Retail Execution Software Market is expected to reach US$ 303.26 million by 2027

Published Date: 26 Feb 2021

Report : Retail Execution Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Enterprise Size (SMEs and Large Enterprises) and Application (Retail Operations, Field Service Management, Mobile Forms Automation, Field Sales, Trade Promotion Management, Employee Engagement, and Others), and Geography

Machine Learning to Revolutionize Retail Execution Business and Act as a Trend for Retail Execution Software Market during 2020–2027

 

According to our latest market study on “Retail Execution Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Enterprise Size and Application,” the 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.

                                                                                                           

Retail Execution Software Market — by Geography, 2019
Retail Execution Software Market — by Geography, 2019


The report segments the global retail execution software market as follows:

 

By Enterprise Size

  • SMEs
  • Large Enterprises

 

By Application

  • Retail Operations
  • Field Service Management
  • Mobile Forms Automation
  • Field Sales
  • Trade Promotion Management
  • Employee Engagement
  • Others

 

By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America
    • Brazil
    • Argentina
    • Rest of SAM

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