This market research report includes a detailed segmentation of the global retail IT spending market by product type (hardware, software, and IT services). It outlines the market shares for key regions such as the Americas, APAC, Europe, and MEA as well the current growth prospects of the market in emerging and mature countries. The key vendors analyzed in this report are Cisco, Dell, HP, and IBM.
Technavio has released a new market research report on the, global retail IT spending market, which is expected to grow at a CAGR of 4% between 2016 and 2020. Increased need to find customer insights from a large pool of structured and unstructured data is a major driver for investment by retailers on big data analytics technology. The Americas is the major revenue-contributing region to the global retail IT spending market, accounting for 43% of the total market share. The market is driven by growing investments in payment systems, omnichannel integrations, data security, and mobile proliferation and engagement.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The growing application of social mobility, analytics, and cloud (SMAC) technology in shaping the growth of the market. Retailers focus on right product assortment for the right stores, depending on the store’s attributes, local customer demand, and product preference. Analytics platforms will quickly gain popularity among CMOs as a secure and easy to use option. With this, IT spending in retail is expected to significantly improve customer satisfaction in the upcoming four years,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
Of late, the use of facial recognition technology in retail stores is one of the latest trends gaining traction in the market. This technology helps the retail outlets to identify, track, and target individual customers. The moment a valued customer enters a store, the staff are notified about the customers’ clothing size, purchase history, and favorite brands, so that they may craft a privileged customer experience. Emotient is another technology that the retailers are using to capture customer emotions. This technology helps to detect how customers react upon seeing signs, product display, and their interactions with sales associates.
The leading vendors in the global retail IT spending market are Cisco, Dell, HP, and IBM. The emergence of several vendors in the market has led to fierce competition. Along with increasing demand from end-users, the market is also witnessing rapid innovations and more importantly, the evolution of retail solutions with advanced computing capabilities, leading to high efficiency and productivity. Vendors in this market are constantly adopting effective marketing and promotional strategies to provide quality products that meet customer expectations.
A more detailed analysis is available in the Technavio report, Global Retail IT Spending Market 2016-2020.
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