Retail Analytics Market Report Scope and Overview
The SNS Insider report indicates that the Retail Analytics Market size was valued at USD 2.30 Billion in 2023, and is expected to reach USD 6.9 Billion by 2031 and grow at a CAGR of 14.74% over the forecast period 2024-2031.
The retail analytics market thrives on its ability to provide actionable insights into customer behavior. Retail analytic services prioritize personalized attention, allowing retailers to analyze customer data and predict demand through predictive analytics. This empowers them to target the right customers, maintain loyalty, and attract new ones with targeted offers. The streamlined business processes and optimized operations achieved through retail analytics solutions enhance a retailer’s overall productivity. The integration of advanced technologies like artificial intelligence (AI), big data, and machine learning with retail analytics empowers retailers to offer improved business portfolios. Machine learning paired with data analytics allows retailers to gain insights into product quantity, sales figures, and pricing strategies, enabling them to target the right customers, manage inventory effectively, enhance communication channels, and provide consistent shopping experiences across all platforms.
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Some of the Major Key Players Studied in this Report are:
- Oracle
- HCL Technologies Limited
- SAP SE
- Microsoft
- IBM
- Salesforce
- Wipro Limited
- SAS Institute
- AWS
- MicroStrategy
- Edited
- Nielsen Consumer
- Teradata
- Information Builders
- Fujitsu
- Domo
- FLIR Systems
- 1010Data
- ThinkInside
- Capillary
- RetailNext
- Others
Impact of Global Events
The Russia-Ukraine war has cast a shadow on the global economy, with potential ramifications for the retail analytics market. Disruptions in supply chains, fluctuating energy prices, and inflation are likely to impact retail spending patterns. However, the market is expected to exhibit resilience. Retailers may leverage retail analytics to optimize inventory management, identify cost-saving opportunities, and adapt to changing consumer trends during these uncertain times.
An economic slowdown can also impact the retail analytics market. Reduced consumer spending power might lead retailers to tighten budgets, potentially postponing investments in new technologies like retail analytics. However, the long-term benefits of retail analytics, such as improved operational efficiency and increased sales, are expected to continue to attract retailers, even in a sluggish economy.
Key Regional Developments
North America dominates the Retail Analytics market due to its early adoption of technology. Major players in the region invest heavily in innovative technologies to maintain a competitive edge. Additionally, several companies are actively exploring the development of smart stores, a trend anticipated to further accelerate market growth in North America.
Europe’s Retail Analytics market is poised for the fastest CAGR during the forecast period, driven by increasing collaborations and product launches by key market players in the region. Germany currently holds the largest market share within Europe, while the UK market is witnessing rapid growth.
The Asia-Pacific region boasts the second-largest market share due to the presence of numerous emerging economies ripe for retail store expansion and technological advancements. China leads the Asia-Pacific market in terms of market share, while India’s retail analytics market is experiencing the fastest growth within the region.
Market Segmentation and Sub-Segmentation Included Are:
By Type
- Software
- Services
By Deployment
- On-Premise
- Cloud
By Retail Store Type
- Hypermarkets and Supermarkets
- Retail Chains
By application
- Merchandising analysis
- Pricing analysis
- Customer analytics
- Promotional analysis and planning
- Yield analysis
- Inventory analysis
- Others
By Function
- Customer Management
- Supply Chain Management
- Merchandising
- Strategy and Planning
- In-Store Operations
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Recent Developments
In October 2022: MRI Software acquired Springboard, a provider of AI-powered analytics and shopper traffic data solutions, catering to landlords, government authorities, and retailers in the UK. This move strengthens MRI Software’s position in the retail analytics space.
In January 2023: Tech Mahindra announced a strategic alliance with Retalon. This collaboration empowers retail and consumer packaged goods (CPG) companies to gain deeper customer insights, streamline operations, and make data-driven decisions to optimize their businesses.
Key Takeaways
- Identify the various segments, dominant players, and growth drivers influencing the market.
- Leverage market trends and forecasts to plan future investments and strategies for retail analytics solutions.
- Discover the potential of new technologies and applications within the retail analytics domain.
The retail analytics market is expected to maintain its upward trajectory in the coming years. The growing adoption of omnichannel retail strategies, the increasing proliferation of data generated through various channels, and the constant evolution of customer expectations will continue to drive market expansion. Additionally, the integration of AI and machine learning with retail analytics solutions will unlock even deeper customer insights and provide retailers with a significant competitive advantage.
Table of Contents- Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Challenges
- Impact Analysis
- Impact of Ukraine- Russia war
- Impact of Ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Retail Analytics Market Segmentation, By Type
- Software
- Services
- Retail Analytics Market Segmentation, By Deployment
- Cloud
- On-Premises
- Retail Analytics Market Segmentation, By Retail Store Type
- Hypermarkets and Supermarkets
- Retail Chains
- Retail Analytics Market Segmentation, By Application
- Merchandising analysis
- Pricing analysis
- Customer analytics
- Promotional Analysis and Planning
- Yield analysis
- Inventory analysis
- Others
- Retail Analytics Market Segmentation, By Function
- Customer Management
- Supply Chain Management
- Merchandising
- Strategy and Planning
- In-Store Operations
- Regional Analysis
- Introduction
- North America
- Europe
- Asia-Pacific
- The Middle East & Africa
- Latin America
- Company Profile
- Competitive Landscape
- Competitive Benchmarking
- Market Share Analysis
- Recent Developments
- USE Cases and Best Practices
- Conclusion
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