Retail Digital Transformation Market: Major Trends Reshaping the Future of the Industry

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What Will the Retail Digital Transformation Industry Market Size Be by 2025?
The market size of retail digital transformation has seen significant expansion in the past few years. Its expansion is projected to continue, escalating from $285.1 billion in 2024 to $345.36 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 21.1%. The historical growth is largely due to the upswing in e-commerce, advancements in mobile technology, the rise of big data analytics, integration of omnichannel, and the introduction of AI and machine learning.

What's the Long-Term Growth Forecast for the Retail Digital Transformation Market Size Through 2029?
In coming years, the market size of retail digital transformation is anticipated to experience massive growth. It is projected to escalate to $739.23 billion by 2029, growing at a compound annual growth rate (CAGR) of 21.0%. This growth during the anticipated period can be credited to the rise of augmented reality (AR) and virtual reality (VR), Internet of Things (IoT), voice commerce, blockchain technology, and hyper-personalization. Some of the prominent trends projected for this period consist of touch-free shopping, eco-friendly practices, subscription-based services, hyper-localization, and the emergence of direct-to-consumer (DTC) brands.

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What Are the Key Growth Drivers Fueling the Retail Digital Transformation Market Expansion?
The anticipated surge in the retail industry is set to fuel the advancement of the retail digital transformation industry. The term retail industry typically refers to enterprises engaged in direct sales of products or services to customers for individual use or consumption. The swelling of this sector is influenced by elements such as rising customer requirements, globalisation, and changing market dynamics. The process of retail digital transformation refines customer interactions, makes business proceedings more efficient, and promotes data-based verdict making in the retail sector. For example, as reported by the House of Commons Library, a UK-centric research and data provider for the UK parliament, in April 2024, the retail industry's financial contribution in 2023 amounted to $141.56 billion (£112.9 billion), holding 4.9% of the total economic contribution of the UK, representing a 2.5% surge from 2021. As recorded in January 2023, the number of retail enterprises stood at 315,000. In Great Britain, 2023 witnessed a retail sales figure of $639.48 billion (£510 billion), recording a 3% raise from the prior year. Hence, the broadening of the retail sector is projected to stimulate the rise of the retail digital transformation market.

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What Are the Key Trends Driving Retail Digital Transformation Market Growth?
Leading firms in the retail digital transformation sector are focusing on the creation of cutting-edge solutions including cloud-neutral data management platforms for a more scalable and adaptable handling of retail data across various cloud platforms. A cloud-neutral data management platform is a system capable of functioning efficiently across multiple cloud settings, providing adaptability and compatibility for data processing and storage. For example, Informatica, an American enterprise specializing in cloud data management, debuted their Intelligent Data Management Cloud (IDMC) in March 2022. This platform, specifically tailored for retail companies, addresses typical challenges like data fragmentation and disconnected experiences in multi-cloud and hybrid configurations. The IDMC for Retail strives to enhance customer profiles, grow self-service opportunities, and streamline product content management to deliver impeccable customer experiences. It propels retail digital transformation by refining customer profiles, boosting self-service capacities, refining supply chain management and reducing operational expenditure through automation.

How Is the Retail Digital Transformation Market Segmented?
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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Which Companies Are Leading the Charge in Retail Digital Transformation Market Innovation?
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.

Which Regions Are Leading the Global Retail Digital Transformation Market in Revenue?
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.

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