A report recently added to the vast repository of MarketResearchReports.biz states that the global retail IT spending market is anticipated to expand at a CAGR of almost 4.0% from 2016 to 2020. The report is titled “Global Retail IT Spending Market 2016-2020” and indicates that the growing need to gain customer insights from a massive data pool is the key factor driving the global market.
The research publication also sheds light on the contribution of SMAC (social, mobile, analytics, and cloud) technology towards the growth of the retail IT spending market. The need to improve customer satisfaction has grown drastically in recent years, forcing retailers to focus on key aspects such as local customer demand, product assortment for the right store, product preference, and store attributes.
On the basis of product, the retail IT spending market is segmented into software, hardware, and IT services. Accounting for 35.0% of the overall market in 2015, IT services emerged as the leading segment. Increased demand from the e-commerce sector is projected to push this segment to expand at the highest CAGR by 2019.
On the basis of geography, the global retail IT spending market is segregated into Asia Pacific, the Americas, and Europe, the Middle East, and Africa. North America surpassed the retail software market in BRIC countries in 2015, emerging as the leader in the global retail IT spending market. Driven by increasing investments in omnichannel integrations, payment systems, and data security, and the proliferation of mobile engagement, this regional market is anticipated to expand at a CAGR of over 5.0% during the forecast period.
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An examination of the vendor landscape of the retail IT spending market reveals that the entry of several new players within the global market has resulted in intense competition. In addition to growing demand from end users, the retail IT spending market is also witnessing several remarkable innovations. Moreover, thanks to advanced computing capabilities and evolution of retail solutions, productivity and efficiency has improved. Players within the retail IT spending market have been focusing on effective promotional and marketing strategies to keep up with rising customer demand for quality products.
The most prominent players operating in the global retail IT spending market include International Business Machines Corporation, Hewlett Packard Enterprise, Cisco Systems, Inc., and Dell Inc. These companies are studied in terms of business segmentation, geographical segmentation, and revenue. Other key companies involved in the retail IT spending market are Magstar, TIBCO Software, MicroStrategy, RedPrairie, Microsoft, SAS, Epicor, Fujitsu, Genesis Software Systems, Cybex Systems, ECR Software, NCR, Bitam, Chain Drive, Comcash, Oracle, eBay, UTC Retail, PayPal, JDS Solutions, Retail Pro International, SYSPRO, JDA Software Group, Tableau Software, PCMS, Amazon.com, MICROS Systems, Arcplan, Retail Information Systems, CAM Commerce Solutions, Intuit, Informatica, and Pinnacle Cart.
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