The retail execution software market in North America is expected to grow from US$ 61. 77 million in 2019 to US$ 86. 58 million by 2027; it is estimated to grow at a CAGR of 6. 1% from 2020 to 2027. Payment gateways are broadly used for cashless transactions.
New York, April 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Retail Execution Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Enterprise Size and Application" - https://www.reportlinker.com/p06065020/?utm_source=GNW
They transfer the data related to a transaction between the bank and the billing portal. Payment gateway systems permit online retail platforms to collect cash via a bank chosen by the consumer without compromising sensitive data. Growing number of smart devices in North America gives rise to payment gateway systems, which are widely adopted by consumers across North America. Online payment system providers are collaborating with several retail execution companies to provide secure and reliable service. Online payment systems help overcome the complicated process of physically collecting cash payments for a product purchased. The internet, combined with online payment systems, has also propelled the sale and purchase of new digitized products. Online payments are relatively popular in North America as most consumers use mobiles to pay for goods. Payment gateway companies in these countries are offering comprehensive e-payment solutions to various retail execution software providers in order to catch the wave of technological development. Further, the market growth is attributed to advancements in payment gateway technology and increase in use of mobile wallets. Rising integration of payment gateway systems with retail execution software and increasing online shopping, together with advancements in billing methods, are further expected to fuel the demand for retail execution software in the region during the forecast period. Additionally, increasing preference for retail and e-commerce platforms is among the other factors expected to fuel the demand for retail execution software in North America.
Based on enterprise size, the large enterprises segment led the North America retail execution software market in 2019.Large enterprises are defined as enterprises with revenues more than US$ 500 million.
The benefits conferred by retail execution software such as simplification of complex operations and real-time visibility are attracting large enterprises to adopt the retail execution software.In any organization, the supply chain is considered as a critical component.
With the expansion of large enterprises, the supply chain and operations become complex.Retail execution software helps to address such concerns, but it is vital to ensure that the selected solutions comprise the right functionality.
The retail execution software market for large enterprises is well-established, and it is expected to dominate the market during the forecast period. Large enterprises across North America are focused on cost optimization, along with increase in overall productivity. The increasing need for analyzing customer feedback, real-time tracing of the parcel, and real-time visibility of business process is driving the North America retail execution software market.
The ongoing COVID-19 pandemic is severely impacting North America.North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, the presence of a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada.
Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner.The US is a prominent market for retail execution software, especially in the retail and e-commerce sectors.
The huge increase in the number of confirmed cases and reported deaths in the country has affected these industries.The factory and business shutdowns across the US, Canada, and Mexico are impacting the adoption of the retail execution software market.
The COVID-19 outbreak has had a severe impact on logistics operations, transportation, and trade activity. North America is a home to a large number of manufacturing and technology companies, and thus the impact of coronavirus outbreak is anticipated to be quite severe in the in 2021 as well. However, the sales of online grocery and food business have increased in the region. Consumers are spending on products that would help them get through the COVID-19 crisis, which includes online grocery pickup and retail execution. The impact of COVID-19 is short-term; it is likely to decrease in the coming years.
The overall North America retail execution software market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the North America retail execution software market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America retail execution software market. EdgeCG (StayinFront, Inc.); Intelligence Retail; POPProbe; Spring Mobile Solutions, Inc.; Trax Technology Solutions Pte Ltd.; Valomnia; WINIT; and XTEL (Kantar Group) are among the key players operating in the North America retail execution software market.
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