Digital Transformation Market size is set to grow by USD 253.84 billion from 2024-2028, increasing need to enhance operational efficiency in retail sector to boost the market growth, Technavio

NEW YORK, April 29, 2024 /PRNewswire/ -- The global digital transformation market  size is estimated to grow by USD 253.84 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 17.15%  during the forecast period. 

For more insights on the forecast market size and historic data (2018 - 2022) - Buy Report

Market Driver

Efficiency is super important for shops to make more money. If shops aren't efficient, they lose money and customers. One big thing is keeping enough stuff in stock. If they run out of things, they miss out on sales. Also, if workers keep quitting, it's bad for the shop and makes customers unhappy. That's why shops are trying hard to be more efficient.

Some companies are using robots and fancy tech to make stuff faster and better. They're also using things like AI and big data to solve problems quickly and cheaply. Shops are getting more high-tech too. They're using AI to figure out what people want to buy online.

Using chatbots powered by AI is another way shops are saving money. These bots can help customers with simple questions, which means shops don't need as many people on customer service.

Big companies like Microsoft and Salesforce are offering services to shops to help them be more efficient. By using AI and big data, shops can get more done and make more money. So, making shops run smoother is going to help them grow in the future.

Market Challenges

• Many stores are trying to use fancy tech like big data and AI to make their businesses better. But, a big problem is they don't have people who know how to use this tech. To use big data and AI, you need folks who know about new tech and can understand messy data. They also need to know what data to keep and use, and how to change their methods based on what people want. Having a team of experts who know about digital stuff is important too.
• But, it's hard to find these experts because other big companies want them too. Making big plans with AI needs lots of money, smart people, and good decisions. Before using AI a lot, companies should think about if it's really helpful for them.
• To fix this problem, big tech companies like Amazon and Google are helping people learn these skills. But because stores don't have enough skilled people, it might slow down how fast stores change with new tech.

Research report provides comprehensive data on impact of trend, driver and challenges - Request a sample report!

Segment Overview 

This digital transformation market report extensively covers market segmentation by

1. Technology 
   1. 1.1 IoT
   2. 1.2 Cloud computing
   3. 1.3 Big data
   4. 1.4 AI
   5. 1.5 AR/VR
2. Product 
   1. 2.1 Consumer electronics
   2. 2.2 Media and entertainment
   3. 2.3 Apparel
   4. 2.4 Food and beverage
   5. 2.5 Others
3. Geography 
   1. 3.1 North America
   2. 3.2 Europe
   3. 3.3 APAC
   4. 3.4 Middle East and Africa
   5. 3.5 South America

1.1 IoT-  The Internet of Things (IoT) is getting bigger in the retail world. It's changing how businesses work by using mobile devices and big data to understand what customers buy. Retailers are using IoT to keep their equipment working, manage their stuff, and make shopping better for customers. They're using cool tech like augmented reality for self-checkout and machine learning to predict what customers might want to buy.

• Store managers are learning more about what customers like, so they can make better plans. In 2018, the IoT market was worth a lot - USD26.86 billion. Big stores are using IoT to keep track of their stuff, fill orders quickly, and make things happen faster. They're using smart tools like Lightspeed Retail, cloud computing, and artificial intelligence to make more sales and work better.
• They're also using data and mobile apps to see what's happening in real-time. Plus, IoT helps save money, make better decisions, and keep things safe with features like encryption and security tools. With all these things, the IoT market is going to get even bigger in the future.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report

Research Analysis

The Digital Transformation in Retail Market is experiencing significant changes, driven by advancements in technology and shifting consumer behaviors. Large retailers are adapting their business models to cater to the evolving consumer spending patterns and capitalize on data and insights to inform their strategies.

Store managers are leveraging predictive analytics and marketing automation to optimize inventory management and order fulfillment, reducing lead times and ensuring adequate safety stock levels. Ecommerce platforms and mobile applications play a crucial role in driving sales growth and enhancing the customer experience.

To enhance decision-making capabilities, retailers are investing in cybersecurity measures such as encryption protocols, two-factor authentication, and intrusion detection to safeguard their infrastructure and networks from cyber threats. Multivendor marketplaces are gaining popularity, providing customers with a wide range of products and boosting customer engagement.

Additionally, conversational bots and integration times are reducing support costs and enhancing customer reach. Virtual reality is revolutionizing the automotive sector with virtual showrooms, while fashion retailers are utilizing real-time simulators to cater to corporate employees' needs. Shipment tracking services like Aramax, Delhivery, ShipRocket, and ShipDelight are streamlining logistics and improving inventory control.

Market Research Overview

Digital transformation in retail is revolutionizing how store managers interact with customers. With the help of predictive engines, managers can now understand customer behavior better than ever before. This insight allows them to develop effective customer strategies, catering to the needs of fitness enthusiasts, health supplement seekers, and other target groups. Business owners are leveraging digital tools for inventory control, ensuring products are always in stock to meet demand.

Moreover, taxation and compliance aspects are being simplified through digital solutions, relieving the burden on retailers. Chat bots play a crucial role in enhancing customer experience, providing instant assistance and guidance. These advancements are reshaping the retail landscape, making it more efficient and customer-centric.

Overall, the digital transformation in retail is empowering store managers and business owners to adapt to changing market dynamics. By leveraging technology, they can stay ahead of the curve, offering personalized experiences to customers while streamlining operations for improved profitability.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Technology 
  • IoT
  • Cloud Computing
  • Big Data
  • AI
  • AR/VR
• Product 
  • Consumer Electronics
  • Media And Entertainment
  • Apparel
  • Food And Beverage
  • Others
• Geography 
  • North America
  • Europe
  • APAC
  • Middle East And Africa
  • South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED