The retail analytics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Retail Analytics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The retail analytics market size has grown exponentially in recent years. It will grow from <b>$6.99 billion in 2023 to $8.84 billion in 2024 at a compound annual growth rate (CAGR) of 26.4%. </b> The growth in the historic period can be attributed to competition in the retail sector, focus on customer experience, adoption of loyalty programs, emergence of big data analytics, growth of e-commerce, demand for personalization.
The retail analytics market size is expected to see exponential growth in the next few years. It will grow to <b>$20.29 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%. </b> The growth in the forecast period can be attributed to enhanced fraud detection, expansion of omnichannel strategies, real-time analytics, demand for sustainability analytics, privacy and compliance concerns, international expansion of retail chains. Major trends in the forecast period include focus on customer experience analytics, omnichannel analytics for seamless integration, real-time analytics for instant decision-making, visual and image analytics, cloud-based analytics solutions, customer segmentation and targeted marketing, collaboration with analytics service providers.
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Scope Of Retail Analytics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Retail Analytics Market Overview
Market Drivers –
Digitalizing to enhance the customer experience and retail operations is expected to propel the retail analytics market. Digitalization is the process of transforming a business model using digital technologies to create new prospects for value creation and income generation. Regardless of the channel or location, digital transformation gives businesses the chance to connect with contemporary customers and fulfil their expectations for a smooth customer experience. For instance, in 2021, according to a survey conducted by BDO USA LLP, a US-based provider of assurance, tax, and financial advisory services, customer experience remained retail’s top digital priority with 35% of members prioritizing improving customer experience, 30% on optimizing business processes and driving operational efficiencies across the supply chain, 15% on consolidating or upgrading legacy IT infrastructure, 11% on implementing change management for digital adoption in the workplace, and 9% on adopting a new business or revenue model. Therefore, digitalizing to enhance customer experience and retail operations is driving the growth of the retail analytics market.
Market Trends –
Technological advancement is a key trend in the retail analytics market. Major companies operating in the retail analytics market are developing innovative analytics platforms for retailers using advanced technology such as artificial intelligence (AI), internet of things (IoT) devices, augmented and virtual reality, chatbots, and others to sustain their position in the market. For instance, in August 2021, Crossmark, a US-based retail merchandising services provider, launched an accelerator, a cutting-edge data analysis platform for CPG sales and marketing activities. The platform is designed to evolve as new data sources, and machine learning (AI) capabilities are added. The custom platform, created in collaboration with leading technology firms with best-in-class analytics horsepower to deliver intuitive visualization of analytical tasks critical for smarter selling and faster growth.
The retail analytics market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Function: Customer Management, Merchandising, Store Operations, Supply Chain, Strategy And Planning
3) By Deployment Model: On-Premise, Cloud
4) By End User: Offline, Online
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Regional Insights –
North America was the largest region in the retail analytics market in 2023. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the retail analytics market report are Microsoft Corporation, HCL Technologies Limited, IBM Corporation, 1010data Inc., FLIR Systems Inc., Radius Networks Inc., Manthan Software Services Pvt. Ltd., Wipro Limited, Capgemini SE, TIBCO Software Inc., Adobe Inc., Cisco Systems Inc., Amazon.com Inc., Teradata Corporation, MicroStrategy Incorporated, Tableau Software LLC, FICO, Fiserv, Inc., Verisk Analytics Inc., Nielsen Holdings plc, Experian plc, Mastercard Incorporated, Visa Inc., PayPal Holdings Inc., Square Inc., Shopify Inc., Facebook Inc., Dor Technologies Inc., True Fit Corporation, Orbital Insight Inc., Cuebiq Inc., Rubikloud Technologies Inc.
Table of Contents
1. Executive Summary
2. Retail Analytics Market characterstics
3. Retail Analytics Market Trends And Strategies
4. Retail Analytics Market – Macro Economic Scenario
5. Global Retail Analytics Market Size And Growth
…..
31. Global Retail Analytics Market Competitive Benchmarking
32. Global Retail Analytics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Retail Analytics Market
34. Retail Analytics Market Future Outlook and Potential Analysis
35. Appendix
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