Increasing internet users is anticipated to surge the growth of the global internet of things (IOT) retail market. Moreover, the rise in the smart payment solution is further expected to boost the growth of the market.
Geographically, the global internet of things (IoT) retail market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of them, 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 a rising population.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Surging Need for Customer Satisfaction to Drive the Growth of the Market
More than 70 percent of the global customers feel loyal to at least one brand and company
The automated checkout system through the use of IoT devices contributed to the increase in the footfall of the customers in the shop. Moreover, IOT in retail has enable to setup of this system very easily and it is anticipated to drive the growth of the global internet of things (IoT) retail market.
However, threats to privacy, lack of skilled workers, and high cost for the deployment of IoT devices are expected to operate as a key restraint to the growth of the global internet of things (IoT) retail market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global internet of things (IoT) retail market which includes company profiling of 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. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global internet of things (IoT) retail market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
