Global Digital Transformation Market in the Retail Sector 2020-2024 | Increasing Technology Partnerships in Retail Sector to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Feb 14, 2020--
The global digital transformation market in the retail sector is expected to post an incremental growth of USD 129.64 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global digital transformation market in the retail sector 2020-2024 (Graphic: Business Wire)
Retailers are increasingly adopting the latest technologies such as AI, IoT, AR/VE, and cloud to improve visual search engine capabilities. This helps them in offering omnichannel experience to customers by narrowing the gap between online and offline shopping experiences. For instance, several spectacle retailers are introducing virtual try-on apps that scan the users’ face and enable them to try multiple spectacle frames and choose the style that suits them. Such developments among market players are expected to drive the growth of the digital transformation market in retail sector 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 Retail Sector
Growing consumer expectations have led several retailers to adopt technologies such as AI, cloud, and other enterprise software to improve their operational efficiencies. This is driving retailers in the market to collaborate with technology solution providers to gain technical expertise and develop the most suitable and sustainable business solutions. Such collaborations are creating new growth opportunities and helping retailers to improve their revenues. This trend is expected to have a positive impact on the growth of the digital transformation 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 due to the rising adoption of cloud computing services in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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SOURCE: Technavio Research
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