USD 7.2 billion
Retail Analytics Market Size, Share, Growth Analysis, By Type(Software and Hardware), By Deployment(On-Premise and Cloud-Based), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45C2048 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
59
|Figures:
75
Retail Analytics Market Insights
Global Retail Analytics Market size was valued at USD 7.2 billion in 2022 and is poised to grow from USD 8.41 billion in 2023 to USD 29.13 billion by 2031, growing at a CAGR of 16.80% during the forecast period (2024-2031).
The landscape of the retail sector has witnessed notable changes in recent times, wherein retail analytics has emerged as a pivotal factor driving expansion and enhancing customer connections. The rise of digitalization has furnished consumers with an array of choices, facilitating convenient purchases and time savings. Consequently, this has led to the generation of a substantial amount of extensive data, wherein the speed, quantity, and diversity of data have significantly impacted the market dynamics.
Various elements are propelling the growth of the retail analytics sphere, encompassing the escalating trend of online shopping, the integration of social media, and the widespread use of smartphones, all of which have simplified the shopping process for consumers. Retail enterprises have effectively harnessed the advantages offered by social media platforms such as Facebook, enabling them to gain deeper insights into customer requirements, brand perception, loyalty, and feedback. Furthermore, the escalating demand for retail analytics in inventory management, strategic planning, and monitoring customer purchasing behaviors is expected to foster positive market growth.
The retail analytics market can be categorized based on factors such as analytics software, solutions, services, business functions, deployments, data management software, visualization tools, and mobile applications. Traditional brick-and-mortar retailers are projected to derive benefits from retail analytics in diverse domains like optimization, inventory management, and cluster planning, despite the challenges posed by the high cost of analytics and the complexities of comprehending offline consumer actions. The region of North America is poised to emerge as a significant market due to its widespread adoption of retail analytics solutions, advanced systems, and robust financial resources. Key players in the global retail analytics arena encompass Adobe Systems, Oracle, IBM, SAS Institute, and SAP AG. These prominent entities provide comprehensive solutions spanning various corporate operations, including marketing, customer analytics, supply chain management, and store analytics.
US Retail Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Software
Growth Rate
16.80% CAGR
Global Retail Analytics Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Retail Analytics Market Segmental Analysis
The Global Retail Analytics market is segmented by type, deployment, and region. Based on type, the market can be segmented into software and hardware. Based on deployment, the market is segmented into on-premise and cloud-based deployment. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Retail Analytics Market Analysis by Type
By type, the market can be segmented into software and hardware. The software segment dominated the retail analytics market. The increasing demand for software solutions such as data management, analytical tools, and reporting tools is driving the growth of this segment. The retail industry is experiencing a massive transformation in terms of data management and analysis due to the growing need to enhance customer experience, improve operational efficiency, and reduce costs. Retailers are increasingly adopting software solutions to gain insights into customer behavior, preferences, and purchase patterns, which in turn helps them to make informed decisions about product pricing, marketing strategies, and inventory management.
The hardware segment in the retail analytics market includes various components such as sensors, RFID tags, and cameras. Although the hardware segment is growing at a significant rate, it is not as dominant as the software segment. The increasing adoption of sensors and cameras in the retail industry is driving the growth of this segment. These devices help retailers to collect data on customer behavior, traffic patterns, and store layout, which can be used to improve customer experience and optimize store operations. The use of RFID tags is also gaining popularity in the retail industry as it helps retailers to track inventory in real-time and reduce the risk of stockouts. The hardware segment is expected to grow at a faster rate in the coming years due to the increasing demand for advanced sensors and cameras in the retail industry.
Retail Analytics Market Analysis by Deployment
By deployment, the market can be segmented into on-premise and cloud-based deployment. The on-premise segment is the dominant segment in the retail analytics market. On-premise solutions are installed and managed locally, providing organizations with more control and flexibility over their data. Many large retailers still prefer on-premise solutions due to data security concerns and the need for customizations. This segment is dominated by established players with a legacy customer base. However, the on-premise segment is expected to grow at a slower rate in the coming years due to the increasing adoption of cloud-based solutions.
The cloud-based segment is the fastest-growing segment in the retail analytics market. Cloud-based solutions are delivered over the internet and hosted on a remote server, offering benefits such as scalability, affordability, and accessibility. Cloud-based solutions are gaining popularity due to the increasing demand for real-time data analysis and the need to reduce IT costs. Retailers are increasingly adopting cloud-based solutions to gain insights into customer behavior, preferences, and purchase patterns, which can be used to make informed decisions about product pricing, marketing strategies, and inventory management.
Global Retail Analytics Market Size By Type, 2022 (%)
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Retail Analytics Market Regional Insights
North America's prominence in the global market arises from the presence of numerous established providers of retail analytics solutions and the widespread adoption of such solutions within the region. The United States, in particular, stands out as the primary market for retail analytics solutions in North America. This dominance is poised to persist throughout the projected period, driven by a surging demand for advanced retail analytics solutions aimed at refining inventory management, boosting sales, and elevating the overall customer experience. The region's substantial working capital and early embrace of digitalization are anticipated to be key drivers propelling the growth of the retail analytics market in North America.
