Albany, NY -- (SBWIRE) -- 09/22/2016 -- A featured report, titled "Retail Digital Transformation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," from Transparency Market Research (TMR) offers key insights into the market.According to the report, the global retail digital transformation market will expand at a notable CAGR of 23.70% during the forecast period from 2014 to 2020. In 2013, the global retail digital transformation market was valued at US$982.8 bn.

The trend of digital transformation is significantly impacting the retail sector. In the retail industry, the entire supplier to customer value chain is witnessing greater interaction and productivity via the use of smartphones, tablets, social media, and image processing verification tools. These technologies have led to an explosive growth in B2B interchange. With more advanced technologies, companies in the retail sector will be able to expand their reach with multichannel commerce, while business analytics will help support their decision-making process in remarkable ways.

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The global retail digital transformation market is driven by the growing penetration of the Internet and the increasing number of mobile broadband subscriptions. The increasing investments in the retail digital transformation sector, particularly in emerging economies, will drive the overall market. Nevertheless, the global retail digital transformation market will be restrained by the lack of personal touch and product feel during shopping.

Broadly, the global retail digital transformation market is segmented on the basis of mode of access, product, and geography. According to mode of access, the global retail digital transformation market is divided into mobile apps and websites. In 2013, the mobile apps mode of access segment held a great demand due to the rising number of users owning smartphones.

According to product, the global retail digital transformation market is segmented into consumer electronics and appliances; beauty and personal care; furniture and home improvement; media, toys, and games; apparel and footwear; food, grocery, and beverages; others. The consumer electronics and appliances segment dominated the global retail digital transformation market in 2013 due to the rise in the number of merchants introducing their products in the online marketplace.