CHICAGO, March 28,
2024 /PRNewswire/ -- Adoption of real-time
capabilities and sophisticated analytics, such as artificial
intelligence, for omnichannel integration and improved customer
experiences is what the Retail Analytics Market will look like in
the future. Partnerships for innovation, a rising emphasis on
sustainability and ethical analytics, supply chain optimisation,
in-store analytics, and a focus on data privacy and security will
all be critical.
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, according to a new report by MarketsandMarkets™. 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 in-depth TOC on "Retail Analytics Market"
300 - Tables
75 - Figures
310 - Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2019–2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
USD
(Billion)
|
Segments
Covered
|
Offering, Business
Function, Application, End User, and Region
|
Geographies
covered
|
North America, Asia
Pacific, Europe, Middle East & Africa, and Latin
America
|
Companies
covered
|
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)
|
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.
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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.
Top Key Companies in Retail Analytics Market:
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).
Recent Developments:
- In February 2024, IBM announced
the availability of the popular open-source Mixtral-8x7B large
language model (LLM), developed by Mistral AI, on its Watsonx AI
and data platform, as it continues to expand capabilities to help
clients innovate with IBM's own foundation models and those from a
range of open-source providers.
- In January 2024, IBM announced
its collaboration with SAP to develop solutions to help clients in
the consumer-packaged goods and retail industries enhance their
supply chain, finance operations, sales and services using
generative AI.
- In January 2024, Salesforce
announced the availability of Einstein 1 Studio, a set of low-code
tools that enables Salesforce admins and developers to customize
Einstein Copilot and seamlessly embed AI across any app for every
customer and employee experience.
- In November 2023, MicroStrategy
announced the availability of MicroStrategy ONE in the AWS
Marketplace. By bringing together MicroStrategy's powerful
generative artificial intelligence (AI) capabilities for business
intelligence (BI) and the scalability and reliability of Amazon Web
Services (AWS), customers can now access a ready solution for
deploying trusted AI at scale for analytics.
- In September 2023, Oracle
showcased new AI-powered capabilities within Oracle Analytics
Cloud. Leveraging the Oracle Cloud Infrastructure (OCI) Generative
AI service, the new capabilities assist analytics self-service
users to conduct sophisticated analysis and make better business
decisions without having to wait for data scientists or IT teams
more quickly and efficiently.
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Retail Analytics Market Advantages:
- Retailers can better fulfil customer demand by optimising
pricing, promotions, inventory management, and product assortment
with the use of retail analytics, which offers insights into
customer behaviour, preferences, and trends.
- Retail analytics enables merchants to enhance the overall
shopping experience, personalise marketing campaigns, and make
customised product recommendations by evaluating customer data from
many touchpoints. This increases customer happiness and
loyalty.
- Retail analytics forecasts demand, identifies slow-moving
commodities, and optimises replenishment procedures to help
merchants maximise inventory levels, minimise stockouts and
overstock situations, and increase supply chain efficiency.
- Through the automation of manual operations, the streamlining
of procedures, and the identification of opportunities for cost
reduction and performance improvement throughout the retail value
chain, from procurement to distribution, retail analytics solutions
increase operational efficiency.
- By helping companies to anticipate market trends, spot new
business possibilities, and respond swiftly to shifting customer
tastes and shifting market dynamics, retail analytics gives
merchants a competitive edge that boosts sales and market
share.
- Through the analysis of trends and abnormalities in transaction
data, as well as the mitigation of fraud-related risks
and revenue loss, retail analytics assists retailers in detecting
fraudulent activity, including fraudulent transactions and
refunds.
- Retail analytics gives businesses the ability to better
allocate marketing expenditures, maximise marketing return on
investment, and enhance the efficacy of customer acquisition and
retention strategies by evaluating the success of marketing
campaigns and promotions.
- Retailers may foresee future trends, take proactive business
decisions, and seize market opportunities by using predictive
analytics tools to forecast sales, demand, and customer
behaviour.
Report Objectives
- To define, describe, and predict the Retail Analytics Market by
offering (software and services), business function, application,
end user, and region
- To provide detailed information related to major factors
(drivers, restraints, opportunities, and industry-specific
challenges) influencing the market growth
- To analyze the micro markets with respect to individual growth
trends, prospects, and their contribution to the total market
- To analyze the opportunities in the market for stakeholders by
identifying the high-growth segments of the Retail Analytics
Market
- To analyze opportunities in the market and provide details of
the competitive landscape for stakeholders and market leaders
- To forecast the market size of segments for five main regions:
North America, Europe, Asia
Pacific, Middle East &
Africa, and Latin America
- To profile key players and comprehensively analyze their market
rankings and core competencies.
- To analyze competitive developments, such as partnerships, new
product launches, and mergers and acquisitions, in the Retail
Analytics Market
- To analyze the impact of recession across all the regions
across the Retail Analytics Market
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