North America Internet of Things (IoT) in Retail Market (2024-2030) | Forecast, Outlook, Revenue, Size, Trends, Growth, Share, Analysis, Industry, Companies & Value

North America Internet of Things (IoT) in Retail Market Highlights

Report Name	North America Internet of Things (IoT) in Retail Market
Forecast period	2024-2030
CAGR	29.3%
Growing Sector	Service segment

Topics Covered in the North America Internet of Things (IoT) in Retail Market Report

The North America Internet of Things (IoT) in Retail Market thoroughly covers the market by Countries, By Offering, By Hardware, and By Platforms and BY Services. The market 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.

North America Internet of Things (IoT) in Retail Market Synopsis

The North America Internet of Things (IoT) in Retail Market is projected to show significant growth due to the burgeoning demand for IoT solutions in the retail sector. The market is propelled by factors like advancements in IoT technology, increased investments in IoT applications and the evolving retail industry. Moreover, the demand for these IoT solutions in store operations, customer engagement, inventory management, and other retail sectors is expected to further bolster market growth. Government efforts toward enhancing retail efficiency and work safety are also contributing to the IoT in Retail market's growth in North America. Additionally, the growing adoption of IoT technology in connected devices like beacons, digital signage, and RFID tags is providing a major boost to market growth.

According to 6Wresearch, the North America Internet of Things (IoT) in Retail Market size is expected to grow at a significant CAGR of 29.3%  during the forecast period of 2024-2030. The IoT in Retail Market in North America is witnessing rapid growth, driven by the increasing need for smart solutions across different retail sectors. With the development of advanced IoT applications and hardware, the demand for IoT in Retail in North America is set to surge. Moreover, significant advancements in IoT technology, coupled with the growing need for efficient, data-driven retail processes, will likely contribute further to market growth. Government initiatives and campaigns promoting the use of IoT for retail efficiency and safety are also expected to drive the market in North America. Furthermore, the increasing deployment of IoT-enabled devices and sensors for tracking customer behavior, inventory management, and supply chain management is expected to boost market growth in the region.

Despite the promising growth prospects for the North America Internet of Things (IoT) in Retail Market, certain challenges like the necessity for continuous research and development and the need for higher initial investment may hamper its progress. However, with ongoing advancements in the IoT field, these challenges are expected to be mitigated in the future. The leading players in this region are continually focusing on improving IoT solutions' effectiveness to cater to the growing demand for efficient, data-driven retail operations.

North America Internet of Things (IoT) in Retail Industry Leading Players

In North America, the IoT in the retail industry is driven by leading players such as Amazon with its advanced warehouse management and consumer data analytics capabilities, Walmart leveraging IoT for supply chain optimization and in-store customer experience enhancements, and IBM providing IoT solutions for inventory management and customer engagement through its Watson IoT platform. These companies are at the forefront of integrating IoT technologies to streamline operations, enhance customer service, and gain competitive advantage in the retail sector.

Internet of Things (IoT) in Retail Market in North America Government Regulations

In the North America IoT in Retail market, government regulations play a crucial role in shaping industry dynamics. Regulatory bodies such as the Federal Trade Commission (FTC) in the United States and the Office of the Privacy Commissioner of Canada oversee compliance with safety and privacy standards. These regulations mandate adherence to specific production methods, safety measures, and disclosure requirements to ensure retail safety and productivity. Trade agreements and tariffs between North American countries under the United States-Mexico-Canada Agreement (USMCA) also influence market conditions by impacting import/export policies and pricing strategies within the region. Industry stakeholders must navigate these regulatory frameworks to ensure legal compliance and maintain market competitiveness in the IoT in retail sector.

Future Insights of the Market

The IoT market in North American retail is poised for significant growth, driven by increasing adoption of smart devices, sensors, and data analytics to optimize operations, personalize customer experiences, and improve supply chain efficiency. Key trends include the expansion of AI and machine learning capabilities to interpret IoT data for predictive analytics, the integration of IoT with augmented reality to enhance shopping experiences, and the rise of edge computing for real-time data processing. As retailers continue to innovate with IoT technologies, the market is expected to witness continuous evolution towards more connected, efficient, and personalized retail environments. Overall, the North America Internet of Things (IoT) in Retail Market is expected to witness significant growth in the coming years, driven by technological advancements, government initiatives, and increasing adoption of IoT solutions across various retail sectors. As the market continues to evolve and expand, it will provide numerous opportunities for companies to tap into and capitalize on its potential. This makes it a crucial market for stakeholders to closely monitor and adapt their strategies accordingly to stay competitive in the ever-changing retail landscape.

