LONDON--(BUSINESS WIRE)--The global digital transformation market in the retail sector is expected to post an incremental growth of 129.64 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Retailers are adopting advanced technologies such as AI, IoT, AR/VE, and cloud to improve visual search engine capabilities and offer omnichannel experience to customers by narrowing the gap between online and offline shopping experiences. For instance, a few spectacle retailers are introducing virtual try-on apps that scan the users’ face and enable them to try hundreds of spectacle frames and choose the style that suits them. Such developments among market players are expected to fuel market growth during the forecast period.
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As per Technavio, the increasing technology partnerships in the retail sector will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Digital Transformation Market in the Retail Sector: Increasing Technology Partnerships in the Retail Sector
With growing consumer expectations, retailers are increasing the adoption of technologies such as AI, cloud, and other enterprise software to improve their operational efficiencies. Many retailers in the market are entering strategic alliances with technology solution providers to gain technical expertise and develop the most suitable and sustainable business solutions. Such collaborations are providing new growth opportunities and improving their revenues. This rising trend is expected to positively influence the growth of the market during the forecast period.
“Increasing use of analytics and the growth of m-commerce will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Digital Transformation Market in the Retail Sector: Segmentation Analysis
This market report segments the global digital transformation market in the retail sector by geography (APAC, Europe, MEA, North America, and South America) and technology (IoT, cloud computing, big data, AI, and AR/VR).
The North American region led the market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to the rising adoption of cloud computing services in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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