Retail analytics is the method of providing analytical data on inventory levels, supply chain movement, consumer demand, and sales that are critical for making marketing, and procurement decisions. In addition, retail analytics provide enterprises with detailed customer insights as well as information into the business and processes of the organization with the scope of need for improvement. By identifying potential areas for improvement and optimization, analytics can help retailers in improving their business operations, enhance their marketing decisions, and provide better overall consumer experiences.
Additionally, there are several areas of the retail business that can be useful for data analytics. In addition, retail analytics can be used to provide a comprehensive view of the business and evaluate the efficiency of business processes. Businesses can use predictive analytics to adjust inventory based on consumer purchasing trends and reduce waste and associated costs. In addition, retail analytics can significantly enhance marketing strategies by identifying the ideal customer based on information obtained about the location, age, interests, buying patterns, and other important criteria of current and previous customers.
In addition, businesses in retail industries are increasingly adopting retail analytics solutions, as there is a surge in data generation of customers in online shopping platforms and other retail activities, which further create lucrative opportunities for the global market. Customers are increasingly using their mobile phones for online shopping, with customers purchasing through mobile applications or mobile-optimized websites. These mobile transactions' generated data offer important insights into consumer behavior, preferences, and purchasing trends. Consequently, retail analytics solutions are gaining significant adoption to increase the use of IT and control systems among retail operators. These factors positively impact the growth of the market in the forecast period. Moreover, the increasing need for optimization in inventory and supply chain operations further creates numerous opportunities for the growth of the retail analytics market. Additionally, the growing trend of digital marketing and online advertising and marketing strategies are major factors driving the market growth. Meanwhile, numerous public and private enterprises are adopting several strategies such as collaboration, partnership, and product launch to expand their product portfolio in retail analytics solutions, which is anticipated to accelerate the market demand and hence, drive global market growth.
Also, the retail Analytics market is witnessing significant growth, owing to several key factors including the expansion of online shopping mediums. Moreover, the surge in continuous advancements in technology, such as big data analytics, cloud computing, machine learning, and artificial intelligence, has made retail analytics more accessible to users. Such factors further help organizations to enhance the customer experience, hence, are anticipated to drive global market growth.
Furthermore, the growing proliferation of smartphones and the increase in the growth of e-commerce industries in several countries positively impact the growth of the market in the future. In addition, the surge in adoption of cloud-based solutions is expected to boost market growth. However, a lack of technical expertise is expected to hamper market growth. In addition, data privacy concerns can deter the adoption of these technologies in businesses. Furthermore, the increase in integration of data analytics in the retail sector is expected to provide numerous opportunities for the growth of the global market. Moreover, the rise in penetration of digital technologies in businesses is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The retail analytics market is segmented into component, deployment mode, organization size, business function, and region. By component, it is bifurcated into solution and service. By deployment mode, it is divided into on-premise and cloud. By organization size, the market is classified into large enterprises and small and medium-sized enterprises. By business function, the market is segregated into customer management, in-store operation, strategy and planning, supply chain management, marketing and merchandizing, and others Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the retail analytics market are Amazon Web Services, Inc., HCL Technologies Limited, IBM Corporation, Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, Salesforce.com Inc., SAP SE, SAS Institute Inc., and Teradata Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the retail analytics market globally.
Additionally, there are several areas of the retail business that can be useful for data analytics. In addition, retail analytics can be used to provide a comprehensive view of the business and evaluate the efficiency of business processes. Businesses can use predictive analytics to adjust inventory based on consumer purchasing trends and reduce waste and associated costs. In addition, retail analytics can significantly enhance marketing strategies by identifying the ideal customer based on information obtained about the location, age, interests, buying patterns, and other important criteria of current and previous customers.
