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Internet of Things (IoT) Market in Retail Applications Growth to Decelerate at 16.48% CAGR

Strategic Insights

— 1 min read

The Internet of Things (IoT) market in retail applications is expected to grow by USD 44.80 billion from 2021 to 2026, slowing down at a compound annual growth rate (CAGR) of 16.48% during the forecast period. This growth is driven by the increasing adoption of cloud-based RFID systems, which reduce data loss and corruption risks. However, data security concerns, lack of technical skills to manage data, and high installation costs hinder the market's growth.

Key Takeaways:

  • The IoT market in retail applications is expected to grow at a CAGR of 16.48% from 2021 to 2026, driven by the adoption of cloud-based RFID systems.
  • The market is expected to grow by USD 44.80 billion from 2021 to 2026.
  • The market is hindered by data security concerns, lack of technical skills, and high installation costs.
  • Key drivers of the market include the growing need for effective store premise monitoring and inventory management, government initiatives to boost digitization, and the evolution of Artificial Intelligence (AI) and Augmented Reality (AR) in retail stores.
  • The market is fragmented, with APAC contributing the most to the growth of the market.
  • Key consumer countries include the US, China, Germany, Japan, and the UK.

Statistics:

  • Market growth: USD 44.80 billion
  • CAGR: 16.48%
  • YoY growth rate: 19.89%
  • Regional analysis: APAC (34%), North America, Europe, MEA, and South America
  • Key consumer countries: US, China, Germany, Japan, and UK

Sources:

  • "Internet Of Things (IoT) Market In Retail Applications Scope"[1]
  • Technavio [2]

[1] ["Internet Of Things (IoT) Market In Retail Applications Scope"]

[2] ["Technavio is a leading global technology research and advisory company."]

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