IT Spending in Retail Industry Market 2024 is projected to expand at a CAGR of 6.5% during the forecast period

IT spending in the retail industry refers to the investments retailers make in IT and IT solutions in order to run their businesses. Increasing competition across the retail sector is putting pressure among retailers to differentiate their offerings. Increasing investment in developing and implementing technologies to better respond to customers who demand new experiences across several sales channels is a growing trend. Online ecommerce and mobile shopping have increased due to rising internet penetration across regions. Physical stores are increasingly focused on providing new engaging customer experiences, rather than just for purchases. The development of personalized and tailored offerings for each individual customer helps to attract new customers and increase loyalty.

it spending in retail industry market

Significant growth in smartphone-enabled purchases is the result of several retail market trends such as rise of mobile checkout capabilities within a retailers’ application, rising popularity of mobile wallets, and options to buy online and pick up in-store. According to TMR’s analysis, the total number of active smartphone users globally in 2017 was around 4,000 million and is expected to further grow to about 6,500 million by 2024. Retailers are investing in the development of mobile marketing strategies and developing a consistent omni-channel experience for end-users.

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IT spending in retail industry market has been categorized based on component, organization size, deployment type, and region. Based on component, the market can be segmented into application, services, and infrastructure software. The application segment can be further classified into front-end, back-end, and others. The services segment can be further categorized into integration and managed services. The infrastructure software segment can be divided into cyber security, network software, and IoT enablement. The market based on organization size can be divided into small & mid-size organizations and large enterprises. Based on deployment type, the market can be categorized into e-commerce, hypermarkets/supermarkets, specialty stores, departmental stores, and others.

In terms of region, North America is projected to account for a dominant share of the IT spending in retail industry market due to the presence of prominent retail chains across the region. The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. This is primarily due to early adoption of emerging technologies such as AR/VR across large retailers.

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Some of the key players profiled in the IT spending in retail industry market include Oracle Corporation, Informatica LLC, Microsoft Corporation, SAP SE, VMware, Inc, MicroStrategy Incorporated, MagstarInc, JDA Software Group, Inc., International Business Machines Corporation, Cisco Systems, Inc.LS Retail ehf,, Inc.Hewlett Packard Enterprise Company, and Epicor Software Corporation.

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