The global IoT in Retail Market was valued at USD 61.54 billion in 2024, set to reach USD 369.73 billion by 2032 with a 25.22% CAGR. Connected devices for inventory management and real-time analytics are driving growth, with RFID technology and automated checkout systems in demand.
In the U.S., the IoT in Retail Market was valued at USD 15.15 billion in 2024, projected to reach USD 89.37 billion by 2032 with a 24.83% CAGR. Smart devices for inventory tracking and automated checkouts, along with e-commerce growth, are key factors driving market expansion.
Cloud deployment dominated the IoT in Retail Market in 2024, with On-Premises expected to grow at a 26.56% CAGR from 2025-2032. Operations Management led with a 33% market share in 2024, while Customer Management is growing at a 27.58% CAGR.
Near Field Communication led the IoT in Retail Market in 2024, with Bluetooth Low Energy expected to grow at a 27.18% CAGR. Hardware segment dominated in 2024, with a 47% market share, while Platform segment is projected to grow at a 27.88% CAGR.
North America held a 34% market share in the IoT in Retail Market in 2024, while Asia Pacific is expected to grow at a 27.41% CAGR from 2025-2032. Recent developments include Cisco’s “Collaboratory” in Manhattan and Microsoft’s updates to AI Store Assistant and Smart Store Analytics.
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