Press release
Retail Digital Transformation Market Size Projected To Reach $739.23 Billion By 2034 With A Cagr Of 21%
Retail Digital Transformation
What Is the Projected Growth of the Retail Digital Transformation Market?
The retail digital transformation market, estimated at $285.1 billion in 2024, is expected to reach $345.36 billion by 2025, growing at a CAGR of 21.1%. Key growth factors include the expansion of e-commerce, progress in mobile technologies, utilization of big data analytics, omnichannel strategies, and the emergence of AI and machine learning.
The retail digital transformation market is set for exponential growth, expected to reach $739.23 billion in 2029 at a CAGR of 21.0%. This growth is driven by augmented reality (AR), virtual reality (VR), the Internet of Things (IoT), voice commerce, blockchain technology, and hyper-personalization. Significant trends include contactless shopping, sustainable practices, subscription services, hyper-localization, and the rise of direct-to-consumer (DTC) brands.
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What Are the Different Retail Digital Transformation Market Segments?
The retail digital transformation market covered in this report is segmented -
1) By Accessibility: Mobile Application, Website
2) By Technology: Cloud Computing, Big Data, Artificial intelligence, Internet Of Things (IoT), Augmented Reality (AR) Or Virtual Reality (VR)
3) By Product: Media And Entertainment, Apparel, Food And Beverage, Furniture And Home Decor, Beauty And Personal Care, Other Products
Subsegments:
1) By Mobile Application: Shopping Apps, Payment Apps, Customer Service Apps
2) By Website: E-Commerce Websites, Online Customer Support Portals, Digital Marketing Platforms
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What Are the Primary Drivers Shaping the Retail Digital Transformation Market?
Retail sector growth is anticipated to drive the retail digital transformation market. This sector's expansion is linked to consumer demand and market shifts. Digital transformation enhances operations and customer engagement. According to the UK's House of Commons Library, the retail sector contributed $141.56 billion to the economy in 2023, with 315,000 businesses and $639.48 billion in retail sales. Hence, retail sector growth is advancing digital transformation.
Which Companies Are Leading in the Retail Digital Transformation Market?
Major companies operating in the retail digital transformation market are 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.
What Are the Latest Developing Trends in the Retail Digital Transformation Market?
Companies in the retail digital transformation market are developing cloud-neutral data management platforms to handle retail data across multiple cloud environments. A cloud-neutral platform offers flexibility and compatibility for seamless data storage and processing. For instance, in March 2022, Informatica, a US-based company, launched the Intelligent Data Management Cloud (IDMC) for retail organizations, which addresses challenges like data fragmentation and improves customer profiles, supply chain management, and operational efficiency.
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What Are the Top Revenue-Generating Geographies in the Retail Digital Transformation Market?
North America was the largest region in the retail digital transformation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail digital transformation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Retail Digital Transformation Market?
2. What is the CAGR expected in the Retail Digital Transformation Market?
3. What Are the Key Innovations Transforming the Retail Digital Transformation Industry?
4. Which Region Is Leading the Retail Digital Transformation Market?
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