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Global Retail Digital Transformation Market Size Forecast 2024 - 2033

18 Dec, 2024

What Is The Scope Of The Global Retail Digital Transformation Market?

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.

Retail Digital Transformation Global Market Report 2024 provides data on the global retail digital transformation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The retail digital transformation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.

How Is The Global Retail Digital Transformation Market Expected To Grow In Size And Annual Rates?

The retail digital transformation market has experienced remarkable expansion, growing from $235.92 billion in 2023 to $285.10 billion in 2024 at a CAGR of 20.8%. Historical growth drivers include the rise of e-commerce, advancements in mobile technology, the utilization of big data analytics, omnichannel integration, and the incorporation of AI and machine learning. Projections indicate further growth to $611.70 billion by 2028 with a CAGR of 21.0%, driven by innovations such as augmented and virtual reality, Internet of Things (IoT) applications, voice commerce, blockchain, and hyper-personalization. Anticipated trends include contactless shopping, sustainable practices, subscription services, hyper-localization, and the growing prominence of direct-to-consumer (DTC) brands.

What Main Forces Are Fueling Expansion In The Retail Digital Transformation Market?

The expansion of the retail sector is expected to drive the growth of the retail digital transformation market. The retail sector involves businesses that sell goods or services directly to consumers for personal use. Its growth is attributed to increasing consumer demand, globalization, and evolving market trends. Digital transformation enhances customer experiences, streamlines operations, and enables data-driven decision-making within the sector. For example, the House of Commons Library reported in April 2024 that the UK's retail sector economic output reached $141.56 billion in 2023, accounting for 4.9% of the country's total economic output and reflecting a 2.5% increase from 2021. Retail sales in Great Britain in 2023 amounted to $639.48 billion, a 3% increase from the previous year. This expansion is expected to drive further growth in retail digital transformation.

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What Are The Primary Segments In The Global Retail Digital Transformation Market?

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

Which Key Trends Are Driving Changes In The Retail Digital Transformation Market?

In the retail digital transformation market, companies are developing flexible cloud-neutral data management platforms to provide scalable solutions for managing retail data across diverse cloud environments. A cloud-neutral platform ensures seamless operation across multiple cloud settings, offering compatibility and flexibility for data storage and processing. For instance, in March 2022, Informatica, a US-based cloud data management provider, launched the Intelligent Data Management Cloud (IDMC) specifically designed for retail businesses. This platform addresses challenges like data fragmentation and disconnected multi-cloud experiences, enhancing customer profiles, streamlining self-service options, and improving supply chain management while optimizing operational costs through automated workflows.

What Is The Leading Region In The Retail Digital Transformation Market?

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.