IoT in Retail Market to Reach $177.90 Bn, Globally, by 2031 at 20.3% CAGR: Allied Market Research
PORTLAND, Ore., Aug. 26, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "IoT in Retail Market by Offering (Solution, Service), by Application (Supply Chain Operations Management, Customer Management, Sales and Customer Management, Asset Management, Others), by Deployment Mode (On-premise, Cloud), by Enterprise Size (Large Enterprise, SMEs): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global IoT in retail industry was accounted for $28.14 billion in 2021, and is expected to reach $177.90 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.
- As per the report, the global IoT in retail industry was accounted for $28.14 billion in 2021, and is expected to reach $177.90 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.
- However, concerns regarding data security & privacy and high implementation & maintenance cost of IoT devices hinder the market growth.
- This, in turn, favored the demand for IoT and automation in retail as it eliminated the dependency on staff availability.
- Growth in adoption of cloud-based IoT in retail software among large and medium-sized enterprises mainly drives the global IoT in retail market growth.