What Is The Current and Historic Market Size Analysis Of The Retail Digital Transformation Market?
The retail digital transformation market has seen considerable growth due to a variety of factors.
• The retail digital transformation market has experienced exponential growth in recent years. It is projected to grow from $285.1 billion in 2024 to $345.36 billion in 2025, at a compound annual growth rate (CAGR) of 21.1%.
This growth is driven by e-commerce expansion, advancements in mobile technology, the rise of big data analytics, omnichannel integration, and the emergence of AI and machine learning technologies.
What are the Market Size and Expected Growth Rates for the Retail Digital Transformation Market?
The retail digital transformation market is expected to maintain its strong growth trajectory in upcoming years.
• The retail digital transformation market is projected to grow rapidly, reaching $739.23 billion by 2029 at a CAGR of 21.0%.
This growth is driven by augmented reality, virtual reality, IoT, voice commerce, blockchain, and hyper-personalization. Key trends include contactless shopping, sustainable practices, subscription services, hyper-localization, and the rise of direct-to-consumer brands.
Which Key Drivers Are Propelling The Retail Digital Transformation Market's Growth?
Anticipated growth in the retail industry is set to fuel the expansion of the retail digital transformation market. The term 'retail sector' encompasses businesses that offer goods or services to consumers for their individual use or consumption. A rising demand from consumers, globalization, and shifting market trends are identified as the key drivers for the expansion of the retail sector. Retail digital transformation enhances the experience of customers and optimizes operations while promoting data-driven decision-making in retail businesses. For instance, research from the House of Commons Library in April 2024 revealed that the retail sector's economic output in 2023 stood at $141.56 billion (£112.9 billion), contributing to 4.9% of the UK's total economic output. This presents a 2.5% growth when compared to 2021. Additionally, as of January 2023, the retail sector comprised 315,000 businesses. Furthermore, retail sales in Great Britain for 2023 reached $639.48 billion (£510 billion), witnessing an increase of 3% from the prior year. Hence, it can be inferred that the retail sector's growth will boost the growth of the retail digital transformation market.
What Are The Key Segments Within 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
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
Pre-Book The Retail Digital Transformation Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Emerging Market Trends Are Altering The Retail Digital Transformation Industry?
Leading firms in the retail digital transformation market are innovating with solutions like cloud-neutral data management platforms, providing scalable and flexible options for dealing with retail data across various cloud environments. This type of platform has capacity to operate effortlessly across multiple cloud environments, offering compatibility and flexibility in data storage and processing. For instance, in March 2022, Informatica, an enterprise cloud data management firm from the US, initiated the Intelligent Data Management Cloud (IDMC) configured specifically for retail organisations, as it tackles challenges such as data fragmentation and disjointed experiences in multi-cloud and hybrid configurations. The IDMC for Retail aims to enhance customer profiles, increase self-service options, and streamline product content management to ensure smooth customer experiences. It advances retail digital transformation by refining customer profiles, augmenting self-service features, fine-tuning supply chain operations, and reducing operational costs via automated processes.
Who Are the Key Players 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.
What Are The Regional Insights Into The Retail Digital Transformation Market?
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.
