Internet Of Things In Retail Market To Reach $182.04 Billion By 2028

The global internet of things in retail market size is expected to reach USD 182.04 billion by 2028, registering a CAGR of 26.0% over the forecast period, according to a new report by Grand View Research, Inc.

The growth can be attributed to the adoption of connected technologies by retailers against e-commerce sites. The reducing cost of hardware and IoT sensors, demand for a seamless shopping experience, and growing acceptance of smart payment are the factors expected to further fuel the growth of the internet of things (IoT) in retail market.

Beacons are gaining significant traction owing to their high adoption by retailers to increase customer engagement, thereby increasing loyalty and sales. As a result, the beacons segment is projected to register a strong growth rate over the forecast period

The growing demand for Payment as a Service (PaaS) and cloud-based solutions for POS terminals is expected to provide high growth opportunities for managed services.