Market Segmentation By Countries

According to Ravi Bhandari, Research Head, 6Wresearch, the United States has shown significant growth compared to Canada. This growth can be attributed to several factors, including robust consumer demand, technological advancements in IoT technology, and the favorable regulatory environment that supports innovation and investment in the sector.

Market Segmentation By Offering

The service segment is currently experiencing significant growth in North America. This trend is driven by the increasing demand for professional services, consulting, system integration and deployment, support and maintenance, and managed services in the retail sector.

Market Segmentation By Hardware

Among hardware components in the IoT retail sector, Radio-Frequency Identification (RFID) technology is experiencing the most significant growth. RFID enables retailers to track inventory in real-time, reduce out-of-stock situations, improve supply chain visibility, and enhance overall operational efficiency. The deployment of RFID tags across products and assets allows retailers to automate inventory management processes and streamline logistics operations, contributing to cost savings and better customer service.

Market Segmentation By Platforms

The application management platform is experiencing the most rapid growth. This growth is driven by increasing demand for sophisticated applications that utilize IoT data for analytics, customer engagement, and operational optimization. Application management platforms enable businesses to harness the full potential of IoT by integrating data from various devices, managing complex applications efficiently, and leveraging insights for strategic decision-making.

Market Segmentation By Service

Among the services related to IoT in the retail industry, managed services are experiencing the most significant growth. This growth is driven by retailers' increasing preference for outsourcing the management of IoT infrastructure and applications to specialized providers. Managed services offer benefits such as cost-effectiveness, expertise in IoT deployment and maintenance, and scalability, allowing retailers to focus on core business activities while leveraging advanced IoT capabilities to enhance operational efficiency and customer satisfaction.

Key Features of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Innovations and Projects.

Key Highlights of the Report

• North America Internet of Things (IoT) in Retail Market Outlook
• Market Size of North America Internet of Things (IoT) in Retail Market, 2023
• Forecast of North America Internet of Things (IoT) in Retail Market, 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Revenues & Volume for the Period 2020 - 2030
• North America Internet of Things (IoT) in Retail Market Trend Evolution
• North America Internet of Things (IoT) in Retail Market Drivers and Challenges
• North America Internet of Things (IoT) in Retail Price Trends
• North America Internet of Things (IoT) in Retail Porter's Five Forces
• North America Internet of Things (IoT) in Retail Industry Life Cycle
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Offering for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Hardware for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Platforms for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Service for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Applications for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Offering for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Hardware for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Platforms for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Service for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Applications for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Offering for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Hardware for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Platforms for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Service for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Applications for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Hardware for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Beacon for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Sensors for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Gateway for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Radio-frequency Identification (RFID) for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Hardware for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Beacon for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Sensors for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Gateway for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Radio-frequency Identification (RFID) for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Hardware for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Beacon for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Sensors for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Gateway for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Radio-frequency Identification (RFID) for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Platforms for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Device Management for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Application Management for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Connectivity Management for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Platforms for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Device Management for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Application Management for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Connectivity Management for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Platforms for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Device Management for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Application Management for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Connectivity Management for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Service for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Professional Services for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Consulting for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By System Integration and Deployment for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Support and Maintenance for the Period 2020 - 2030
• Historical Data and Forecast of North America Internet of Things (IoT) in Retail Market Revenues & Volume By Managed Services for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Service for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Professional Services for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Consulting for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By System Integration and Deployment for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Support and Maintenance for the Period 2020 - 2030
• Historical Data and Forecast of United States Internet of Things (IoT) in Retail Market Revenues & Volume By Managed Services for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Service for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Professional Services for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Consulting for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By System Integration and Deployment for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Support and Maintenance for the Period 2020 - 2030
• Historical Data and Forecast of Canada Internet of Things (IoT) in Retail Market Revenues & Volume By Managed Services for the Period 2020 - 2030
• North America Internet of Things (IoT) in Retail Market - Key Performance Indicators
• North America Internet of Things (IoT) in Retail Market - Import Export Trade Statistics
• North America Internet of Things (IoT) in Retail Market - Opportunity Assessment By Countries
• North America Internet of Things (IoT) in Retail Market - Opportunity Assessment By Offering
• North America Internet of Things (IoT) in Retail Market - Opportunity Assessment By Hardware
• North America Internet of Things (IoT) in Retail Market - Opportunity Assessment By Platforms
• North America Internet of Things (IoT) in Retail Market - Opportunity Assessment By Service
• North America Internet of Things (IoT) in Retail Market - Top Companies Market Share
• North America Internet of Things (IoT) in Retail Market - Top Companies Profiles
• North America Internet of Things (IoT) in Retail Market - Comparison of Players in Technical and Operating Parameters
• North America Internet of Things (IoT) in Retail Market - Strategic Recommendations

Markets Covered

The report offers a comprehensive study of the subsequent market segments

By Countries

• United States
• Canada

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