Market Research Report
Digital Transformation Market in the Retail Sector by Technology and Geography - Forecast and Analysis 2020-2024
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||336494|
|Published||Content info||174 Pages
Delivery time: 1-2 business days
|Digital Transformation Market in the Retail Sector by Technology and Geography - Forecast and Analysis 2020-2024|
|Published: November 21, 2019||Content info: 174 Pages||
Technavio's digital transformation market in the retail sector analysis considers sales from IoT, cloud computing, big data, AI, and AR/VR technologies. Our study also finds the sales of milk chocolates in APAC, Europe, MEA, North America, and South America. In 2019, the IoT segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as enhancing consumers' shopping experience will play a significant role in the IoT segment to maintain its market position. Also, our global digital transformation market in the retail sector report looks at factors such as the need to enhance operational efficiency, increasing penetration of IoT and adoption of cloud services, and growing focus on providing omnichannel experience. However, lack of skilled personnel, security and privacy concerns, and integration complexity may hamper the growth of the digital transformation market in the retail sector over the forecast period.
To offer omnichannel experiences to customers, retailers are taking the be features of offline and online shopping and combining them. This results in delivering the same connected, powerful experience to consumers wherever they choose to shop. Retailers are utilizing loT, ARNR, and cloud technologies to enhance the visual search engine's capacity to offer an omnichannel experience to customers by linking 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 will lead to the expansion of the global digital transformation market in the retail sector at a CAGR of almost 18% during the forecast period
The advent of technologies such as Al, cloud technology, and other enterprise software is helping retailers in transforming their operations and increasing efficiency. Growing expectations of customers are driving retailers to enter into strategic partnerships with technology providers to grab new opportunities. These partnerships help retailers have the better technical expertise and add value to their business. For instance, Espirit is deploying Salesforce Commerce Cloud powered by Al to integrate its e-commerce and marketing on a single platform to create connected, intelligent, and personalized shopping experiences for its customers. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global digital transformation market in the retail sector during the forecast period 2020-2024, view our report.
With the presence of several major players, the global digital transformation market in the retail sector is fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading milk chocolate manufacturers, that include Alibaba Cloud, Amazon Web Services Inc., Google LLC, IBM Corp., Intel Corp., Microsoft Corp., Oracle Corp., Salesforce.com Inc., SAP SE, and Tata Consultancy Services Ltd.
Also, the digital transformation market in the retail sector analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.