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GlobalData estimates the total IoT market for retail will grow at a CAGR of >14% between 2022 and 2027. The pandemic positively impacted the demand for IoT from retailers. There was strong adoption between 2020 and 2022, as many IoT solutions were adopted by retailers for the rapid online shift and the optimization of supply chains. However, more recently, geopolitical tensions and high inflation have limited technology investment across the retail and apparel sectors.