Connected Retail Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Technology, By Region, And Segment Forecasts, 2024 - 2030

Connected Retail Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Technology, By Region, And Segment Forecasts, 2024 - 2030

Connected Retail Market Growth & Trends

The global connected retail market size is expected to reach USD 95.19 billion by 2030, registering to grow at a CAGR of 14.9% from 2024 to 2030 according to a new report by Grand View Research, Inc. Increasing adoption of Internet of Things (IoT) across retail sector is expected to drive the connected retail market over the forecast period. IoT offers retailers opportunities in three important areas, the supply chain, customer experience, and new channels & revenue streams. Several retailers have successfully embraced IoT to help customers connect with the next-generation consumers, sophisticated technology, and leveraging connected devices.

Emerging retailing formats such as omni channel retailing are anticipated to fuel industry growth over the next seven years. Omni channel retailing offers a seamless and flexible shopping experience to customers by integrating and aligning channels. It creates opportunities for retailers to capture more sales and increase loyalty and brand awareness.

The widening presence of mobile devices and the expanded use of mobile networks such as e-commerce engines are expected to serve as facilitators for a unified online/offline retailing experience.

However, possibilities of unauthorized access to various IoT applications or breaking into the device connectivity system are expected to challenge the IoT connected devices industry.

Connected Retail Market Report Highlights

• The hardware segment held the largest market revenue share of 48.7% in 2023. The software segment is expected to witness highest growth over the next seven years owing to increasing number of applications for retail industry. Emerging app-driven hardware and embedded software into connected devices and the capability to monetize such device features and functions may contribute to industry growth. Hardware segment comprises sensors, RFID and gateway components.
• Bluetooth LE is expected to witness substantial growth over the forecast period due to significantly low power consumption. Bluetooth Low Energy has a very low transmission frequency, which greatly improves the power consumption.
• Asia Pacific regional market is expected to grow at a CAGR of nearly 17.5% over the forecast period. Major manufacturers in the industry are based in China, owing to cheap labor and higher production capacities. Further, China is making heavy investments in IoT industry, which may contribute to market growth.
• Key industry participants include Atmel Corporation, ARM Holdings PLC, Cisco Systems, Inc., IBM, Google, Inc., Intel Corporation, NXP Semiconductors N.V.,Microsoft Corporation, PTC, Inc., Softweb Solutions, Inc., SAP AG and Zebra Technologies Corporation.

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