The global internet of things in retail market was valued at USD 22.36 billion in 2018 and is expected to reach USD 69.25 billion by 2024 witnessing a CAGR of 20.74% during the forecast period of 2019–2024. The retail industry has witnessed significant impact from IoT, in terms of boosting profitability and offering the enhanced, omni-channel experience to retailers. 

• IoT has been enabling retailers to connect with both businesses and people. This enables retailers to gain insights about product performance and new ways of customer engagement with both new and existing customers. Several companies, like Kroger, Zara, Walmart, Tesco, etc., have launched smart devices, to improve customer experience.
• With an existing network infrastructure likely to be used for ‘connected things’, the investments and expenditures on analytics are projected to be high, as companies are striving to find new ways to analyze the significant volumes of smart device-generated data.
• Additionally, the use of e-commerce platforms is rapidly increasing owing to the ease of shopping and smartphone penetration in the market, which is likely to boost the market. The increasing need for data analysis and integration of analytics is expected to propel the utilization of the Internet of Things market over the forecast period.
• For instance, Amazon’s first store in Seattle, the United States, is incorporated with self-checkout service and mobile payment methods, which are available on both Android and iOS systems. The store is equipped with cameras, sensors, and/or RFID readers, to identify shoppers and products, and use computer vision, deep learning algorithms, and the ‘sensor fusion’.