DUBLIN, May 7, 2021 /PRNewswire/ — The report has been added to ResearchAndMarkets.com’s offering.
Machine Learning to Revolutionize Retail Execution Business and Act as a Trend for Retail Execution Software Market during 2020-2027.
Retail Execution Software Market was valued at US$ 198.39 million in 2019 and is projected to reach US$ 303.26 million by 2027; it is expected to grow at a CAGR of 7.2% from 2020 to 2027.
In the retail industry, several challenges occur due to imbalance between demand and resource availability, as well as inadequate area mapping. Machine learning, an application of artificial intelligence, is the foundation of the next-gen of technologies. It offers systems the ability to learn from recorded data and experiences with the use of algorithms, patterns, and predictive insights.
Moreover, with the capabilities of machine learning, online retailers can swiftly acknowledge and identify customers who have been disconnected from their services. Additionally, retailers can ensure customer retention by reminding customers to reorder perishable products or share exclusive deals.
The on-demand retail industry continues to grow, with technology playing a major role in automating services to ensure better customer experience. In the US, number of online grocery shoppers has increased by 35 million, which proves that on-demand retail execution is a trend and a new wave of consumer behavior. By utilizing the advantages of machine learning, vendors in the market can automate and streamline the retail execution process. Thus, this trend is projected to boost the demand for retail execution software during the forecast period.
Geographically, North America led the retail execution software market in 2019 owing to relatively high density of consumer electronic devices, such as smartphones. Further, it represents ~33% of the global e-commerce purchases. High penetration of smartphone and internet drives the demand for the e-commerce in North America, which, in turn, propels the need for retail execution software for faster retail execution.
There are more than 3 million retail outlets in the US, contributing US$ 2.6 trillion to its GDP. Furthermore, the retail vendors are providing distinct types of services such as product grading and assortment, packaging, mobile applications, and e-mail and SMS alerts sending. The rise in focus on providing such value-added services in retail execution is one of the latest trends contributing to the growth of the market in North America.
Wal-Mart, The Home Depot, Costco, Kroger, and Target are among the enterprises having their origins in North America. With well-established retail sector, the presence of key retail execution software market players – such as Mobisoft Infotech LLC, POPProbe, Spring Mobile Solutions, and TRAX IMAGE RECOGNITION – is also supporting the market growth in this region.
Also, the adoption of the Software-as-a-Service (SaaS) is more prevalent in the manufacturing, BFSI, and retail sectors across North America. SaaS incorporated with AI, and machine learning is changing North American customer services. The market is expected to witness a slight decline in growth over the next few quarters due to the COVID-19 pandemic; however, it is expected to rise again at a healthy pace post pandemic.
Impact of COVID-19 Pandemic on Retail Execution Software Market
According to the latest report from World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to the COVID-19 outbreak. The crisis is adversely affecting the industries worldwide.
The global economy took the worst hit in 2020, and it is likely to continue in 2021 also. The outbreak has created significant disruptions in primary industries such as logistics, retail, and e-commerce. The sharp decline in the international logistics business industry is restraining the growth of the global retail execution software market.
Bizom (Mobisy Technologies Private Limited); EdgeCG (StayinFront, Inc.); Intelligence Retail; Mobisoft; POPProbe; Spring Mobile Solutions, Inc.; Trax Technology Solutions Pte Ltd.; Valomnia; WINIT; and Kantar Group are among the companies operating in the retail execution software market.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Retail Execution Software Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Retail Execution Software Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Preference for Retail and E-Commerce Platforms
5.1.2 Increasing Integration of Payment Gateways with Retail Execution Software
5.2 Market Restraints
5.2.1 Growing Security Concerns
5.3 Market Opportunities
5.3.1 Integration of Big Data Analytics Technology in Retail Industry
5.4 Future Trends
5.4.1 Machine Learning to Revolutionize Retail Execution Business
5.5 Impact Analysis of Drivers and Restraints
6. Retail Execution Software Market – Global Market Analysis
6.1 Global Retail Execution Software Market Overview
6.2 Retail Execution Software Market – Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning – Five Key Players
7. Retail Execution Software Market Analysis – By Enterprise Size
7.2 Retail execution software Market, By Enterprise Size (2019 and 2027)
7.4 Large Enterprises
8. Retail Execution Software Market Analysis – By Application
8.2 Retail Execution Software Market Breakdown, by Belt Enterprise Size, 2019 & 2027
8.3 Retail Operations
8.4 Field Service Management
8.5 Mobile Forms Automation
8.6 Field Sales
8.7 Trade Promotion Management
8.8 Employee Engagement
9. Retail Execution Software Market – Geographic Analysis
10. Impact of COVID-19 Pandemic on Retail Execution Software Market
11. Industry Landscape
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
12.1 Key Facts
12.2 Business Description
12.3 Products and Services
12.4 Financial Overview
12.5 SWOT Analysis
12.6 Key Developments
- Bizom (Mobisy Technologies Private Limited)
- EdgeCG (StayinFront, Inc.),
- Intelligence Retail
- Spring Mobile Solutions, Inc.
- Trax Technology Solutions Pte Ltd.
- Kantar Group
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