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

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.