The retail intelligence software 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 Intelligence Software 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 intelligence software market size has grown rapidly in recent years. It will grow from $7.10 billion in 2023 to $8.31 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to increased e-commerce activity, increased volumes of big data, consumer demand for personalization, increased use of mobile technology, and raised competitive pressures.
The retail intelligence software market size is expected to see rapid growth in the next few years. It will grow to $15.72 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to the increasing adoption of artificial intelligence, growing demand for real-time data processing, the rising importance of omnichannel strategies, the expanding influence of social commerce, and the increasing focus on customer privacy. Major trends in the forecast period include the adoption of AI, integration of IoT devices, adoption of blockchain, product innovations, and technological advancements.
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Scope Of Retail Intelligence Software Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Retail Intelligence Software Market Overview
Market Drivers –
The increasing e-commerce activity is expected to propel the growth of the retail intelligence software market going forward. E-commerce refers to the buying and selling of goods and services over the Internet or other electronic networks. E-commerce adoption is on the rise due to several factors, including increasing internet penetration, shifting consumer preferences towards online shopping, convenience, and advancements in logistics and payment systems. Retail intelligence software enhances e-commerce activity by gathering, analyzing, and interpreting data related to customer behavior, sales performance, inventory management, pricing strategies, and market trends. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, total U.S. retail e-commerce sales reached $1,831.4 billion in the fourth quarter of 2023, reflecting a 0.4% increase compared to the third quarter of 2023. Therefore, the increasing e-commerce activity is driving the growth of the retail intelligence software market.
Market Trends –
Major companies operating in the retail intelligence software market are providing advanced solutions that utilize IoT technologies, such as Bluetooth-LE (BLE)-based retail IoT protocols, to gain a competitive edge in the market. The Bluetooth-LE-based retail IoT protocol refers to a standardized communication framework specifically designed for IoT devices used in retail settings. For instance, in December 2023, VusionGroup, a France-based retail technology company, launched VusionOX, a revolutionary Bluetooth-LE-based protocol designed to accelerate the digitalization of physical commerce. This cutting-edge connectivity solution seamlessly connects retail IoT devices with products and people, creating a unified retail environment. VusionOX, combined with VusionCloud, enables precise geolocation, personalized in-store navigation, guided fulfillment, and contextual shopper interactions. Additionally, it offers continuous over-the-air feature deployment and battery optimization, contributing to sustainability efforts.
The retail intelligence software market covered in this report is segmented –
- By Type: Cloud Based, On Premises
- By Sales Channel: Online, Offline
- By Application: Large Enterprises, Small And Medium-Sized Enterprises
- By End User: Grocery Stores, Convenience Stores, Apparel And Footwear, Mass Merchant, Specialty Retailers, E-Commerce, Other End Users
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Regional Insights –
North America was the largest region in the retail intelligence software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail intelligence software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the retail intelligence software market report are Supplypike LLC; Rakuten Group; SPS Commerce Inc.; Numerator; Kinaxis Inc.; Quotient Technology Inc.; Trax Retail LTD; AFS Technologies Inc.; ThoughtSpot Inc.; Sensormatic Solutions; Wiser Solutions Inc.; Retail Solutions Inc.; Mi9 Retail; DataWeave; Upstream Commerce; ShopperTrak; Premise Data Corporation; TC Group Solutions; Dor Technologies; Intelligence Node; Springboard; Glew.io; Stackline; Omnilytics; Streetspotr GmbH
Table of Contents
- Executive Summary
- Retail Intelligence Software Market Report Structure
- Retail Intelligence Software Market Trends And Strategies
- Retail Intelligence Software Market – Macro Economic Scenario
- Retail Intelligence Software Market Size And Growth
… - Retail Intelligence Software Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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