The retail analytics software and services 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 Software And Services 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 software and services market size has grown rapidly in recent years. It will grow from $1.77 billion in 2023 to $2.08 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to the expansion of E-commerce, data explosion, demand for personalization, competition, supply chain optimization, and omnichannel retailing.
The retail analytics software and services market size is expected to see rapid growth in the next few years. It will grow to $4 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to a shift towards cloud-based solutions, artificial intelligence and machine learning, Internet of Things (IoT), augmented reality (AR) and virtual reality (VR), blockchain, and voice commerce. Major trends in the forecast period include the adoption of advanced analytics and artificial intelligence (AI), predictive analytics, hyper-personalization, unified commerce platforms, ethical and responsible analytics, and collaborative analytics.
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Scope Of Retail Analytics Software And Services 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 Software And Services Market Overview
Market Drivers –
The rise in the retail and e-commerce sectors is expected to propel the growth of the retail analytics software and services market going forward. The retail and e-commerce sectors refer to businesses that sell goods and services directly to consumers through physical stores or online platforms, facilitating transactions and the distribution of products. The rise in retail and e-commerce can be attributed to increased convenience and accessibility for consumers, alongside technological advancements facilitating seamless online transactions and personalized shopping experiences. Retail analytics software and services empower retailers and e-commerce businesses to optimize operations, enhance customer experiences, and drive sales through data-driven insights and decision-making. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, in 2023, total e-commerce sales reached an estimated $1,118.7 billion, reflecting a 7.6% increase compared to 2022. Moreover, the total retail sales for 2023 experienced a 2.1% increase compared to the previous year. The e-commerce sales in 2023 constituted 15.4% of total sales, compared to 14.7% in 2022. Therefore, the rise in the retail and e-commerce sectors is driving the growth of the retail analytics software and services market.
Market Trends –
Major companies operating in the retail analytics software and services market are developing innovative technologies such as smart store analytics, to advance the retail offering and solution. Smart Store Analytics is a data platform that enables retailers to deploy autonomous shopping technology cost-effectively. For instance, in January 2023, AiFi Inc., a US-based Software company, in partnership with Microsoft Corporation, a US-based technology company, launched smart store analytics, a tracking service for cashierless outlets. The platform uses AiFi’s computer vision algorithm to recognize shoppers’ behaviors, including what they pick up and place in their carts. It automatically charges their payment cards when they’re ready to check out. Smart store analytics provides insights into customer shopping behaviors, foot traffic patterns, product interactions, and other metrics without relying on facial recognition or biometric data.
The retail analytics software and services market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Application: Merchandising Analysis, Pricing Analysis, Customer Analytics, Promotional Analysis And Planning, Yield Analysis, Inventory Analysis, Other Applications
3) By Distribution Channel: Online, Offline
4) By Organization Size: Large Enterprises, Small And Medium Enterprises
5) By Business Function: Finance, Marketing And Sales, Human Resources, Operations
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Regional Insights –
North America was the largest region in the retail analytics software and services market in 2023. The regions covered in the retail analytics software and services 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 software and services market report are Microsoft Corporation; International Business Machines Corporation; Oracle Corporation; SAP SE; Infosys Limited; Square Inc.; Wipro Limited; Dassault Systèmes SE; Shopify Inc.; The Sage Group plc; Lawson Software Inc.; Epicor Software Corporation; Zoho Corporation Pvt. Ltd.; Manhattan Associates Inc.; Lightspeed POS Inc.; Kinaxis Inc.; Retalix Ltd.; BluJay Solutions LLC; Retail Pro International LLC; Logility Inc.; Fishbowl Inventory LLC; Brightpearl Limited; Wasp Barcode Technologies LLC; Archon Systems Inc.; HighJump Software Inc.; Aldata Solutions; Ordoro Inc
Table of Contents
1. Executive Summary
2. Retail Analytics Software And Services Market Characteristics
3. Retail Analytics Software And Services Market Trends And Strategies
4. Retail Analytics Software And Services Market – Macro Economic Scenario
5. Global Retail Analytics Software And Services Market Size and Growth
…
32. Global Retail Analytics Software And Services Market Competitive Benchmarking
33. Global Retail Analytics Software And Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Retail Analytics Software And Services Market
35. Retail Analytics Software And Services Market Future Outlook and Potential Analysis
36. Appendix
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