NEW YORK, June 23, 2021 /PRNewswire/ — The digital transformation market in the retail sector is expected to grow by USD 137.05 billion during 2021-2025, according to Technavio. The market is driven by the need to enhance operational efficiency. Also, the increasing penetration of IoT and adoption of cloud services are expected to trigger the digital transformation market in the retail sector toward witnessing a CAGR of over almost 17% during the forecast period.
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With the continuing spread of the coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
Major Five Digital Transformation Market Participants in the Retail Sector:
Alibaba Cloud: The company offers Alibaba Cloud that enables digital retail transformation to fuel growth and realize an omnichannel customer experience throughout the consumer journey.
Alphabet Inc.: The company offers Google cloud that helps retailers to accelerate digital and achieve omnichannel revenue growth.
Amazon Web Services Inc.: The company offers AWS retail that leads the retailers to plan and forecast, promote and recommend, incentivize and sell, fulfill and ship, deliver and support, analyze and expand throughout the digital transformation journey.
Intel Corp.: The company offers digital transformation which is powered by analytics and artificial intelligence (AI).
Microsoft Corp.: The company offers Microsoft Cloud for Retail that brings together different data sources across the retail value chain and uniquely connects experiences across the end-to-end shopper journey through a set of capabilities that deliver more relevant personalized experiences and operational excellence for sustained profitability.
Learn more about the global trends impacting the future of the digital transformation market vendors.
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Digital Transformation Market in the Retail Sector 2021-2025: Segmentation
Digital transformation market in the retail sector is segmented as below:
- Technology
- IoT
- Cloud Computing
- Big Data
- AI
- AR/VR
- Geography
- North America
- Europe
- APAC
- South America
- MEA
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Report: www.technavio.com/report/digital-transformation-market-in-retail-industry-analysis
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