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Allied Market Research recently published a report on the global IoT in retail market. The report states that the market was valued at $28.14 billion in 2021 and is expected to reach $177.90 billion by 2031, growing at a CAGR of 20.3%. Factors such as effective store space monitoring, supply chain management, inventory management, and customer behavior monitoring have boosted the growth of the market. However, concerns regarding data security & privacy and high implementation & maintenance cost of IoT devices hinder the market growth. The Covid-19 pandemic has also favored the demand for IoT and automation in retail as it eliminated the dependency on staff availability.
