Retail Iot Software Statistics 2024


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In the evolving business landscape of 2024, the integration of Internet of Things (IoT) software in the retail sector stands at the forefront of technological innovation. As retail enterprises strive to stay competitive and enhance customer experiences, understanding the key statistics around retail IoT software becomes indispensable. These statistics shed light on adoption rates, market growth, and technological advancements, providing a comprehensive overview of how IoT is reshaping the industry. By grasping these insights, businesses can gain a strategic edge, ensuring they are not left behind in the tech-driven evolution.

Retailers, technology providers, and investors are among the primary stakeholders who would find this data particularly valuable. For retailers, these statistics can guide investment decisions and operational strategies to optimize efficiency and improve customer satisfaction. Technology providers can leverage the data to identify market needs and tailor their solutions accordingly. Investors, on the other hand, can use these insights to predict market trends and make informed investment choices. Collectively, this data serves as a critical touchstone for understanding the pervasive impact of IoT in retail.

Ultimately, the detailed examination of retail IoT software statistics equips stakeholders with the knowledge necessary to navigate and excel in this transformative era. As the industry continues to evolve, staying informed and adapting strategies based on concrete data will be pivotal for success. Through this article, we aim to provide the essential insights that will empower decision-makers to confidently embrace and harness the power of IoT in the retail sphere.

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Top Retail Iot Software Statistics 2024

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Market Growth And Size

  • The global IoT market is projected to reach $1.387 trillion by 2024. [38]
  • IoT market revenue is expected to grow to $3.3 trillion by 2030. [16]
  • Worldwide spending on the Internet of Things (IoT) is forecast to surpass $1 trillion in 2026. [4]
  • The IoT market size was valued at $969.6 billion in 2023 and is expected to grow at a CAGR of more than 15% over the forecast period. [8]
  • The global IoT market is expected to grow at a CAGR of 15.9%. [37]
  • The retail IoT market is expected to reach $177.90 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031. [32]
  • The global IoT market in retail was valued at $28.14 billion in 2021 and projected to reach $177.90 billion by 2031. [30]
  • The IoT in retail market is projected to expand to $178 billion by 2031. [19]
  • The expected worth of the IoT retail market is projected to be $177.90 billion by 2031. [38]
  • The global IoT in retail market size was estimated at USD 44.4 billion in 2022 and is expected to be worth around USD 530.34 billion by 2032, expanding at a CAGR of 28.2% during the forecast period from 2023 to 2032. [28]
  • Global IoT market size to grow 19% in 2023. [36]

Adoption And Usage

  • 70% of retailers are actively integrating IoT into their supply chains. [23]
  • 85% of senior executives across industries say IoT is essential to their business. [12]
  • 96% of decision-makers in retail are ready to make amendments needed for adopting IoT. [30]
  • 77% of early movers in IoT retail create opportunities to better collaborate with partners in delivering products and services to customers. [31]
  • 89% of early movers in retail gain increased insight into customer preferences and behaviors from IoT. [31]
  • 88% of respondents agreed that IoT data will provide them more insight about customers than any other form of data. [17]
  • 89% of retailers increased their understanding of preferences and customer behavior thanks to IoT technology. [31]
  • 72% of retailers plan to implement IoT solutions for supply chain management. [30]

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Investment And Spending

  • IoT software spending reached $53 billion in 2022 and continues to grow strongly. [2]
  • IoT software spending reached $53 billion in 2022 (according to the IoT Analytics Global IoT Enterprise Spending analysis). [2]
  • 75% of all devices are expected to be IoT by 2030. [5]
  • IoT-related spending is forecast to grow by 10.4% over the 2023-2027 forecast period. [4]
  • The software segment accounted for approximately 20% of the market value in 2023. [8]
  • IoT services will be the largest area of spending in 2023, accounting for nearly 40% of all IoT spending worldwide. [4]
  • Software will be the fastest-growing technology category with a five-year CAGR of 11.0%. [4]

Technology And Trends

  • 70% of IoT developers say that software supply chain security is important, with 36% saying it’s extremely important. [3]
  • IoT Analytics tracks more than 1,000 large and small vendors offering software for IoT scenarios. [2]
  • 58% of manufacturers say IoT is a strategic necessity for digitally transforming industrial operations. [14]
  • 48% of businesses admit they are not efficient enough to detect IoT breaches on their network. [33]
  • IoT security concerns will impede growth, potentially reducing spend on IoT security by 80% due to a lack of prioritization and implementation of best practices. [20]
  • 74% of global consumers express concerns about their civil rights in relation to IoT, with 92% desiring control over the type of personal information automatically collected. [20]

Market Segmentation

  • The automotive IoT market is expected to reach $104.2 billion by the end of 2023. [14]
  • The healthcare IoT market is expected to be worth $534.3 billion by 2025. [3]
  • The consumer IoT market size was valued at $220.50 billion in 2022 and is expected to expand at a CAGR of 12.7% from 2023 to 2030. [13]
  • IoT in agriculture is projected to reach $15.68 billion by 2023. [33]

Regional Insights

  • North America accounted for the highest market share of 33.14% in 2023. [18]
  • Asia Pacific is projected to retain the largest share by 2027, accounting for over 30% of the IoT market value. [8]
  • The US and China led the regional market, collectively accounting for over 40% of the IoT market in 2023. [8]
  • The IoT market in Japan is expected to have 3.5 billion IoT devices in use by 2024. [23]

