Global IoT Chip Market in Retail Report 2023: Increasing Demand for Connected Wearable Device Drives Growth
DUBLIN, May 25, 2023 /PRNewswire/ -- The "IoT Chip Market in Retail - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The IoT chip market in retail is expected to grow at a compound annual growth rate of 12.40% over the forecast period to reach a market size of US$6,018.507 million in 2028, from US$2,655.386 million in 2021.
With the growing adoption of the Internet of Things, it is safe to say that the global retail industry is undergoing a rapid transformation. The Internet of Things plays an efficient role in the retail industry as it efficiently supports boosting sales, offering a personalized experience, making improvements in inventory management as well as increasing the loyalty of the customers.
The growth in the population leads to the growing penetration of internet usage across residential and commercial space as a result of a higher disposable income and improvements in the IT sector. Moreover, the adoption of cloud-based services coupled with the rising trend of industrial automation will further create growth opportunities for the IoT chip market.
A single wearable device can efficiently measure indicators of the overall health of any individual wearing it, such as body temperature, blood pressure, alcohol, glucose, hydration levels, and many more in real-time, which further allows for the non-invasive monitoring of the well-being of an individual. Multiple key launches in the IoT chip market are further creating opportunities for growth.
North America accounts for major shares of the IoT chip market in retail.
By geography, the tank level monitoring market has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
For instance, according to the World Bank's data, in 2020, the percentage of the population using the internet stood at 91% showing a 5% increase over 2016.
The COVID-19 pandemic elevated the online sales of groceries and food items which acted as an additional factor for boosting the adoption of IoT technology for promoting online retailing in the country. Growing investments by the government to promote 5G connectivity coupled with the increase in the number of smartphone users in the US has provided more growth opportunities for IoT technology in the retail business.
For more information about this report visit https://www.researchandmarkets.com/r/8b2a11
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