Internet of Things (IoT) In Retail Market to be Worth $297.44 Billion by 2030

The global internet of things in retail market size is expected to reach USD 297.44 billion by 2030, growing at a CAGR of 28.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. 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.

Furthermore, with the reduced cost of IoT sensors and hardware, the demand for a seamless shopping experience is expected to fuel the adoption of IoT in the retail market. The growing acceptance of smart payments in the retail sector is also one of the major factors that will drive the industry's growth over the forecast period.

The services component segment is expected to grow at a CAGR of 31.1% from 2023 to 2030 owing to the significant adoption of IoT in the retail sector, which has augmented the demand for infrastructure and application management services.

The NFC technology segment accounted for a significant revenue share of over 32% in 2022 owing to innovation in payment methods via mobile wallets.

The customer management application segment is expected to grow at the highest CAGR of 33.1% from 2023 to 2030 as it enables retailers to deliver a customized, personalized, and engaging experience to their customers.