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Retail Industry's Digital Transformation: 2024 Global Market Forecast
retail digital transformation market segments
According to The Business Research Company's, The retail digital transformation market size has grown exponentially in recent years. It will grow from $235.92 billion in 2023 to $285.10 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth in the historic period can be attributed to e-commerce growth, mobile technology advancements, big data analytics, omnichannel integration, and emergence of AI and machine learning.
The retail digital transformation market size is expected to see exponential growth in the next few years. It will grow to $611.70 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%. The growth in the forecast period can be attributed to augmented reality (AR) and virtual reality (VR), Internet of Things (IoT), voice commerce, blockchain technology, and hyper-personalization. Major trends in the forecast period include contactless shopping, sustainable practices, subscription services, hyper-localization, and rise of direct-to-consumer (DTC) brands.
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Market Drivers and Trends:
The expansion of the retail sector is expected to propel the growth of the retail digital transformation market. The retail sector encompasses businesses involved in the sale of goods or services directly to consumers for personal use or consumption. The expansion of the retail sector is driven by factors such as increasing consumer demand, globalization, and evolving market trends. Retail digital transformation enhances customer experiences, streamlines operations, and drives data-driven decision-making in the retail sector. For instance, in April 2024, according to the House of Commons Library, a UK-based research and information service provider for the UK parliament, the retail sector's economic output in 2023 was $141.56 billion (£112.9 billion), accounting for 4.9% of the UK's total economic output and reflecting a 2.5% increase compared to 2021. As of January 2023, there were 315,000 retail businesses. Retail sales in Great Britain for 2023 reached $639.48 billion (£510 billion), marking a 3% increase from the previous year. Therefore, the expansion of the retail sector is expected to propel the growth of the retail digital transformation market.
Major companies operating in the retail digital transformation market are developing innovative solutions, such as cloud-neutral data management platforms, to provide scalable and flexible solutions for handling retail data across diverse cloud environments. A cloud-neutral data management platform refers to a system that can seamlessly operate across various cloud environments, ensuring compatibility and flexibility for data storage and processing. For instance, in March 2022, Informatica, a US-based enterprise cloud data management provider, launched the intelligent data management cloud (IDMC) designed specifically for retail organizations, this cloud platform addresses common hurdles like data fragmentation and disconnected experiences in multi-cloud and hybrid setups. The Integrated Data Management Cloud (IDMC) for Retail focuses on improving customer profiles, expanding self-service options, and facilitating efficient product content management to deliver seamless customer experiences. It drives retail digital transformation by refining customer profiles, enhancing self-service functionalities, optimizing supply chain management, and cutting operational costs through automated workflows.
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Major Key Players of the Market:
Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Infosys Limited, Wipro Limited, Lawson Software Inc, Dassault Systèmes SE, Shopify Inc., The Sage Group plc, Zoho Corporation Pvt. Ltd, Epicor Software Corporation, Manhattan Associates Inc, Lightspeed POS Inc., Kinaxis Inc., Retalix Ltd, Nayax, BluJay Solutions LLC, Logility Inc, HighJump Software Inc., Brightpearl Limited, Wasp Barcode Technologies LLC, Aldata Solutions, Ordoro Inc.
Retail Digital Transformation Market 2024 Key Insights:
• The retail digital transformation market size is expected to see exponential growth in the next few years. It will grow to $611.70 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%.
• The Retail Sector's Influence On Retail Digital Transformation
• Revolutionizing Retail Data Management In Retail Sector
• North America was the largest region in the retail digital transformation market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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