“The IT Market Potential for Retail in India market revenue is estimated to reach $81.23 billion by the end of 2020,” said Pavan M, Research Analyst. Currently, the increasing demand for IT services is expected to see continued growth over the next few years. The significant growth for In store management and Head quarter management especially in organized retail sector is the major factor that is boosting the IT Market Potential for Retail in India growth.
Currently, food & grocery retail and apparel are set to be the leading verticals. The food & grocery retail and apparel are expected to play emerging role in next five years. These two sectors are set be emerging markets for IT Market Potential for Retail in India growth. In addition, the introduction of FDI in retail in various capacities is expected to boost the retail market growth in India.
“Currently, the point of sale (POS) market is leading in the In store management market, majorly driven by multi store retailers, but the market of point of sale (POS) is expected to be the fastest growing market by 2020 as most of the small and medium retailers are choosing point of sale (POS), as it helps in streaming retail operations”, said Tariq Shaik, Research Operations.
The retail technology providers are mainly focusing on organised retailers which are majorly located in metro cities, but the small and medium retail sector which are mainly located in Tier 1 and Tier 2 & Below cities are not much aware of the retail technologies and their advantages.
• The In store management market is expected to have CAGR of 21.5% by 2020.
• The Food & Grocery industry vertical is the largest vertical among the IT Market Potential for Retail in India market with a market share of 60.1% followed by the Apparel segments with a share of 7.9%.
• The metros are predicated to reach at a CAGR of 17.0% during the period 2015-2020.
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