Industry Impact And Benefits

  • IoT devices can save healthcare companies a combined $100 billion per year by reducing inefficiencies. [3]
  • IoT in manufacturing companies can potentially generate $14.2 trillion for the global economy by 2030. [12]
  • IoT-enabled factories could save $1.2 trillion to $3.7 trillion in operating costs by 2025. [12]
  • 58% of manufacturers see IoT as a strategic necessity for transforming industrial processes. [12]
  • AI is the most widely adopted emerging technology, with 79% of organizations adopting it as part of their IoT solution. [6]
  • 34% of the organizations surveyed say they’re prioritizing sustainability goals as part of their progress in the coming years, with 50% of them expecting to reach carbon net-zero by 2025. [6]

Challenges And Concerns

  • 97% of IoT adopters have security concerns when implementing IoT. [35]
  • 38% of IoT adopters cite complexity and technical challenges as barriers to furthering their IoT adoption. [35]
  • Lack of talent and training present challenges for half of IoT adopters, and 47% say there are not enough available skilled workers. [35]
  • 30% of IoT projects fail in the proof-of-concept stage, often because implementation is expensive or bottom-line benefits are unclear. [35]

Future Projections

  • The number of active IoT devices is projected to reach 29.42 billion by 2030. [22]
  • By 2025, IoT devices are expected to outnumber non-IoT by 3:1. [22]
  • The global installed base of IoT devices is expected to reach 125 billion units by 2030. [27]
  • The number of global IoT attacks decreased from 10.8 million in October 2020 to around 6 million in October 2021. [33]
  • By 2025, the economic value generated by IoT can range from $4 trillion to $11 trillion. [12]
  • The Internet of Things could generate between $4 trillion and $11 trillion of economic value by 2025. [20]

Company Insights

  • Microsoft is the IoT software market share leader, with a 9% share of the market in 2022. [2]
  • AWS is the global market-leading cloud provider and has made several IoT software investments since the launch of its IoT Core service in 2015. [2]
  • IBM remains one of the leading IoT software vendors despite the deprecation of the IBM Watson IoT platform announced in November 2022. [2]
  • PTC has been executing its IoT vision since the acquisition of Thingworx in 2013. [2]

Specific Use Cases

  • IoT developers are primarily concerned with connectivity (52 percent), while security sits at 33 percent. [3]
  • Deployment and Data Collection are tied for third place, with 25 percent each. [3]
  • Most IoT developers are working on developing industrial automation systems (33 percent). [3]
  • Smart agriculture systems (29 percent), and building automation (24%) are other major focus areas. [3]

Technical Infrastructure

  • Linux is the top Edge/Gateway operating system for IoT, comprising 58 percent of all gateways and edge nodes. [3]
  • Amazon Web Services (AWS) dominates the IoT market, with 41 percent of IoT developers utilizing AWS. [3]
  • A further 27 percent use Microsoft Azure, while just 20 percent use Google Cloud Platform (GCP). [3]

Impact Of Covid-19

  • The COVID-19 pandemic has accelerated the importance of omnichannel strategies as consumers sought safe and convenient shopping options. [28]
  • The COVID-19 pandemic forced many consumers to adjust their shopping habits and transition to online shopping and e-commerce. [1]
  • The COVID-19 pandemic has made people more conscious about what they touch. [7]
  • During the COVID-19 pandemic, technologies such as IoT helped many businesses to survive continued lockdowns. [6]
  • The IoT market in retail is expected to grow due to the COVID-19 pandemic, showing a high growth rate during this period. [9]

Geographic Distribution

  • North America has emerged as the largest market region in 2023, holding approximately 42% market share. [29]
  • Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). [24]
  • IoT market in the US is anticipated to grow at a CAGR of 24.5% from 2024 to 2030. [21]
  • Greater China area is going to lead with 7.7 billion IoT connected devices by 2030. [15]

Market Drivers

  • The rising number of smart homes and buildings, Industry 4.0, smart manufacturing, and smart infrastructure developments are projected to generate a vast transformation in business areas. [25]
  • The healthcare IoT market is set to reach a staggering $14 billion by 2024. [20]
  • The IoT healthcare market is expected to reach $289.2 billion by 2028. [33]
  • The number of global IoT connections grew by 8% in 2021 to 12.2 billion active endpoints. [36]

Industry Challenges

  • IoT attacks have been on the rise, reaching over 10.54 million in Dec 2022. [33]
  • IoT devices are commonly attacked within 5 minutes of being connected to the internet. [15]
  • 48% of businesses admit they are not efficient enough to detect IoT breaches on their network. [33]

Key Trends

  • AI is expected to rise to 4th place in enterprise technology prioritization by 2025, and IoT is likely to remain the 5th-ranked priority. [11]
  • The combination of IoT and AI is on the rise and seen as a tailwind for the $236-billion IoT market. [26]
  • Industrial automation hardware is becoming more intelligent with the integration of AI chipsets. [26]
  • The race for generative AI solutions in manufacturing has begun. [26]

Future Insights

  • By 2025, the number of connected devices per minute will reach 152,000. [14]
  • The number of connected IoT devices worldwide is forecast to almost double from 15.1 billion in 2020 to more than 29 billion IoT devices in 2030. [14]
  • By 2027, there will be 93.59 million U.S. households using smart devices. [14]
  • The global IoT market is expected to reach USD 1,387 billion by 2024. [23]

Comprehensive Insights

  • IoT Analytics, founded and operating out of Germany, is a leading global provider of market insights and strategic business intelligence for the IoT, AI, Cloud, Edge, and Industry 4.0. [34]
  • The IoT Software Adoption Report 2023 is part of IoT Analytics’ ongoing coverage of IoT software and platforms. [34]
  • The information presented in this report is based on an extensive survey of 100 software end users in manufacturing, real estate, retail, and other industries. [34]
  • IoT Analytics plans to release its IoT Use Case Adoption Report 2024 in Q3 2024. [10]

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Sources

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