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Retail Digital Transformation Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Retail Digital Transformation Market
How Large Will the Retail Digital Transformation Market Size By 2025?
The size of the retail digital transformation market has seen a swift expansion in the past few years. The market, which is expected to rise from $285.1 billion in 2024 to $336.93 billion in 2025, will do so at a compound annual growth rate (CAGR) of 18.2%. Factors contributing to this growth during the historic period include the development of e-commerce, advancements in mobile technology, proliferation of big data analytics, the integration of omnichannel, as well as the rise of Artificial Intelligence and machine learning.
How Big Is the Retail Digital Transformation Market Size Expected to Grow by 2029?
In the upcoming years, a quick surge is anticipated in the size of the retail digital transformation market, which is predicted to reach about $653.55 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 18.0%. The expansion within the estimated period will be mainly driven by multiple factors such as the rise of augmented reality (AR) and virtual reality (VR), the Internet of Things (IoT), voice commerce, the application of blockchain technology, and intensely personalized services. Generally, the forecast period will see a surge in trends such as shopping without any physical touch, implementation of sustainable methods, subscription-based services, extreme localization, and the emergence of direct-to-consumer (DTC) brands.
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Which Key Market Drivers Powering Retail Digital Transformation Market Expansion and Growth?
The rise in the retail sector is likely to spur the growth of the retail digital transformation market. The retail domain comprises businesses that sell goods or services directly to customers for their personal utilization. A variety of factors, such as a surge in consumer demand, globalization, and shifting market trends, fuel the growth of the retail sector. Digital transformation in retail improves customer experiences, refines operations, and encourages data-led decision-making in the retail industry. For example, in April 2024, as reported by the House of Commons Library - a UK based informational and research service for the UK parliament - the retail sector's economic output in 2023 amounted to $141.56 billion (£112.9 billion), which comprised 4.9% of the UK's total economic output, verifying a 2.5% growth in comparison to 2021. By January 2023, there were 315,000 retail businesses in existence. Retail sales in Great Britain for 2023 hit a staggering $639.48 billion (£510 billion), demonstrating a 3% rise from the previous year. Consequently, the escalation of the retail sector is predicted to trigger the growth 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 creating innovative solutions, such as cloud-neutral data management platforms, to offer scalable and adaptable solutions for managing retail data across various cloud environments. A cloud-neutral data management platform is a system that can function smoothly across different cloud environments, guaranteeing compatibility and adaptability for data storage and operations. For example, in March 2022, Informatica, a company from the United States that provides enterprise cloud data management, introduced the intelligent data management cloud (IDMC) specifically tailored for retail corporations. This cloud platform overcomes typical barriers such as data fragmentation and disconnected experiences in multi-cloud and hybrid configurations. The retail-specific Integrated Data Management Cloud (IDMC) aims to enhance customer profiles, increase self-service facilities, and streamline product content management for unhindered customer interactions. It propels retail digital transformation by improving customer profiles, augmenting self-service features, fine-tuning supply chain management, and reducing operational expenses through automated procedures.
What Are the Emerging Segments in the Retail Digital Transformation Market?
The retail digital transformationmarket 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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Retail Digital Transformation Industry?
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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