According to a research report "Retail Analytics Market by Offering (Software, Services), Business Function (Sales and Marketing, Finance and Accounting), Application (Order Fulfillment and Returns Management, Merchandize Planning), End User and Region - Global Forecast to 2029" published by MarketsandMarkets, the retail analytics market is projected to grow from USD 8.5 billion in 2024 to USD 25.0 billion by 2029, at a compound annual growth rate (CAGR) of 24.0% during the forecast period. The retail analytics market is expected to grow significantly during the forecast period, owing to various business drivers like the increasing increasing adoption of omni-channel retail strategies, exponential growth of e-commerce platforms, and proliferation of data generated through diverse channels is also responsible for driving the market’s growth.
Browse 311 market data Tables and 75 Figures spread through 317 Pages and in-depth TOC on "Retail Analytics Market”
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By Software by analytics type, the predictive analytics segment to register for the largest market size during the forecast period.
By software by analytics type, the predictive analytics segment is expected to register the largest market size during the forecast period. Predictive analytics software can help forecast sales volumes, identify demand fluctuations, and predict customer preferences, enabling retailers to optimize pricing strategies, allocate resources efficiently, and tailor marketing campaigns to target specific customer segments. Recent advancements in predictive analytics technology, including the integration of AI and machine learning algorithms, have further enhanced the capabilities of predictive analytics software, enabling retailers to gain deeper insights, make more accurate predictions, and drive greater business value.
By services, managed services to register for the highest CAGR during the forecast period.
The managed segment of the retail analytics market is growing rapidly. Managed service providers (MSPs) offer tailored solutions that cater to the unique needs and challenges of retailers, delivering insights that drive operational efficiency, enhance customer engagement, and drive revenue growth. MSPs employ skilled professionals with expertise in data analysis, machine learning, and retail industry trends, enabling retailers to harness the full potential of their data assets. Additionally, managed services provide scalability and flexibility, allowing retailers to adapt to changing business requirements and market dynamics without the need for significant investments in infrastructure or personnel.
By region, Asia Pacific accounted for the highest growth rate during the forecast period.
Asia Pacific is witnessing significant growth in the retail analytics market. The surging popularity of e-commerce, with regions like China and India leading the charge, is a major growth driver. Retailers are increasingly reliant on data to understand online consumer behaviour, optimize pricing and promotions, and personalize marketing efforts. Additionally, the growing adoption of the Internet of Things (IoT) in stores is generating vast amounts of data on customer traffic, product interaction, and inventory levels.
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Some major players in the retail analytics market include Microsoft (US), IBM (US), SAP (Germany), Oracle (US), Salesforce (US), MicroStrategy (US), SAS Institute (US), AWS (US), Qlik (US), Teradata (US), WNS (India), HCL (India), Lightspeed Commerce (Canada), RetailNext (US), Manthan Systems (India), Fit Analytics (Germany), Trax (Singapore), ThoughtSpot (US), RELEX Solutions (Finland), Tredence (US), Creatio (US), Solvoyo (US), datapine (Germany), Sisense (US), EDITED (UK), Retail Zipline (US), ThinkINside (Italy), Dor Technologies (US), Triple Whale (Israel), Flame Analytics (Spain), Alloy.ai Technologies (US), Conjura (UK), Kyvos Insights (US), Pygmalios (Slovakia), and SymphonyAI (US).
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Retail Analytics MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Retail Analytics Market .
The growth sectors of the Retail Analytics Market are identified with precision for a better growth perspective.There is no rebuffing that the landscape of retail is enduring a revolution that is unmatched in the recent phase of the business world.
The pace of revolution continues to accelerate the market of retail that is driven by progressively savvier and rising demand from consumers as well as shortening products, making it mainly challenging for retailers to keep up with every prospect.All the while, traditional avenues for growth of businesses, as well as newer forms of growth, such as online retail and expansion into international markets, are becoming more competitive than ever.The good news about the retail world is that it looks like a lot of players in the retail industry have already renowned the importance of data, through which retail is progressing.
