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.
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.
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. According to Salesforce.com, Inc., 71% of shoppers used their mobile devices in-stores in 2018 (83% for shoppers aged 18-44), an increase from 62% in 2017. This enables retailers to provide a seamless customer experience.
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Significant growth in smartphone-enabled purchases is the result of several retail market trends such as rise of mobile checkout capabilities within a retailers’ application, rising popularity of mobile wallets, and options to buy online and pick up in-store. According to TMR’s analysis, the total number of active smartphone users globally in 2017 was around 4,000 million and is expected to further grow to about 6,500 million by 2022. Retailers are investing in the development of mobile marketing strategies and developing a consistent omni-channel experience for end-users.