Market Forecast by Countries (Saudi Arabia, UAE, Qatar, Kuwait, Oman, Bahrain and Turkey), By Offering (Hardware, Platforms, Service, Applications), By Hardware (Beacon, Sensors, Gateway, Radio-frequency Identification (RFID)), By Platforms (Device Management, Application Management, Connectivity Management), By Service (Professional Services, Consulting, System Integration and Deployment, Support and Maintenance, Managed Services) And Competitive Landscape
Product Code: ETC4617605 | Publication Date: Jul 2023 | Updated Date: Dec 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 | |
Report Name | Middle East Internet of Things (IoT) in Retail Market |
Forecast period | 2025-2031 |
CAGR | 5% |
Growing Sector | Retail |
Middle East Internet of Things (IoT) in Retail Market report thoroughly covers the market by countries, offering, hardware, platforms and Service. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Middle East Internet of Things (IoT) in Retail Market is undergoing a transformative phase, marked by a surge in the adoption of cutting-edge technologies aimed at enriching customer experiences and optimizing operational efficiency. Governments across the region are playing a pivotal role in this transformation, with policies and incentives designed to foster digital innovation within the retail sector. The integration of IoT solutions in retail is not just a trend but a strategy focused on personalization, efficiency, and sustainability. Key players, both international and regional, are at the forefront of this digital revolution, offering solutions that range from inventory management to smart payment systems. This burgeoning market promises to revolutionize the retail experience, signaling a shift towards a more connected and technologically advanced shopping environment.
According to 6Wresearch, the Middle East Internet of Things (IoT) in Retail Market size is projected to grow at the CAGR of 5% during the forecast period of 2025-2031. The Middle East IoT in Retail Market is driven by several key factors that contribute to its rapid growth and evolution. Firstly, the increasing demand for a personalized shopping experience among consumers is a significant driver. Shoppers in the region are seeking more tailored interactions, recommendations, and services, pushing retailers to adopt IoT technologies that enable such customization. Secondly, advancements in IoT and related technologies are making it easier and more cost-effective for retailers to implement smart solutions. These technologies help in gathering and analyzing data to understand consumer behavior better, manage inventory more efficiently, and enhance overall customer service. Government policies aimed at fostering digital transformation in the retail sector are also providing a strong impetus for the adoption of IoT. Governments across the Middle East are investing in smart city projects and digital infrastructure, creating a conducive environment for IoT solutions in retail spaces. Additionally, the push for sustainability in the region encourages retailers to adopt IoT technologies that support energy conservation and reduce waste, further driving market growth. Despite the promising growth, the Middle East IoT in Retail Market faces several challenges that could impede its progress. One of the primary challenges is the high initial investment required to integrate IoT technologies. Small and medium-sized retailers, in particular, may find it difficult to allocate substantial resources for the adoption of these technologies, limiting their ability to compete with larger entities that can afford such investments.
Another significant challenge is the concern regarding data privacy and security. With the increasing amount of personal and sensitive data being collected through IoT devices, there is a growing need for stringent data protection measures to maintain consumer trust. Additionally, the lack of standardization and interoperability among IoT devices and systems can lead to compatibility issues, making it challenging to create cohesive, seamlessly integrated IoT solutions. Finally, the limited awareness and understanding of the benefits and applications of IoT in retail among some retailers and consumers can slow down adoption rates, necessitating increased efforts in education and demonstration of the value offered by IoT in enhancing the retail experience and these factors have led to major decline in the Middle East Internet of Things (IoT) in Retail Market Growth.
Several Middle Eastern countries have launched initiatives to foster the adoption of IoT technologies in various sectors, including retail. For example, the UAE's 'Smart Dubai' initiative aims to transform Dubai into the world's smartest and happiest city, heavily relying on IoT technologies to enhance retail experiences. Similarly, Saudi Arabia's Vision 2031 incorporates digital transformation as a core component, promoting the use of IoT in retail to improve service quality and operational efficiency. These government policies and schemes are expected to drive the growth of the Middle East IoT in Retail Market in the coming years. Additionally, some countries in the region offer incentives and subsidies to businesses adopting IoT solutions, further encouraging their integration into retail operations. For instance, Bahrain's 'Cloud First' policy offers support for businesses transitioning to cloud-based systems, which often include IoT components.
