Global OmniChannel Retail Software Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Global omnichannel retail software market size is expected to reach $24.10 Bn by 2028 at a rate of 23.0%, segmented as by components, service, software

Jun 26, 2024 - 16:04

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Global OmniChannel Retail Software Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Omnichannel retail software refers to integrated technological solutions that enable the smooth coordination and management of sales channels, both online and offline, from a single platform. This software allows uniform customer experiences across several touchpoints, such as e-commerce sites, mobile apps, and physical storefronts.

Sizing and Forecast
The omnichannel retail software market size has grown exponentially in recent years. It will grow from $8.59 billion in 2023 to $10.54 billion in 2024 at a compound annual growth rate (CAGR) of 22.6%. The growth in the historic period can be attributed to the rise of e-commerce, growth of mobile commerce, increasing consumer demand for seamless shopping experiences, expansion of digital payment options, and growing importance of customer loyalty.

The omnichannel retail software market size is expected to see exponential growth in the next few years. It will grow to $24.10 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to rising demand for contactless payment solutions, expansion of voice commerce, increased adoption of mobile shopping apps, expansion of subscription-based retail model, and growth of direct-to-consumer. Major trends in the forecast period include technological advancements, integration of AI, cloud-based solutions, integration of social media, and integration with IoT devices.

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Segmentation & Regional Insights
The omnichannel retail software market covered in this report is segmented –

1) By Offering Type: Solution, Services
2) By Deployment: On-Premises, On-Cloud
3) By Organization Size: Small Enterprises, Medium Enterprises, Large Enterprises
4) By End Users: Books And Stationery, Consumer Electronics And Accessories, Apparel, Footwear and Accessories , Furniture And Home Furnishings, Health And Beauty, Sports Goods, Fast Moving Consumer Goods, Transportation, Other End Users

North America was the largest region in the omnichannel retail software market in 2023. The regions covered in the omnichannel retail software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing adoption of IoT devices is expected to propel the growth of the omnichannel retail software market going forward. IoT devices are networked gadgets that use sensors and internet access to collect and exchange data. The increasing use of IoT devices is due to the generation of valuable data insights, enhanced decision-making, and significant cost savings through streamlined processes and optimized resource usage. Omnichannel retail software is an essential platform for retailers using IoT devices to improve the shopping experience, manage operations, and drive revenue growth. For instance, in January 2022, data from the GSM Association, a UK-based non-profit industry organization, the number of IoT connections globally is expected to exceed 23.3 billion by 2025, from 15.1 billion connections in 2021. Therefore, the increasing use of IoT devices is driving the growth of the omnichannel retail software market.

Key Industry Players
Major companies operating in the omnichannel retail software market are IBM Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Toshiba Corporation, Cognizant Technology Solutions Corp., Infosys Ltd., Adobe Commerce, NCR Corporation, Shopify Plus, Infor Global Solutions Inc., Diebold Nixdorf AG, Blue Yonder, Lightspeed Retail, Aptos Retail, BigCommerce, VTEX , Mi9 Retail, Commercetools, Brightpearl, Openbravo, Elastic Path, Salsify, Pimcore , Kibo Commerce

The omnichannel retail software market report table of contents includes:

1. Executive Summary
2. OmniChannel Retail Software Market Characteristics
3. OmniChannel Retail Software Market Trends And Strategies
4. OmniChannel Retail Software Market - Macro Economic Scenario
5. Global OmniChannel Retail Software Market Size and Growth
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31. Global OmniChannel Retail Software Market Competitive Benchmarking
32. Global OmniChannel Retail Software Market Competitive Dashboard
33. Key Mergers And Acquisitions In The OmniChannel Retail Software Market
34. OmniChannel Retail Software Market Future Outlook and Potential Analysis
35. Appendix