Asia Pacific is anticipated to experience the most rapid expansion within the global retail analytics market during the forecast period. This growth is attributable to the escalating adoption of cloud-based retail analytics solutions, the widespread use of smartphones, and the burgeoning trend of online shopping. Countries like China, Japan, and India emerge as notable contributors propelling the retail analytics market's advancement in the APAC region. Moreover, the increasing awareness regarding the advantages of retail analytics in enhancing customer experience, streamlining inventory management, and augmenting sales is poised to further galvanize the market's growth in this geographical area.
Global Retail Analytics Market By Geography, 2022-2030
- Largest
- Fastest
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Retail Analytics Market Dynamics
Retail Analytics Market Drivers
Increasing adoption of digitalization and the proliferation of smartphones
- One major driver of the global retail analytics market is the increasing adoption of digitalization and the proliferation of smartphones, which has made shopping easier for customers. With the rise of online shopping, retailers are leveraging retail analytics solutions to gain insights into customer behavior, preferences, and purchase patterns. This enables retailers to personalize the shopping experience for customers and offer targeted marketing campaigns. As a result, the demand for retail analytics solutions is expected to increase, driving the growth of the market in the coming years.
Retail Analytics Market Restraints
High cost of implementation and the lack of skilled personnel to manage
- One major restraint of the global retail analytics market is the high cost of implementation and the lack of skilled personnel to manage. The implementation of retail analytics solutions requires significant investment in hardware and software, as well as in training and hiring skilled personnel. Additionally, the inability to comprehend offline market behavior of consumers can also severely hamper the market. These factors can act as barriers to entry for small and medium-sized retailers, limiting the growth of the market.
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Retail Analytics Market Competitive Landscape
The global retail analytics market is highly competitive and fragmented, with the presence of a large number of players operating in the market. The market players are focused on expanding their market presence through partnerships, collaborations, and mergers and acquisitions. Additionally, companies are also investing in the development of innovative retail analytics solutions to gain a competitive edge. Furthermore, players are also focusing on offering customized retail analytics solutions to meet the specific needs of their clients. The intense competition in the market is expected to drive innovation and the development of advanced retail analytics solutions in the coming years.
Retail Analytics Market Top Player’s Company Profiles
- IBM (US)
- SAP AG (Germany)
- Microsoft Corporation (US)
- Tableau Software (US)
- QlikTech International (Sweden)
- MicroStrategy (US)
- Teradata (US)
- FICO (US)
- HCL Technologies (India)
- Information Builders (US)
- Alteryx (US)
- 1010data (US)
- Wipro Limited (India)
- Angoss Software (Canada)
- Fujitsu Limited (Japan)
- Tata Consultancy Services (India)
- Zoho Corporation (India)
Retail Analytics Market Recent Developments
- In May 2023, Accenture, a leading consulting firm, announced the launch of its new analytics platform, Accenture Analytics, which provides retailers with advanced analytics capabilities.
- In April 2023, Oracle, a leading enterprise software provider, announced a partnership with Walmart to provide the retailer with advanced analytics capabilities.
- In March 2023, IBM, a provider of cloud-based analytics solutions, announced the acquisition of Cognosante, a provider of healthcare data analytics software.
- In January 2023, MicroStrategy, a provider of analytics and business intelligence solutions, announced the launch of its new analytics platform, MicroStrategy 2023, which provides retailers with advanced analytics capabilities.
- In August 2022, SAP, a provider of enterprise software solutions, announced the launch of its new analytics platform, SAP Analytics Cloud, which provides retailers with advanced analytics capabilities.
Retail Analytics Key Market Trends
- One key market trend in the global retail analytics market is the increasing use of artificial intelligence (AI) and machine learning (ML) to analyze vast amounts of data generated by retailers. AI and ML enable retailers to gain real-time insights into customer behavior and preferences, which can be used to personalize the shopping experience for customers. Additionally, the use of AI and ML can also help retailers to forecast demand, optimize inventory management, and reduce costs. The integration of AI and ML technologies with retail analytics solutions is expected to drive the growth of the market in the coming years.
Retail Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global retail analytics market analysis, the market is witnessing significant growth due to the increasing adoption of digitalization, online shopping, and the proliferation of smartphones. The market is highly competitive and fragmented, with the presence of a large number of players operating in the market. Prominent players in the market are focused on expanding their market presence through partnerships, collaborations, and mergers and acquisitions. Additionally, companies are investing in the development of innovative retail analytics solutions to gain a competitive edge. One key market trend in the global market is the increasing use of AI and ML to analyze vast amounts of data generated by retailers. The integration of AI and ML technologies with retail analytics solutions is expected to drive the growth of the market in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.2 billion |
| Market size value in 2031 | USD 29.13 billion |
| Growth Rate | 16.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Retail Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Retail Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Retail Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Retail Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Retail Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Retail Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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