Sep 25, 2023

| The increasing penetration of IoT and the adoption of cloud services to drive the growth- Technavio News provided by Share this article Share toX NEW YORK, Sept. 24, 2023 /PRNewswire/ -- The digital transformation in the retail market  is expected to grow by USD 868.71 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 19.09% during the forecast period. The market is segmented by technology (IoT, cloud computing, big data, AI, and AR/VR), product (consumer electronics, media and entertainment, apparel, food and beverage, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). The increasing penetration of IoT and the adoption of cloud services. The emergence of the IoT has brought about a revolution in the retail sector where customers are transformed into Smart Retailers who collect and analyze data relating to their individual needs, tastes, and habits as quickly as possible. This will enable retailers to predict the shopping habits of their customers, offering them individually made products and services in line with their needs. For example, smart stores are one of the main approaches adopted by retail stores that involve the principle of automating retail platforms using IoT technology. In this concept, retailers automate processes in retail stores through the deployment of RFID sensors, point-of-sale (POS) terminals, smart shelves, smart carts, and smart carts. video. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions of the market's growth. View Free PDF Sample Key Highlights: The report recognizes the following as some of the key players in the digital transformation market: Accenture Plc, Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Capgemini Service SAS, DXC Technology Co., General Electric Co., H2O.ai Inc., Hewlett Packard Enterprise Co., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, Siemens AG, Tata Consultancy Services Ltd., TIBCO Software Inc., UST Global Inc, and Salesforce Inc. The Digital Transformation Market is fragmented in nature. Market to observe 17.05% YOY growth in 2023. Market Dynamics: The increasing technology partnerships in the retail sector is a major trend in the market. The retail sector is benefiting from the integration of various technologies like AI, cloud tech, and enterprise software, which are reshaping operations and enhancing efficiency. Retailers are forming strategic alliances with technology providers to adapt to evolving customer needs and explore new prospects. An example of this is Google's introduction of Product Discovery Solutions for Retail in January 2021. These solutions are designed to enhance e-commerce capabilities and enable retailers to deliver personalized customer experiences, representing a significant advantage for them. .Hence, these factors are expected to drive market growth during the forecast period. Significant Challenge Security and privacy concerns about data are one of the significant challenges restricting market growth. The retail sector is seeing increasing use of digital technology, driven by the expansion of e-commerce and social commerce. While integrating advanced digital tools like AI and IoT can improve the customer experience by enabling omnichannel interactions, it also exposes businesses to significant risks, including data breaches and cybersecurity attacks. Additionally, many retail businesses collect and store sensitive customer information, including personal data, addresses, and transaction records (including credit/debit card details), weak for e-commerce purposes. Data shared by customers to facilitate personalized shopping experiences is vulnerable to breaches and cybersecurity vulnerabilities. Hence, these factors are expected to restrict market growth during the forecast period. The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report Keg Segments: The IoT segment is estimated to witness significant growth during the forecast period. IoT can be defined as a network of connected physical objects equipped with sensors. The main benefit of implementing IoT is to enable devices to communicate, analyze, and share data about the physical world through networks and cloud-based software platforms. Additionally, IoT adoption in the retail industry is becoming more widespread for a number of applications, such as improving store operations, reducing theft, and increasing purchases through cross-selling. Hence, these factors are expected to drive segment growth during the forecast period. Get a glance at the market contribution of the segments, Request a Free Sample Related Reports The digital workplace market size is estimated to grow at a CAGR of 22.73% between 2022 and 2027. The market size is forecast to increase by USD 59,283.64 million. This digital workplace market report extensively covers market segmentation by component (solution and service), application (large enterprises, and small and medium enterprises), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The reduced hardware cost for enterprises is driving growth in the digital workplace market. The Smart Workplace Market  size is estimated to grow at a CAGR of 12.12% between 2022 and 2027. The market size is forecast to increase by USD 28.66 billion. This smart workplace market report extensively covers market segmentation by type (new buildings and retrofitting), component (solution and services), and geography (Europe, North America, APAC, South America, and Middle East and Africa). One of the key factors driving the smart workplace market growth is the need for energy conservation. Digital Transformation in the Retail Market Scope Report Coverage Key companies profiled Accenture Plc, Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Capgemini Service SAS, DXC Technology Co., General Electric Co., H2O.ai Inc., Hewlett Packard Enterprise Co., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, Siemens AG, Tata Consultancy Services Ltd., TIBCO Software Inc., UST Global Inc, and Salesforce Inc. Market dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. Customization purview If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. ToC: About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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