Latest News:- Internet Of Things (IoT) Market In Retail Applications: RFID is expected to lead the Technology segment during 2024-2028

Internet Of Things (IoT) Market In Retail Applications to grow at a CAGR of 22.8% during 2024-2028

The Internet Of Things (IoT) Market In Retail Applications is expected to grow at a CAGR of 22.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 71.2 billion. In the retail sector, Artificial Intelligence (AI) plays a pivotal role in understanding consumer behavior and preferences. Retailers leverage AI to analyze past purchasing patterns of customers, identify potential target audiences, and deliver personalized product promotions. Furthermore, conversational commerce has been revolutionized through AI-powered chatbots integrated with messaging applications, enabling seamless brand-customer interactions. IoT technology in retail applications has given rise to automated checkout systems, enhancing customer satisfaction and driving footfall, particularly during time-constrained situations. For instance, Nayasale Retail Pvt. Ltd., an Indian startup, operates an AI-driven autonomous retail store in Kerala, featuring an automated checkout system, thereby eliminating the requirement for cashiers or sales personnel. 

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The RFID subsegment is expected to dominate the Technology segment during the forecast period 

Technavio analysts predict that the RFID subsegment will lead the Technology segment during 2024 and 2028 The RFID segment dominates the global IoT market in retail applications, holding the largest market share in 2023. This is primarily due to the widespread adoption of RFID technology in retail for enhancing inventory accuracy and boosting margin growth. By reducing product loss and enabling real-time inventory visibility, RFID technology facilitates automated replenishment and consumer demand satisfaction. The maturing RFID ecosystem and price reduction have further fueled the demand for item-level merchandise tracking, optimizing inventory operations. Additionally, the integration of analytics software and RFID-equipped cameras in retail for video analytics adds value to hardware investments, providing insights into product demand and evolving customer requirements. Key players in the retail sector, such as Walmart and Amazon, have already adopted this technology, setting a trend for the industry.

Here are the various ways based on which the market is segmented: 

• Technology
  • RFID
  • Sensors
  • NFC
  • Cloud services
  • Others
• Geography
  • APAC
  • North America
  • Europe
  • Middle East and Africa
  • South America

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There are several factors that are causing the market to flourish burgeoning cloud-based radio frequency identification (rfid) systems

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Internet of Things (IoT) market in retail applications is revolutionizing the way businesses connect with customers and optimize operations. With real-time data collection and analysis, retailers can offer personalized shopping experiences, predict customer behavior, and prevent retail theft. IoT technologies like beacons and Radio-frequency identification (RFID) enable targeted advertising and marketing, while cloud technology powers data analytics and machine learning for predictive insights. Autonomous cleaning robots and smart shelves ensure optimal store conditions, while contactless shopping solutions like mobile wallets and contactless payments enhance the customer experience. Interconnected devices and omnichannel retailing enable seamless shopping experiences across multiple channels. IoT also offers inventory optimization, omnichannel integration, customer management, and operations management. Near Field Communication (NFC) technology enables contactless interactions between customers and retailers, enhancing customer engagement and streamlining transactions. Overall, the IoT market in retail applications is transforming the industry, offering endless opportunities for innovation and growth.

Market Research Overview

In the dynamic retail sector, the Internet of Things (IoT) market plays a pivotal role in optimizing operations and enhancing customer experience. Data sourcing and collection are crucial aspects of IoT implementation. Companies must assess various data sources, such as RFID tags, sensors, and customer databases, for cost-effectiveness, comprehensive coverage, and data quality. Establishing strategic partnerships with suppliers and implementing advanced inventory management systems are essential components of the process. The workforce, consisting of management and marketing executives, is responsible for overseeing these operations and ensuring seamless integration of IoT technologies into retail applications.

The Internet Of Things (IoT) Market In Retail Applications is experiencing significant growth, fueled by the burgeoning cloud-based radio frequency identification (rfid) systems. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
Jesse Maida
Media & Marketing Executive
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