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The digital transformation market share is expected to increase by USD 177.53 billion from 2021 to 2026, and the market’s growth momentum will decelerate at a CAGR of 17.46%.
This digital transformation market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers digital transformation market segmentations by technology (IoT, cloud computing, big data, Artificial Intelligence, and AR/VR) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The digital transformation market report also offers information on several market vendors, including Alibaba Group Holding Ltd., Accenture Plc, Alphabet Inc., Amazon.com Inc., American Software Inc., Capgemini Service SAS, Daisy Intelligence Corp., DXC Technology Co., Element AI Inc., H2O.ai Inc., Hewlett Packard Enterprise Co., International Business Machines Corp., Infosys Ltd., Intel Corp., Marxent Labs LLC, Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, and Tata Consultancy Services Ltd. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The need to enhance operational efficiency is notably driving the digital transformation market growth, although factors such as lack of skilled personnel may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the digital transformation industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Digital Transformation Market Driver in the Retail Sector
The need to enhance operational efficiency is one of the key factors driving the growth of the digital transformation market growth in the retail sector. Manufacturers and consumer product companies are implementing robotics with advanced technologies to increase their efficiency in terms of production and packaging. Moreover, the implementation of next-generation technologies, such as AI, the IoT, and big data, helps manufacturers in increasing their efficiency by facilitating real-time problem-solving at reduced costs. The growing adoption of AI and the rising popularity of chat applications increases the number of opportunities to automate a number of routine business processes, such as customer support. Thus, automation of operations through AI- and big data-powered solutions are helping retailers and consumer goods manufacturers increase their productivity and efficiency. Such a rising need for retailers to enhance operational efficiency is expected to augment the growth of the global digital transformation market in the retail sector during the forecast period.
Key Digital Transformation Market Trend in the Retail Sector
Increasing technology partnerships in the retail sector will fuel the digital transformation market growth in the retail sector. The advent of technologies such as AI, 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 businesses. Retailers are increasingly collaborating with technology providers to develop the most suitable and sustainable business solutions. Moreover, the solutions combine AI algorithms and a search service, Cloud Search for Retail, which leverages Google Search technology to power retailers’ product-finding tools. However, the increasing number of partnerships between retailers and digital transformation technology providers is expected to support the growth of the global digital transformation market in the retail sector during the forecast period.
Key Digital Transformation Market Challenge in the Retail Sector
The lack of skilled personnel is a major challenge for the digital transformation market growth in the retail sector. Most retailers are increasing their focus on implementing advanced technologies, such as big data and AI, to promote the growth of their businesses. Moreover, the lack of in-house capabilities and expertise is a major challenge faced them. Employing IT experts is difficult as the competition to hire the best talent is increasing among the top technology companies. The deployment of AI/ML algorithms on a large scale requires considerable planning, capital investments, AI experts, and the right IT decision-makers. Companies need to look at suitable use cases before implementing AI on a large scale. However, the increasing skill gap is expected to slow down the growth of the global digital transformation market in the retail sector during the forecast period. To overcome this challenge, retailers and consumer goods manufacturers need to increase their focus on on-the-job training and recruiting the right talent to operate and support digital systems in business processes.
This digital transformation market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The global digital transformation market in the retail sector is a part of the global information technology spending market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the digital transformation market in the retail sector during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the digital transformation market in the retail sector encompasses successful business strategies deployed by the key vendors. The digital transformation market in the retail sector is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The digital transformation market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the digital transformation market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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33% of the market’s growth will originate from North America during the forecast period. US is the key market for digital transformation market in North America. Market growth in this region will be faster than the growth of the market in other regions.
The increasing need to improve operational efficiency and the rise in the number of partnerships and investments by vendors will facilitate the digital transformation market in the retail sector growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The digital transformation market share growth in the retail sector by the IoT segment will be significant during the forecast period. The advent of IoT technology has empowered retail stores to evolve into smart stores that acquire and analyze data about customers' needs, tastes, and habits in real-time. This enables retailers to predict customers' behavior and provide them with personalized products or services. A smart store is an approach that describes the principle of automating retail trading platforms utilizing IoT technology. These factors of IoT will drive market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the digital transformation market size and actionable market insights on post COVID-19 impact on each segment.
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Digital Transformation Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 17.46% |
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Market growth 2022-2026 |
$ 177.53 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
17.68 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 33% |
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Key consumer countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Alibaba Group Holding Ltd., Accenture Plc, Alphabet Inc., Amazon.com Inc., American Software Inc., Capgemini Service SAS, Daisy Intelligence Corp., DXC Technology Co., Element AI Inc., H2O.ai Inc., Hewlett Packard Enterprise Co., International Business Machines Corp., Infosys Ltd., Intel Corp., Marxent Labs LLC, Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, and Tata Consultancy Services Ltd. |
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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. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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