Key Highlights
- Retail IoT cellular connections are projected to grow from 147.9 million in 2023 to 217.7 million by 2028
- Cellular POS terminals are set to expand at a 7.8% CAGR, reaching 200.3 million units by 2028.
- Global shipments of digital displays will increase from 21.2 million units in 2023 to 36.6 million by 2028, with an 11.6% CAGR.
- Europe’s connected vending machines will grow at 10.9% CAGR, outpacing North America’s 4.4%, signaling regional adoption variations.
The retail industry’s digital transformation is accelerating. Retail IoT cellular connections are projected to grow from 147.9 million in 2023 to 217.7 million by 2028, at a compound annual growth rate (CAGR) of 10%. This growth highlights the retailer’s dependence on connected devices to streamline operations and deliver superior customer experiences.
The Retail IoT Applications Analysis report shows a total addressable market of over 372 million devices, spanning POS terminals, ATMs, vending machines, digital signs, parking meters, and fare collection devices. Emerging markets and advanced technologies are driving adoption across various sectors.
Key Trends Shaping the Future of Retail IoT
- POS Terminals: Cellular POS terminals will grow at 7.8% CAGR, reaching 200.3 million by 2028, driven by cashless payment demand.
- Digital Signage: Connected displays will expand at an 11.6% CAGR, with shipments rising from 21.2 million in 2023 to 36.6 million by 2028.
- Vending Machines: Europe leads growth with a 10.9% CAGR, outpacing North America’s 4.4%.
The adoption of IoT is no longer optional for retailers. It is a fundamental driver of innovation, helping businesses adapt to changing consumer demands while improving efficiency. By 2028, IoT is expected to reshape the retail industry, ensuring its readiness for a more connected future.