Categories: IT & Communication Technology

Retail Digital Transformation Market 2024 | Size, Top Trends, Growth, Share, Key Drivers | Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Infosys Limited

Overview and Scope
Retail digital transformation refers to the strategic adoption and integration of digital technologies to modernize and optimize various aspects of retail operations, customer experiences, and business processes. The purpose of retail digital transformation is to enhance operations, customer experiences, and overall business performance within the retail sector.

Sizing and Forecast
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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Segmentation & Regional Insights
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

North America was the largest region in the retail digital transformation market in 2023. 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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Major Driver Impacting Market Growth
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.

Key Industry Players
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.

The retail digital transformation market report table of contents includes:

1. Executive Summary

2. Retail Digital Transformation Market Characteristics

3. Retail Digital Transformation Market Trends And Strategies

4. Retail Digital Transformation Market – Macro Economic Scenario

5. Global Retail Digital Transformation Market Size and Growth

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32. Global Retail Digital Transformation Market Competitive Benchmarking

33. Global Retail Digital Transformation Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Retail Digital Transformation Market

35. Retail Digital Transformation Market Future Outlook and Potential Analysis

36. Appendix