The use of Internet of Things (IoT) technology in the retail market is expected to reach $297.4 billion by 2030, an annual growth rate of 28.4 percent, a new report by Grand View Research Inc. concludes.
“This growth is attributed to the adoption and implementation of connected technologies, such as Bluetooth Low Energy (BLE) and Near-Field Communication (NFC), for enhanced shopping and payment experience,” the report notes. “Furthermore, with the reduced cost of IoT sensors and hardware and the demand for a seamless shopping experience is expected to fuel the adoption of IoT in the retail market.
The growing acceptance of so-called smart payments by web-enabled devices is also expected to drive the industry’s growth in the retail sector over the forecast period.
IoT devices also help in the back-end operations for retailers, the report notes, such as organizing effective logistics operations. GPS trackers, RFID tags and IoT-connected sensors help track the movement of goods in real-time, providing seamless supply chain management. This also prevents damage, spoilage or loss of goods during transportation, which is of significant value for perishable food items.
Overall, Grand View Research segmented the global use IoT in the retail market by component, technology, application, deployment and region.
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