Global Market for Internet of Things (IoT) in Retail
Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Internet of Things (IoT) in Retail - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global strides in the Internet of Things (IoT) technology are set to transform the retail landscape with a forecasted market growth reaching a staggering US$123 Billion by 2030. The recent strategic business report underlines the vitality of IoT solutions in retail, registering a robust compound annual growth rate (CAGR) of 18.7% from 2022 to 2030. Driven by innovation and consumer demands, the integration of IoT in retail is optimizing operational efficiency and enhancing customer experiences globally.
The report highlights the segment of IoT software as a key contributor, expected to surge at a CAGR of 20.1% and anticipated to command the market with US$64.6 Billion by the end of the analysis period. This growth signals a paramount shift in how retailers are adopting technology to stay competitive and relevant in a dynamic economic landscape.
Amidst the global economic recalibration post-pandemic, the hardware segment is also expected to see significant growth, with a recalibrated growth rate of 17.9% over the next eight years. This points to an increased demand for smart devices and systems essential for the implementation of IoT in retail environments.
The U.S. market's current valuation at US$9.2 Billion is a testimony to the country's leading position in tech-driven retail transformation. Meanwhile, China's market is predicted to showcase exemplary growth at a CAGR of 17.7%, reaching an estimated US$20.6 Billion by 2030. Japan and Canada are also set to make notable strides in the sector, growing at CAGRs of 16.2% and 15.3% respectively.
Europe's participation in the IoT in retail growth story is headlined by Germany, which is forecasted to expand at a CAGR of approximately 12.2%. The dynamic evolution across these geographies underscores the global impetus IoT is imparting on the retail industry.
The report enumerates a total of 37 featured competitors that are shaping the IoT in retail market space. This diverse array of companies includes leaders who are driving innovation through cloud services, advanced analytics, and consumer-centric solutions.
For more detailed insights and industry-leading analysis, access to our digital archives and research platform is available upon report acquisition. The transformative potential of IoT in retail is evident, and this pivotal strategic business report is indispensable for those looking to navigate this rapidly expanding sector.
The IoT in Retail market is on a trajectory of unprecedented growth, and with this detailed and forward-looking analysis, businesses are better equipped to harness the power of IoT and thrive in the retail arena.
No. of Pages
2022 - 2030
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2030
Compound Annual Growth Rate
A selection of companies mentioned in this report includes
Amazon Web Services
For more information about this report visit https://www.researchandmarkets.com/r/q63ewi
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