In addition, businesses in retail industries are increasingly adopting retail analytics solutions, as there is a surge in data generation of customers in online shopping platforms and other retail activities, which further create lucrative opportunities for the global market. Customers are increasingly using their mobile phones for online shopping, with customers purchasing through mobile applications or mobile-optimized websites. These mobile transactions' generated data offer important insights into consumer behavior, preferences, and purchasing trends. Consequently, retail analytics solutions are gaining significant adoption to increase the use of IT and control systems among retail operators. These factors positively impact the growth of the market in the forecast period. Moreover, the increasing need for optimization in inventory and supply chain operations further creates numerous opportunities for the growth of the retail analytics market. Additionally, the growing trend of digital marketing and online advertising and marketing strategies are major factors driving the market growth. Meanwhile, numerous public and private enterprises are adopting several strategies such as collaboration, partnership, and product launch to expand their product portfolio in retail analytics solutions, which is anticipated to accelerate the market demand and hence, drive global market growth.
Also, the retail Analytics market is witnessing significant growth, owing to several key factors including the expansion of online shopping mediums. Moreover, the surge in continuous advancements in technology, such as big data analytics, cloud computing, machine learning, and artificial intelligence, has made retail analytics more accessible to users. Such factors further help organizations to enhance the customer experience, hence, are anticipated to drive global market growth.
Furthermore, the growing proliferation of smartphones and the increase in the growth of e-commerce industries in several countries positively impact the growth of the market in the future. In addition, the surge in adoption of cloud-based solutions is expected to boost market growth. However, a lack of technical expertise is expected to hamper market growth. In addition, data privacy concerns can deter the adoption of these technologies in businesses. Furthermore, the increase in integration of data analytics in the retail sector is expected to provide numerous opportunities for the growth of the global market. Moreover, the rise in penetration of digital technologies in businesses is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The retail analytics market is segmented into component, deployment mode, organization size, business function, and region. By component, it is bifurcated into solution and service. By deployment mode, it is divided into on-premise and cloud. By organization size, the market is classified into large enterprises and small and medium-sized enterprises. By business function, the market is segregated into customer management, in-store operation, strategy and planning, supply chain management, marketing and merchandizing, and others Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the retail analytics market are Amazon Web Services, Inc., HCL Technologies Limited, IBM Corporation, Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, Salesforce.com Inc., SAP SE, SAS Institute Inc., and Teradata Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the retail analytics market globally.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the retail analytics market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on retail analytics market trends is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the retail analytics market from 2022 to 2032 is provided to determine the market potential.
Additional benefits you will get with this purchase are:
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Key Market Segments
By Component
- Solution
- Service
By Deployment Mode
- On-premise
- Cloud
By Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Business Function
- Customer Management
- In-store Operation
- Strategy and Planning
- Supply Chain Management
- Marketing and Merchandizing
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Amazon Web Services, Inc.
- HCL Technologies Limited
- IBM Corporation
- Microsoft Corporation
- MicroStrategy Incorporated
- Oracle Corporation
- Salesforce.com Inc.
- SAP SE
- SAS Institute Inc.
- Teradata Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RETAIL ANALYTICS MARKET, BY COMPONENT
CHAPTER 5: RETAIL ANALYTICS MARKET, BY DEPLOYMENT MODE
CHAPTER 6: RETAIL ANALYTICS MARKET, BY ORGANIZATION SIZE
CHAPTER 7: RETAIL ANALYTICS MARKET, BY BUSINESS FUNCTION
CHAPTER 8: RETAIL ANALYTICS MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the retail analytics market was valued at $7.8 billion in 2022, and is estimated to reach $58.4 billion by 2032, growing at a CAGR of 22.6% from 2023 to 2032.The Retail Analytics Market is likely to experience a significant growth rate of 22.6% from 2023-2032, owing to the rise in market demand for retail analytics solutions in large enterprises
Retail analytics is the technique of collecting, analyzing, and reporting on data related to a retailer's operations. Retail analytics can measure customer satisfaction, identify purchasing patterns, predict demand, and optimize store layouts. Moreover, data analytics solutions and services have been increasingly employed in the retail industry, with rising user data on physical as well as online platforms.
