Retail

Internet of Things retail market to reach $464B by 2031

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July 29, 2024

The Internet of Things retail market will grow from $57.8 billion in 2023 to $464.9 billion by 2031, according to research by InsightAce Analytic Pvt. Ltd. It will also grow at a compound annual growth rate of 30.1% from 2024 to 2031, according to a press release.

The IoT market delivers a variety of services for retail including smart shelves, beacons, connected devices and more. These devices enable automated checkout, interactive displays and custom promotions based on customer preference.

The rise of omnichannel retailers and smart stores are boosting expansion of the IoT market. Key drivers and challengers include:

• Increasing demand for better customer experience.
• Demand for efficient inventory management.
• Rise in smart devices.
• Concerns over security and privacy.
• Difficulty integrating IoT within existing retail infrastructure.