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The IoT in retail market was valued at $28.14 billion in 2021, and is estimated to reach $177.90 billion by 2031, growing at a CAGR of 20.3%. Factors such as effective store space monitoring, inventory management, supply chain management and customer behavior monitoring drive demand for the internet of things in retail industry. Solutions segment dominated growth of the Internet of Things in retail market in 2021, and is expected to maintain its dominance in the upcoming years due to the proliferation of smartphones and the use of mobile applications.