Furthermore, businesses in retail industries are increasingly adopting retail analytics solutions, due to surge in data generation of customers in online shopping platforms and other retail activities, which further create lucrative opportunities for the global market. Customers are increasingly using their mobile phones for online shopping, with customers purchasing through mobile applications or mobile-optimized websites. These mobile transactions' generated data offer important insights into consumer behavior, preferences, and purchasing trends. Consequently, retail analytics solutions are gaining significant adoption to increase the use of IT and control systems among retail operators. These factors positively impact the growth of the market in the forecast period. Moreover, the increasing need for optimization in inventory and supply chain operations further creates numerous opportunities for the growth of the retail analytics market. Additionally, the growing trend of digital marketing and online advertising and marketing strategies are major factors driving the market growth. Meanwhile, numerous public and private enterprises are adopting several strategies such as collaboration, partnership, and product launch to expand their product portfolio in retail analytics solutions, which is anticipated to accelerate the market demand and hence, drive global market growth.
Moreover, the growing proliferation of smartphones and the increase in the growth of e-commerce industries in several countries positively impact the growth of the market in the future. In addition, the surge in adoption of cloud-based solutions is expected to boost market growth. However, a lack of technical expertise is expected to hamper market growth. In addition, data privacy concerns can deter the adoption of these technologies in businesses. Furthermore, the increase in integration of data analytics in the retail sector is expected to provide numerous opportunities for the growth of the global market. Moreover, the rise in penetration of digital technologies in businesses is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The retail analytics market is segmented into component, deployment mode, organization size, business function, and region. By component, it is bifurcated into solution and service. By deployment mode, it is divided into on-premise and cloud. By organization size, the market is classified into large enterprises and small and medium-sized enterprises. By business function, the market is segregated into customer management, in-store operation, strategy and planning, supply chain management, marketing and merchandizing, and others Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the retail analytics market are Amazon Web Services, Inc., HCL Technologies Limited, IBM Corporation, Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, Salesforce. com Inc., SAP SE, SAS Institute Inc., and Teradata Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the retail analytics market globally. For instance, in June 2022, Amazon launched a new physical retail store analytics service that offers brands insights about the performance of their products, promotions and advertise campaigns. The new service, Store Analytics, gives brands anonymized insights about their products in Amazon Go and Amazon Fresh stores in the U. S. In addition, in April 2021, HCL Tech launched new digital solution for retail clients on Microsoft Cloud, the solution caters to businesses that are looking to engage customers through an omni-channel shopping experience, or drive value from data, and build a resilient supply chain model.
Key Market Insights
By component, the solution segment was the highest revenue contributor to the market in 2022, and is estimated to reach $33.81 billion by 2032, with a CAGR of 20.7%. However, the service segment is estimated to be the fastest-growing segment with a CAGR of 25.7% during the forecast period.By deployment mode, the on-premise segment dominated the global market share in 2022, and is estimated to reach $27.16 billion by 2032, with a CAGR of 19.2%, However, the cloud segment is expected to be the fastest growing segment with a CAGR of 26.5% during the forecast period.
By organization size, the large enterprises segment was the highest revenue contributor to the market in 2022, and is estimated to reach $33.52 billion by 2032, with a CAGR of 21.2%. However, the small and medium-sized enterprises segment is estimated to be the fastest-growing segment with a CAGR of 24.7% during the forecast period.
By business function, the customer management segment was the highest revenue contributor to the market in 2022, and is estimated to reach $12.74 billion by 2032, with a CAGR of 18.4%. However, the strategy and planning segment are estimated to be the fastest-growing segment with a CAGR of 29.6% during the forecast period.
Region wise, North America was the highest revenue contributor, accounting for $2.97 billion in 2022 and is estimated to reach $15.32 billion by 2032, with a CAGR of 18.1%.
Companies Mentioned
- Amazon Web Services, Inc.
- HCL Technologies Limited
- IBM Corporation
- Microsoft Corporation
- MicroStrategy Incorporated
- Oracle Corporation
- Salesforce.com Inc.
- SAP SE
- SAS Institute Inc.
- Teradata Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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