Global Retail Analytics Market Size By Component (Software, Service), By Deployment Model (On-premise, Cloud), By Application (Supply Chain Management, Merchandizing Intelligence), By Geographic Scope And Forecast

Retail Analytics Market Size And Forecast

Retail Analytics Market size was valued at USD 7.6 Billion in 2021 and is projected to reach USD 47.38 Billion by 2030, growing at a CAGR of 20% from 2023 to 2030.

Increasing penetration of the internet, growing adoption of social media, and increasing usage of data-intensive platforms are fueling the growth of the Global Retail Analytics Market. Also, the advent of technological advancements such as AI and machine learning is driving the growth of the Retail Analytics Market. The Global Retail Analytics Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Retail Analytics Market Definition

Retail analytics is the process of providing analytical data to businesses. Such analytical data may include data related to supply chain movement, consumer demands, sales, inventory levels, etc. This provided data is very much crucial for making decisions related to marketing or procurement. Retail analytics gives customer insights in a very detailed manner along with insights into different processes of organization and business. Successful retail organizations often rely on retail analytics tools to make better decisions in all the areas of their business such as sales, operations or marketing, etc. This can also provide the scope and need for improvement in the current situation.

There are various types of retail analytics. Based on our needs and requirement anyone can choose any of the methods. In-store analytics deals with systems and processes that retailers use to measure what’s happening within a store. Inventory and product assortment analytics usually provide insights related to inventory and products. Web analytics is very much important for those businesses that are online. It helps to understand how the customer is responding to the product. Customer analytics is another type of retail analytics that is all about customers. This can help to identify very important information about your customer such as their retention rate, loyalty to products, churn rate, etc.

Retails Analytics provides various benefits it can be used to help make better decisions, deliver more improved services to customers, etc. From retail analytics, retailers can get one single source of truth about customers. It will also provide customers to interact with our brand in different modes such as offline or online interaction, or their buying preferences about products, and so on. Retail analytics can help to enhance the customer experience and to improve or optimize the operations that are done on the product. It can also help to understand important trends or to anticipate the demands, and act accordingly.

Global Retail Analytics Market Overview

Retail Analytics helps customers to create more opportunities such as business expansion, and optimization of customer services, and helps to improve operational capabilities through gathering real-time data and analyzing it. Thus this kind of analytics helps retailers to adopt new marketing strategies to enhance penetration. There are major factors contributing to the growth of the Retail Analytics Market. Furthermore, growing ICT spending in developing and developed countries and reduced cost cloud deployment model are boosting the growth of the Retail Analytics Market.

Additionally, increased usage of smartphones and infrastructure development in the field of technology along with growing digitalization is likely to propel the growth of the Retail Analytics Market. Moreover, a growing number of retailers in emerging countries including Asia-Pacific and Latin America are accelerating the growth of the Retail Analytics Market. The growing trend of online shopping, the benefits offered by several social media platforms, and the easy understanding of customer demands through it are propelling the growth of the Retail Analytics Market.

However, the high cost associated with retail analytics and the inability to work in the offline market is anticipated to restrict the growth of the Retail Analytics Market. Nonetheless, the growing popularity of online shopping and advancement in the technologies by using visualization tools and data management software and others are expected to generate huge opportunities for Retail Analytics Market in the years to come.

Global Retail Analytics MarketSegmentation Analysis

The Global Retail Analytics Market is segmented on the basis of Component, Deployment Model, Application, And Geography.

Retail Analytics Market, By Component

• Software
• Service

Based on Component, the market is segmented into Software and Service. The service segment is expected to grow with the highest CAGR during the forecasted period. Growing online retail shopping and increasing penetration of e-commerce across the globe is fueling the growth of the segment.

Retail Analytics Market, By Deployment Model

• On-premise
• Cloud

Based on Deployment Model, the market is segmented into On-premise and Cloud. The cloud segment is expected to grow with the highest CAGR during the forecasted period due to the ease of to access data anywhere and anytime and the growing penetration of e-commerce.

 Retail Analytics Market, By Application

• Supply Chain Management
• Merchandizing Intelligence
• Customer Analysis
• Data Management
• Others

Based on Application, the market is segmented into Supply Chain Management, Merchandizing Intelligence, Customer Analysis, Data Management, and Others. The Supply Chain Management segment is expected to grow at the fastest pace during the forecasted period due to the growing burden on online grocery shopping and the availability of the virtual presence of physical retail shopping stores.

Retail Analytics Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, the Global Retail Analytics Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America accounted for holding the largest share of the market due to the high implementation of retail analytics solutions and Asia-Pacific is expected to grow with the highest CAGR during the forecasted period due to increasing penetration of social media and e-commerce in the region.

Key Players

The “Global Retail Analytics Market” study report will provide valuable insight with an emphasis on the global market including some of the major players are IBM Corporation, HCL Technologies Limited, Oracle Corporation, SAS Institute Inc., Wipro Limited, SAP SE, Adobe Systems Incorporated, Fractal Analytics Inc., Manthan, and Tableau Software.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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