Key players in the Middle East Internet of Things (IoT) in Retail Industry include international technology giants such as IBM, Microsoft, and Cisco, alongside regional innovators like Etisalat Digital and STC. These companies offer a wide range of IoT solutions tailored to the retail sector, including inventory management systems, customer analytics, personalized marketing, and smart payment solutions.
The Internet of Things (IoT) in Retail Market in Middle East is poised for significant growth, driven by increasing consumer demand for a personalized shopping experience, advancements in technology, and supported by government policies promoting digital transformation. As retailers in the region continue to adopt IoT technologies, the market is expected to offer innovative solutions for enhanced customer engagement, efficient operations, and sustainable practices, setting a benchmark for the global retail industry.
The platform segment is expected to witness significant growth in the Middle East IoT in Retail market. This can be attributed to the increasing demand for connected devices and data analytics that are essential for enabling efficient operations and personalized customer experiences. Platforms provide a centralized system for managing various IoT devices, making it easier for retailers to monitor, analyze, and utilize real-time data for decision-making.
According to Dhaval, Research Manager, 6Wresearch, the Sensors segment is expected to grow in the Middle East IoT in Retail market. This is because sensors are essential components of IoT solutions, allowing for the collection of real-time data from various sources such as inventory levels, customer behavior, and environmental conditions. As retailers strive for efficient operations and enhanced customer engagement, the demand for sensor-based solutions is likely to increase significantly. Furthermore, with advancements in sensor technology and decreasing costs, they are becoming more accessible for retailers of all sizes. This makes sensors a popular choice for retailers looking to adopt IoT solutions.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Middle East Internet of Things (IoT) in Retail Market Overview |
3.1 Middle East Regional Macro Economic Indicators |
3.2 Middle East Internet of Things (IoT) in Retail Market Revenues & Volume, 2020 & 2030F |
3.3 Middle East Internet of Things (IoT) in Retail Market - Industry Life Cycle |
3.4 Middle East Internet of Things (IoT) in Retail Market - Porter's Five Forces |
3.5 Middle East Internet of Things (IoT) in Retail Market Revenues & Volume Share, By Countries, 2020 & 2030F |
3.6 Middle East Internet of Things (IoT) in Retail Market Revenues & Volume Share, By Offering, 2020 & 2030F |
3.7 Middle East Internet of Things (IoT) in Retail Market Revenues & Volume Share, By Hardware, 2020 & 2030F |
3.8 Middle East Internet of Things (IoT) in Retail Market Revenues & Volume Share, By Platforms, 2020 & 2030F |
3.9 Middle East Internet of Things (IoT) in Retail Market Revenues & Volume Share, By Service, 2020 & 2030F |
4 Middle East Internet of Things (IoT) in Retail Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Middle East Internet of Things (IoT) in Retail Market Trends |
6 Saudi Arabia Internet of Things (IoT) in Retail Market, 2021- 2031 |
6.1.1 Saudi Arabia Internet of Things (IoT) in Retail Market, Revenues & Volume, By Offering, 2021- 2031 |
6.1.2 Saudi Arabia Internet of Things (IoT) in Retail Market, Revenues & Volume, By Hardware, 2021- 2031 |
6.1.3 Saudi Arabia Internet of Things (IoT) in Retail Market, Revenues & Volume, By Platforms, 2021- 2031 |
6.1.4 Saudi Arabia Internet of Things (IoT) in Retail Market, Revenues & Volume, By Service, 2021- 2031 |
7 UAE Internet of Things (IoT) in Retail Market, 2021- 2031 |
7.1 UAE Internet of Things (IoT) in Retail Market, Revenues & Volume, By Offering, 2021- 2031 |
7.2 UAE Internet of Things (IoT) in Retail Market, Revenues & Volume, By Hardware, 2021- 2031 |
