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Global Retail Spending on Digital Services Stands at USD 70 Billion in 2016 and is Expected to Reach USD 150 Billion by 2020: Says Zinnov


News provided by

Zinnov Management Consulting

07 Dec, 2016, 09:58 GMT

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Zinnov Zones for digital in Retail, Sonata, Capgemini, EPAM, Ness, Wipro, Zensar, HCL, TCS, Tech Mahindra, ITC Infotech, Cybage, Aegis (PRNewsFoto/Zinnov Management Consulting)
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BANGALORE, December 7, 2016 /PRNewswire/ --

- Accenture, IBM, Capgemini, Wipro and TCS Among the top Digital Services Providers in Retail in the Global Rankings of Service Providers by Zinnov, Titled 'Zinnov Zones for Retail Digital Services'

- Global Retail Digital Outsourcing Opportunity for Service Providers Estimated to be USD 4.8 Billion in 2016; Expected to Grow to USD 12.4 Billion by 2020 at 27% CAGR

Leading Management Consulting firm, Zinnov, today released its study on the Digital Services Market for Retail, named 'Global Retail Digital Services Landscape - 2016'. The report provides a snapshot of a digitally-enabled modern retail enterprise and how digital technologies such as big data, analytics, robotics, machine learning, virtual reality etc. are transforming operations as well as impacting customers' experience. Zinnov estimates a total digital spending of ~ $70B by retailers globally in 2016; with the market expected to reach $150B by 2020, growing at over 20% per annum.

     (Photo: http://photos.prnewswire.com/prnh/20161207/446459-INFO )
     (Logo: http://photos.prnewswire.com/prnh/20130213/594614 )

Zinnov estimates that out of the total digital investment of $70Bn in 2016, spend on externally sourced digital services is about $4.8Bn and is expected to cross $12Bn by 2020. Online Commerce, and Marketing and Sales together comprise about 50% share in digital retail outsourcing spend, the study brought to light. In terms of the geographical spread, North America leads the demand with 69% market share, followed by Europe at 21%.

Talking about the digital focus of retailers globally, the study said that Application engineering and platform integration topped the list, with over 63% of services being consumed by them.

The study also brings to light that the retail digital outsourcing market globally is moderately consolidated with top 10 service providers accounting for 2/3rd of the outsourcing market share. The market is also characterized by smaller deals with over 60% of service provider digital customers being <$1M in account size.

In addition to detailing the retail digital transformation landscape, Zinnov also conducted a ranking of 21 digital service providers focused on the retail vertical. Accenture, IBM, Capgemini, Wipro and TCS appeared as the top digital services providers in Retail in the assessment.

Apart from an overall rating, the report also provides a relative positioning of service providers across 6 key sub segments - Marketing and Sales, Store Operations, Supply Chain Management, Merchandising, Customer Experience and Online Commerce.

Speaking about the report, Praveen Bhadada, Practice Head (Enterprise Digital Transformation) & Partner, Zinnov, said, "Retail is one of the most important verticals from a digital transformation standpoint and the focus is clearly visible from the rising digital spending in the industry. We are witnessing dollars being spent across two broad categories - Customer experience (such as, immersive shopping, robotics shop floor assistants, new age check outs, omnichannel engagement) and operational efficiency (real time logistics tracking, connected warehouse, and data driven decision making)."

"With an opportunity of nearly $5B in outsourced services, service providers are investing in augmenting their digital capabilities through COE/digital lab setup (a large majority - 59% - of which are in India), and in building IPs (products, platforms and accelerators/frameworks), especially in marketing and sales, store ops and supply chain management. Going forward, in order to attain leadership and sustain growth in the market, service providers will need to continuously focus on building deep retail domain expertise along with niche digital skill sets required to deliver these services," he added.

About Zinnov Zones:  

Zinnov Zones is an annual rating published by Zinnov which rates Service Providers based on their competencies and capabilities. Since 2009, Zinnov Zones (previously known as GSPR - Global Service Provider Ratings) has become one of the most trusted reports globally, for both enterprises and service providers to better understand the vendor eco-system in multiple domains, such as Digital Transformation, Product Engineering, IOT Services, and Media & Entertainment.

Given the focus on retail enterprises on digital services and need for an evaluation of the relevant service providers in the space, Zinnov extended its Zinnov Zones methodology to this domain and has launched "Zinnov Zones - Digital Retail Services 2016". The detailed ratings and contact information of service providers are available on http://zinnov.com/zones.

About Zinnov  

Founded in 2002, Zinnov is headquartered in Silicon Valley and Bangalore. In over a decade they have built in-depth expertise in engineering and digital practice areas. They assist their customers in effectively leveraging global innovation and technology ecosystems to accelerate innovation and digital transformation. Zinnov helps their customers:

  • Benefit by benchmarking their technology strategy and business models with best practices from peers and technology start-ups
  • With large scale engineering and digital transformation through globalization and innovative engagement models
  • Build their M&A strategy
  • Grow revenue by helping them identify relevant products and services for emerging markets

With Zinnov's team of experienced professionals, they serve clients in Software, Automotive, Telecom & Networking, Semiconductor, Consumer Electronics, Storage, Healthcare, Banking, Financial Services & Retail verticals in US, Europe, Japan & India.

For any further media queries, please contact:
Jaya Shukla
Phone: +91-8197052525
Email: media@zinnov.com

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