IT Spending in Retail Industry Market: Regulations And Competitive Landscape Outlook To 2018 - 2026

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 According to a new market report published by Transparency Market Research the global IT spending in retail industry market is expected to reach a value of US$ 188.5 Bn by 2026, due to increasing adoption of advance technology by retail companies. The market is projected to expand at a CAGR of 6.5% during the forecast period from 2018 to 2026. North America is expected to hold the dominant position in the market followed by Europe and Asia Pacific during the forecast period.

Adoption of 5G Technology by E-commerce Companies Accelerating IT Spending in Retail Industry

5G provides significant speed compared to previous communication technologies. 5G enabled mobile networks are set to offer average speeds of around 1GBP, which is expected to significantly reduce latency, reduce power consumption, and support increased connection density of devices on the network. This is important for the increasing number of connected devices such as mobile phones and IoT devices. 5G is expected to greatly affect the adoption of Internet of Things (IoT) technology, with the increased speed, lower latency, and power requirements, facilitating machine to machine communication within a large network of low-cost sensors.

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Further, the emergence of private 5G networks are expected to provide retailers deeper capabilities to personalize in-store shopping experience such as streamlining payments, better inventory management, and tailored recommendations and offers. 5G communications technology is expected to drive mobile e-commerce further, with retailers providing their customers with media-rich interactions and personalized experiences across multiple touch points and channels – mobile, online, or in-store.

IT Spending in Retail Industry: Scope of the Report

The IT spending in retail industry market can be segmented based on component, organization size, deployment type, and region. On the basis of component, the market is segmented into application, services, and infrastructure software. According to the research, the application segment is anticipated to expand at the highest CAGR during the forecast period due to high adoption of advance technology solutions such as virtual and augmented reality, retail as a service, retail analytics solutions etc. For instance, Amazon’s – Amazon Go store, a fully automated grocery store that has no cashiers or checkout lines. In an Amazon Go store, customers can walk in, scan an Amazon Go app, pick up the items they want, and leave.

Global IT Spending in Retail Industry Market: Competitive Dynamics

The research study includes profiles of leading companies operating in the global IT spending in retail industry market. Key players profiled include Oracle Corporation, Informatica LLC, Microsoft Corporation, SAP SE, VMware, Inc, MicroStrategy Incorporated, Magstar Inc, JDA Software Group, Inc., International Business Machines Corporation, Cisco Systems, Inc.LS Retail ehf, Salesforce.com, Inc., Hewlett Packard Enterprise Company, and Epicor Software Corporation.

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