PUBLISHER: Grand View Research | PRODUCT CODE: 1790401
PUBLISHER: Grand View Research | PRODUCT CODE: 1790401
Internet Of Things In Retail Market Summary
The global internet of things in retail market size was estimated at USD 66.44 billion in 2024 and is projected to reach USD 488.53 billion by 2033, growing at a CAGR of 24.5% from 2025 to 2033. The market growth is primarily driven by the increasing deployment of smart shelves and RFID technologies, rising demand for personalized shopping experiences, continuous advancements in cloud computing and edge analytics, and the expansion of omnichannel retail strategies that rely heavily on IoT-based insights.
The increasing demand for real-time inventory management, personalized customer experiences, and data-driven decision-making across retail environments primarily drives market growth. The rising adoption of smart shelves, RFID tags, and connected point-of-sale (POS) systems enables retailers to optimize operations and reduce costs. Integrating AI and machine learning with IoT devices enhances predictive analytics, customer behavior tracking, and targeted marketing efforts. Cloud-enabled platforms and seamless device interoperability further improve scalability and deployment efficiency, which is expected to drive the Internet of Things in retail industry expansion.
The rising demand for real-time inventory tracking, personalized customer experiences, and efficient supply chain management is significantly fueling the growth of the IoT in retail industry. As retailers seek to enhance operational efficiency and gain competitive advantage, IoT technologies such as smart shelves, RFID tagging, and connected POS systems are increasingly being deployed across physical stores and e-commerce channels. These tools empower retailers to monitor stock levels, track consumer behavior, and optimize merchandising strategies. This transformation is expanding the retail tech ecosystem and driving continuous innovation in the market.
Additionally, the growing emphasis on data-driven decision-making and predictive analytics is becoming a major growth driver for the market. With the proliferation of connected devices, retailers can now access vast volumes of real-time data. IoT platforms in retail are evolving to support advanced analytics, machine learning algorithms, and AI-powered dashboards that enable actionable insights. From dynamic pricing to customer sentiment analysis, these intelligent systems are reshaping retail strategies and improving business outcomes, fueling widespread adoption of the IoT in the retail industry.
Furthermore, the increasing integration of smart infrastructure with omnichannel strategies is revolutionizing the capabilities of the IoT in retail industry. Features like automated checkout, smart fitting rooms, beacon-based marketing, and in-store navigation systems are enhancing customer engagement while streamlining operations. These solutions improve the in-store experience and create seamless interactions across digital and physical touchpoints. As consumers continue to expect convenience and personalization, IoT in the retail market is poised for robust growth in the years ahead.
Global Internet Of Things In Retail Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest technological trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global Internet of Things in retail market report based on component, technology, deployment, application, and region: