Retail Analytics Market Outlook 2031
The global retail analytics market size was valued USD 6.32 Billion in 2022 and is anticipated to reach USD 35.66 Billion by 2031 expand at a substantial CAGR 21.2% during the forecast period, 2023 – 2031. Growth of the market is attributed to digitalization, increasing online shopping, rising use of big data, social media, and proliferation of smartphones.
The practice of delivering comprehensive data on inventory trends, supply chain flow, customer appetite, sales, and other factors that are critical for marketing and procurement decisions is known as retail analytics. The demand and supply data mining can be used to manage procurement levels to make marketing decisions.
Retail analytics provides comprehensive consumer feedback and insights into the organization's business procedures. Retail analytics is expected to help traditional brick-and-mortar stores to optimize and forecast, manage and control the inventory, and cluster preparation.
Retail Analytics Market Trends, Drivers, Restraints, and Opportunities:
- Surging internet commerce, increasing digital data, rising use of social media, and growing proliferation of smartphones have made shopping easier for consumers. These factors are driving the market.
- Rise in digitalization has allowed customers to make quick purchases from a range of products, while improving efficiency in the retail industry. As a result, big data's bulk volume, velocity, and range are projected to drive the market.
- The demand for retail analytics is projected to rise, due to technical advancements in this market. The offered tools can be used to monitor consumer buying behavior and satisfy shopping experience of customers, thus driving the retail analytics market.
- High cost of analytics and inability to grasp customer offline market behavior are likely to hamper the market.
- Several retailers are actively engaging on social media sites such as Facebook, resulting in a greater insight into consumers' desires, brand awareness, loyalty, and feedback. This in turn is creating immense growth opportunities for the market players.
Scope of The Retail Analytics Market Report
The report on the global retail analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Retail Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Services (Professional, Support, and Maintenance), Deployment (On-demand, Cloud, and On-premise)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Adobe Systems, Oracle, IBM, SAS Institute, and SAP AG
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Retail Analytics Market Segment Insights:
Maintenance segment to expand at a high CAGR
Based on services, the global retail analytics market is divided into professional, support, and maintenance. The maintenance segment is expected to account for a key share of the market, in terms of revenue, by 2028, as it maintenance ensures a safe and agile retail cloud to handle all retail functions.
Cloud segment is projected to constitute a key market share
On the basis of on deployment, the market is divided into on-demand, cloud, and on-premise. The cloud segment is expected to account for a key share of the market in the coming years due to its enhanced capacity for data storage and processing. Cloud-based retail analytics solutions provide retailers with on-demand computing capability to manage enormous data volumes and give meaningful insights in a timely manner.
North America holds a significant share of the global market
In terms of regions, the global retail analytics market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounts for a key share of the market due to rapid deployment of retail analytics solutions for advanced systems and availability of high working capital at the disposal of many retailers in the area; however, the market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period.
Segments
The global Retail Analytics market has been segmented on the basis of
Services
- Professional Service
- Support
- Maintenance Services
Deployment
- On-Demand Deployment
- Cloud Deployment
- On-Premise Deployment
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the market include Adobe Systems, Oracle, IBM, SAS Institute, and SAP AG. These key players have technologies that include a wide range of business functions, including merchandising, marketing, consumer analytics, supply chain management, and retail analytics, as well as strategy and planning.
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