IT Spending in Retail Industry Market Size, Share Report, Analysis, Trends, Growth 2032

IT Spending in Retail Industry Market Insights

According to the report published by Zion Market Research, the global IT Spending in Retail Industry Market size was valued at USD 5.28 Billion in 2023 and is predicted to reach USD 11.17 Billion by the end of 2032. The market is expected to grow with a CAGR of 8.69% during the forecast period. The report analyzes the global IT Spending in Retail Industry Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the IT Spending in Retail Industry industry.

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Global IT Spending in Retail Industry Market: Overview

Retail is the way by which the producers of goods & services get their products to the consumer. To provide goods to the customers, some of the models that are used by the retail industry include specialty stores, supermarkets & hypermarkets, department stores, convenience stores, multichannel stores, and discount stores. To run the business easily & efficiently, retailers are investing in IT solutions which can be termed as IT spending in the retail industry. This is revolutionizing the retail sector and is having a positive impact.

Global IT Spending in Retail Industry Market: Growth Factors

Growing penetration of IT solutions, rise in adoption of edge computing & machine learning which enables better decision-making, and increase in demand from small & medium-size enterprises as well are the major aspects that are spurring the growth of the global IT spending in retail industry market. IoT and artificial intelligence are the technologies that are emerging at a rapid pace. The implementation of such technologies in retail allows the retailers to offer the customers new experiences across a wide range of sales channels. The retailers can also optimize revenue generation, attain customer value & supplier management. In recent years, the trend of digitalization is growing significantly and there is a tremendous rise in internet penetration. Customers especially millennials mostly prefer online shopping.

Simultaneously, the stores are also providing personalized offers to attract customers. In addition to this, with the rise in e-commerce sales, there is a huge demand for cybersecurity to secure the customer's data and offer safety from any cyber threats. Owing to all these aspects, retailers are hugely investing in IT & IT solutions which in turn is fueling the growth of the global market. Furthermore, the rise in the use of the cloud to manage retail functionalities will foster the growth of the global IT spending in retail industry market during the forecast period. However, lack of trained professionals and unawareness about the IT solutions in underdeveloped countries will limit the growth of the global IT spending in retail industry market.

The complete lockdown and restriction on trade & transport due to the rapidly spreading Covid-19 have harmed the global economy adversely. The retail industry experienced a slow growth rate during the first half of 2020 as most department stores, supermarkets & hypermarkets, and discount stores were mandatorily closed during the pandemic. However, mass merchants, grocers, and suppliers of home improvement were benefited during the pandemic. Due to the pandemic, the customer's inclination was majorly towards e-commerce sales channels. The pandemic led to digital acceleration and thus the huge number of retailers adopted IT solutions. The outbreak has also led to disruption in the supply chain. The retailers are thus primarily focusing on supply chain management by adopting artificial intelligence. Thus, the global IT spending in retail industry market will witness substantial growth in the forthcoming years.

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Global IT Spending in Retail Industry Market: Segmentation

The global IT spending in retail industry market is fragmented into infrastructure software, component, deployment type, organization size, and region.

Based on the infrastructure software, the global IT spending in retail industry market is bifurcated into IoT enablement, network application, and cybersecurity.

Based on the component, the global market is split into services and applications.

Based on the deployment type, the global market is divided into departmental stores, specialty stores, hyper/supermarkets, e-commerce, and others.

The organization size segment is classified into small & medium organizations and large enterprises.

IT Spending in Retail Industry Market: Report Scope

Global IT Spending in Retail Industry Market: Regional Analysis

North America is predicted to account for the largest share in terms of revenue in the global IT spending in retail industry market over the forecast period. Factors such as the presence of large numbers of retail chains, supermarkets & hypermarkets as well as major giants of the retail industry, growing demand of the customers towards personalized & customized shopping, and rise in online shopping are the factors that are driving the growth of the market in this region. On the other hand, Asia Pacific region is estimated to grow at a lucrative rate due to rise in demand for IT solutions from the small & mid-size enterprises and expanding retail industry due to favorable government policies such as permission for 100% FDI in single-brand retail under automatic route in India.

Global IT Spending in Retail Industry Market: Competitive Players

• SAP SE
• Microsoft Corporation
• Informatica LLC
• Oracle Corporation
• Cisco Systems
• Magstar Inc
• VMware, Inc
• MicroStrategy Incorporated
• Epicor Software Corporation
• Hewlett Packard Enterprise Company

are the key players in the global IT spending in retail industry market.

The Global IT Spending in Retail Industry Market is segmented as follows:

By infrastructure software 

• IoT enablement
• network application
• cybersecurity

By component 

• services
• applications

By deployment type 

• departmental stores
• specialty stores
• hyper/supermarkets
• e-commerce
• and others 

By organization size 

• small
• medium organizations
• large enterprises

Global IT Spending in Retail Industry Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.