Press release
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.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/retail-digital-transformation-global-market-report
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=15663&type=smp
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
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=15663&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ "
Learn More About The Business Research Company
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.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Retail Industry's Digital Transformation: 2024 Global Market Forecast here
News-ID: 3703282 • Views: …
More Releases from The Business research company
Analysis of Segmentation, Market Dynamics, and Competitive Landscape in the Robo …
The robotic arm technology designed for space applications is rapidly advancing, driven by increasing demand for sophisticated operations beyond Earth's atmosphere. As space missions become more complex, the need for precise, autonomous robotic arms is growing, opening new avenues for satellite servicing, construction, and maintenance in orbit. Here's an in-depth look at the market size, key players, emerging trends, and segmentations shaping the future of robotic arms for space.
Robotic Arm…
Leading Companies Advancing Innovation and Growth in the Reusable Rocket Market
The reusable rocket market is gaining remarkable momentum as innovations and growing commercial interest drive its expansion. With increasing adoption by satellite operators and advances in technology, this sector is set to experience substantial growth by 2030. Let's explore the current market size, key players, emerging trends, and how the industry is shaping up for the future.
Projected Market Growth for Reusable Rockets by 2030
The reusable rocket market is anticipated…
Analysis of Segments and Major Growth Areas in the Rapid Prototyping Market for …
The aerospace and defense sectors are increasingly relying on rapid prototyping technologies to accelerate innovation and improve efficiency. This market is gaining momentum, driven by advancements in manufacturing methods and growing demands for high-precision components. Let's explore the current market valuation, key players, emerging trends, and major segments shaping the rapid prototyping industry within aerospace and defense.
Projected Market Growth and Size in Rapid Prototyping for Aerospace and Defense
The rapid…
Key Strategic Developments and Emerging Changes Shaping the Radar System Market …
The radar system market is on track for significant expansion as it adapts to technological advances and growing demand across various sectors. With the increasing integration of cutting-edge radar solutions in both commercial and defense applications, this industry is poised for notable growth through 2030. Let's explore the current market size, key drivers, major players, emerging trends, and segment dynamics shaping this evolving field.
Projected Growth and Market Size Outlook for…
More Releases for Retail
Driving Retail Innovation: Blockchain Revolutionizes the Retail Sector
[City, Date] - Retail blockchain, hailed as a disruptive technology, is reshaping the retail sector by securely recording digital transactions on a distributed ledger. This innovative approach enables retailers to meticulously track stock origins, exercise precise control over their offerings, and instill trust across various applications including smart contracts, consumer experience management, transaction management, and supply chain management.
The Blockchain in Retail Market is projected to reach $25.8 billion by 2029,…
Retail Clinics Market - Transforming healthcare delivery through retail clinics
Newark, New Castle, USA: The "Retail Clinics Market" provides a value chain analysis of revenue for the anticipated period from 2021 to 2031. The report will include a full and comprehensive analysis of the business operations of all market leaders in this industry, as well as their in-depth market research, historical market development, and information about their market competitors
Retail Clinics Market: https://www.growthplusreports.com/report/retail-clinics-market/7728
This latest report researches the industry structure, sales, revenue,…
India Retail Market Top Key Players – Reliance Retail, V Mart, D Mart, Pantalo …
Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. With the arrival of several new players, Indian retail has become one of the most dynamic and fast industries. The sector is the largest source of employment after agriculture and has deep penetration into rural India generating more than 10 per cent of India’s GDP.
With the advancement in…
Retail IoT Software Market 2020-2026 | Coffee Cloud, Honeywell Connected Retail, …
The Research Insights has included a report, titled a global Retail IoT Software market to its extensive repository. This analytical report has been compiled by using primary and secondary research techniques. The global market research report offers in-depth analysis of global market trends, platforms, drivers, restraints and opportunities. It also presents a complete overview of the global market with respect to current statistics, historical records, and future predictions.
Retail IoT software…
Global Organized Retail Market 2019 - Pantaloons Retail, Reliance Retail, Shoppe …
Organized retailing is the process of selling goods or merchandise all under one roof in a fixed location such as a departmental store, hypermarket, supermarket or even a convenience store. Organized retail also includes internet retailing, which is the process of buying and selling products and services, such as COD, card on delivery, or trial services, through the internet.
Get Free Sample Copy of Report Here: http://bit.ly/2DdvEVA
Scope of the Report:
This report…
Retail Display Industry Segment Analysis by Product Type Touch-screen retail dis …
The displays that are used in retail applications like POS systems, kiosks, ATMs, and digital signage are referred to as retail displays. The touchscreen displays segment in the retail sector accounted for the maximum market share during 2017. In 2018, the global Retail Display market size was xx million US$ and is forecast to xx million US in 2025, growing at a CAGR of xx% from 2018. In this study,…