7.3 UAE Internet of Things (IoT) in Retail Market, Revenues & Volume, By Platforms, 2021- 2031 |
7.4 UAE Internet of Things (IoT) in Retail Market, Revenues & Volume, By Service, 2021- 2031 |
8 Qatar Internet of Things (IoT) in Retail Market, 2021- 2031 |
8.1 Qatar Internet of Things (IoT) in Retail Market, Revenues & Volume, By Offering, 2021- 2031 |
8.2 Qatar Internet of Things (IoT) in Retail Market, Revenues & Volume, By Hardware, 2021- 2031 |
8.3 Qatar Internet of Things (IoT) in Retail Market, Revenues & Volume, By Platforms, 2021- 2031 |
8.4 Qatar Internet of Things (IoT) in Retail Market, Revenues & Volume, By Service, 2021- 2031 |
9 Kuwait Internet of Things (IoT) in Retail Market, 2021- 2031 |
9.1 Kuwait Internet of Things (IoT) in Retail Market, Revenues & Volume, By Offering, 2021- 2031 |
9.2 Kuwait Internet of Things (IoT) in Retail Market, Revenues & Volume, By Hardware, 2021- 2031 |
9.3 Kuwait Internet of Things (IoT) in Retail Market, Revenues & Volume, By Platforms, 2021- 2031 |
9.4 Kuwait Internet of Things (IoT) in Retail Market, Revenues & Volume, By Service, 2021- 2031 |
10 Oman Internet of Things (IoT) in Retail Market, 2021- 2031 |
10.1 Oman Internet of Things (IoT) in Retail Market, Revenues & Volume, By Offering, 2021- 2031 |
10.2 Oman Internet of Things (IoT) in Retail Market, Revenues & Volume, By Hardware, 2021- 2031 |
10.3 Oman Internet of Things (IoT) in Retail Market, Revenues & Volume, By Platforms, 2021- 2031 |
10.4 Oman Internet of Things (IoT) in Retail Market, Revenues & Volume, By Service, 2021- 2031 |
11 Bahrain Internet of Things (IoT) in Retail Market, 2021- 2031 |
11.1 Bahrain Internet of Things (IoT) in Retail Market, Revenues & Volume, By Offering, 2021- 2031 |
11.2 Bahrain Internet of Things (IoT) in Retail Market, Revenues & Volume, By Hardware, 2021- 2031 |
11.3 Bahrain Internet of Things (IoT) in Retail Market, Revenues & Volume, By Platforms, 2021- 2031 |
11.4 Bahrain Internet of Things (IoT) in Retail Market, Revenues & Volume, By Service, 2021- 2031 |
12 Turkey Internet of Things (IoT) in Retail Market, 2021- 2031 |
12.1 Turkey Internet of Things (IoT) in Retail Market, Revenues & Volume, By Offering, 2021- 2031 |
12.2 Turkey Internet of Things (IoT) in Retail Market, Revenues & Volume, By Hardware, 2021- 2031 |
12.3 Turkey Internet of Things (IoT) in Retail Market, Revenues & Volume, By Platforms, 2021- 2031 |
12.4 Turkey Internet of Things (IoT) in Retail Market, Revenues & Volume, By Service, 2021- 2031 |
13 Rest of Middle East Internet of Things (IoT) in Retail Market, 2021- 2031 |
13.1 Rest of Middle East Internet of Things (IoT) in Retail Market, Revenues & Volume, By Offering, 2021- 2031 |
13.2 Rest of Middle East Internet of Things (IoT) in Retail Market, Revenues & Volume, By Hardware, 2021- 2031 |
13.3 Rest of Middle East Internet of Things (IoT) in Retail Market, Revenues & Volume, By Platforms, 2021- 2031 |
13.4 Rest of Middle East Internet of Things (IoT) in Retail Market, Revenues & Volume, By Service, 2021- 2031 |
14 Middle East Internet of Things (IoT) in Retail Market Key Performance Indicators |
15 Middle East Internet of Things (IoT) in Retail Market - Opportunity Assessment |
15.1 Middle East Internet of Things (IoT) in Retail Market Opportunity Assessment, By Countries, 2020 & 2030F |
15.2 Middle East Internet of Things (IoT) in Retail Market Opportunity Assessment, By Offering, 2020 & 2030F |
15.3 Middle East Internet of Things (IoT) in Retail Market Opportunity Assessment, By Hardware, 2020 & 2030F |
15.4 Middle East Internet of Things (IoT) in Retail Market Opportunity Assessment, By Platforms, 2020 & 2030F |
15.5 Middle East Internet of Things (IoT) in Retail Market Opportunity Assessment, By Service, 2020 & 2030F |
16 Middle East Internet of Things (IoT) in Retail Market - Competitive Landscape |
16.1 Middle East Internet of Things (IoT) in Retail Market Revenue Share, By Companies, 2024 |
16.2 Middle East Internet of Things (IoT) in Retail Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Company Profiles |
18 Recommendations |
19 Disclaimer |