Global OmniChannel Retail Software Market Size Forecast 2024 - 2033
19 Dec, 2024
What Is The Definition Of The Global OmniChannel Retail Software Market?
Omnichannel retail software refers to integrated technological solutions that enable the smooth coordination and management of sales channels, both online and offline, from a single platform. This software allows uniform customer experiences across several touchpoints, such as e-commerce sites, mobile apps, and physical storefronts.
OmniChannel Retail Software Global Market Report 2024 provides data on the global omnichannel retail software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The OmniChannel Retail Software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global OmniChannel Retail Software Market Size Expected To Expand, And At What Annual Growth Rate?
The omnichannel retail software market size has grown exponentially in recent years. It will grow from $8.59 billion in 2023 to $10.54 billion in 2024 at a compound annual growth rate (CAGR) of 22.6%. The growth in the historic period can be attributed to the rise of e-commerce, growth of mobile commerce, increasing consumer demand for seamless shopping experiences, expansion of digital payment options, and growing importance of customer loyalty. The omnichannel retail software market size is expected to see exponential growth in the next few years. It will grow to $24.10 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to rising demand for contactless payment solutions, expansion of voice commerce, increased adoption of mobile shopping apps, expansion of subscription-based retail model, and growth of direct-to-consumer. Major trends in the forecast period include technological advancements, integration of AI, cloud-based solutions, integration of social media, and integration with IoT devices.
What Are The Key Drivers Fueling Growth In The OmniChannel Retail Software Market?
The increasing adoption of IoT devices is expected to propel the growth of the omnichannel retail software market going forward. IoT devices are networked gadgets that use sensors and internet access to collect and exchange data. The increasing use of IoT devices is due to the generation of valuable data insights, enhanced decision-making, and significant cost savings through streamlined processes and optimized resource usage. Omnichannel retail software is an essential platform for retailers using IoT devices to improve the shopping experience, manage operations, and drive revenue growth. For instance, in January 2022, data from the GSM Association, a UK-based non-profit industry organization, the number of IoT connections globally is expected to exceed 23.3 billion by 2025, from 15.1 billion connections in 2021. Therefore, the increasing use of IoT devices is driving the growth of the omnichannel retail software market. The omnichannel retail software market size is expected to reach $2023 billion in 2023, $2024 billion in 2024, and $2028 billion in 2028.
Get Your Free Sample of the Global OmniChannel Retail Software Market ReportWhat Are The Principal Market Segments In The Global OmniChannel Retail Software Industry?
The omnichannel retail software market covered in this report is segmented –
1) By Offering Type: Solution, Services
2) By Deployment: On-Premises, On-Cloud
3) By Organization Size: Small Enterprises, Medium Enterprises, Large Enterprises
4) By End Users: Books And Stationery, Consumer Electronics And Accessories, Apparel, Footwear and Accessories , Furniture And Home Furnishings, Health And Beauty, Sports Goods, Fast Moving Consumer Goods, Transportation, Other End Users
Which Emerging Market Trends Are Altering The OmniChannel Retail Software Sector?
Companies in the omnichannel retail software market are innovating with order management systems to improve customer experience. For example, in April 2024, HotWax Commerce, a US-based software firm, launched the HotWax Order Management App. This app enhances the Shopify experience by allowing merchandisers to manage pre-orders and inventories more effectively. It provides greater control over order fulfillment and inventory management, optimizing the omnichannel retail process.
What Is The Leading Region In The OmniChannel Retail Software Market?
North America was the largest region in the omnichannel retail software market in 2023. The regions covered in the omnichannel retail software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.