A survey on the retail analytics market report predicts that the global retail analytics market is likely to expand at approximately USD 7 Billion by 2023 while gaining 17% of CAGR during its estimated growth course, which is between the years of 2017 and 2023.
Big data can also be collected and analyzed easily, but it is beyond the reach of traditional databases to use, which resulted in new trends and parameters to monitor it.Why Use Retail Analytics?In the process of gathering and analyzing information in an old-fashioned way is virtually impossible and totally ineffective in today’s time.
The same process indicated work organization and methods of communication.In the meantime, retail analytics solutions and strategies primarily offer intriguing possibilities for strategic planning, routine operations, and interaction with customers, bringing them to the next level in the business deals.A business being data-centric is easier to be done.
Retail Analytics Market is expected to grow from USD 3.52 Billion in 2017 to USD 8.64 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.7%.The major driving factor for this market are growing internet penetration, increased use of data-intensive platforms and rapid adoption of social media, and advancement in technologies, such as machine learning, artificial intelligence, and augmented reality.
The proliferation of cloud-based analytics and growing inclination of vendors toward merging in-store and digital operations are key opportunities that would fuel the growth of the Retail Analytics Market.Ask for Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=123460609The customer management application is expected to grow at the highest CAGR during the forecast periodCustomer management analytics aggregates customer segmentation, retention, and acquisition, fraud and risk management, and customer demographic analysis to provide an end-to-end picture of the customer journey.
It can provide multiple avenues for customer management through customer analytics.
Adoption of retail analytics solutions that deals with a huge volume of historical and real-time data, such as predictive analytics solutions, help retailers to statistically forecast dynamic changes in the external and internal environment of the retail enterprise, thereby enabling them to take actionable insights.The on-demand deployment model to grow at the highest CAGR during the forecast periodThe Retail Analytics Market by deployment model has been segmented into on-premises and on-demand.
The unprecedented success witnessed by retail chains such as Walmart and The Kroger Company with their super-efficient inventory management, logistics capabilities ensures other retailers to follow similar suit to gain a competitive advantage in the market.
High growth of eCommerce will play a prominent role in the adoption of retail analytics software.Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=123460609Major vendors in this market include 1010data, Inc. (US), Angoss Software Corporation (Canada), BRIDGEi2i Analytics Solutions Private Limited (India), Capillary Technologies (Singapore), Diaspark Inc. (US), FLIR Systems, Inc. (US), Fujitsu Limited (Japan), GainInsights Solutions Pvt.
According to a new market research report "Retail Analytics Market by Application (Merchandising Analysis, Customer Analytics, and Promotional Analysis and Planning), Business Function (Finance and Operations), Component, Organization Size, End User, and Region - Global Forecast to 2025" published by MarketsandMarkets™, the Retail Analytics Market size to grow from USD 4.3 billion in 2020 to USD 11.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period.Major factors contributing to the growth of the retail analytics market are the rising demand for dashboards for data visualization, growing adoption of cloud, and continuous increase in data generation.Browse in-depth TOC on "Retail Analytics Market” 146- Tables 63- Figures277- PagesRequest Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=123460609The COVID-19 has impacted all elements of the technology sector.
It has slowed down the growth of IT infrastructure owing to disruptions in the hardware supply chain and reduced manufacturing activities.
Rising support from governments and several data analytics companies can help in the fight against this highly contagious disease.
The inventory analysis segment is projected to register a higher CAGR during the forecast period due to the growing need to enhance business processes by keeping track of stocked goods and ensure surplus inventory.The service segment to grow at a higher CAGR during the forecast periodThe retail analytics market, by component, is segmented into solutions and services.
The retail analytics services include professional services and managed services.
APAC is expected to record the highest CAGR during the forecast period, as it is home to many developed and emerging economies, which offer major opportunities for the growth of retail stores and technology development.
