Digital Transformation in the Retail Market to grow by USD 868.71 billion from 2022 to 2027 | The increasing penetration of IoT and the adoption of cloud services to drive the growth- Technavio
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
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by Technology
Market Segmentation by Product
Market Segmentation by Geography
Drivers, Challenges, & Trends
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