Westford,USA, Nov. 19, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Retail Analytics Market will reach a value of USD 29.13 Billion by 2031, with a CAGR of 16.80% during the forecast period (2024-2031). The global retail analytics market has undergone rapid transformations by forging strong customer connections to boost beneficial growth and competitive benefits. Digitization has led customers to more easily shop among many choices while saving time, fueling retail’s digitization. Thus, the massive amounts of varied and speedy big data are expected to significantly affect the field. Primary drivers include rising online purchases, continuous increases in big data usage, social media’s proliferation, and more people owning smartphones that simplify shopping. Smart retailers have capitalized on social platforms like Facebook to better grasp customer needs, brand perceptions, loyalty, and feedback, strengthening bonds. Demand is also growing for retail analytics in inventory administration and planning and tracking what shoppers buy, factors seen positively impacting market expansion.
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Browse in-depth TOC on the “Retail Analytics Market”
- Pages – 197
- Tables – 59
- Figures – 75
Retail Analytics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 8.41Billion |
| Estimated Value by 2031 | $ 29.13Billion |
| Growth Rate | Poised to grow at a CAGR of 16.80% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Deployment and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increasing adoption of digitalization |
| Key Market Opportunities | Growing implementation of advanced technologies such as AI and ML |
| Key Market Drivers | Substantial e-commerce growth |
Rising Popularity of Analytical Software to Accurately Estimate Consumer Patterns to Boost Market Growth
The software segment remains poised to capture the maximum share of the market. Powerful analytics solutions that unravel consumer purchasing patterns, streamline logistics, and sharpen strategic planning are in higher demand as retailers increasingly acknowledge the worth of turning raw data into actionable intelligence. The software segment showcases a collection of analytical instruments tailored to the requirements of retailer, from specialized programs for multi-unit chains to scalable platforms for online innovators. Sentence complexity and variations in length help maintain human interest and understanding, much like the diversity within the software segment helps preserve its market leading position.
Growing Popularity of In-Store Retail Analytics to Boost Shopping Experience to Drive Market Growth
The in-store retail analytics is witnessing the fastest growth on the retail analytics market. This is because it is important in enhancing merchandising strategies, staffing plans, pricing schemes, and broader store operations for brick-and-mortar retailers. Optimizing various facets of retail using in-store analytics aims to provide patrons with superior shopping experiences, boost efficiency across outlets, and foster business growth over time. By gaining insights into customer behaviour, preferences, pain points through data analytics, retailers can personalize each shopper’s journey and experiences. Data-driven decision making proves crucial for retailers as analytics aids allocating resources properly, streamlining processes effectively, and guiding inventory levels, procurement amounts, advertising choices, and product recommendations. When harnessing the power of collected data analytics skilfully, retailers may strike a balance between customer satisfaction and operational efficiency, driving overall business achievement ultimately.
Rising Usage of Internet Connectionsto Efficiently Use Analytical Tools to Boost Market Growth in Asia Pacific
The Asia Pacific is expected to exhibit notable growth in the retail analytics market during the forecast period. The proliferation seen in the region is due to retailers extensively and frequentlyutilizing internet connections, allowing marketers to more readily adopt analytical tools. Analytics aids retailers in understanding market trends and consumer preferences, strengthening their position while also providing insight into areas warranting improvement. The retail analytics market is further proliferating in Asia Pacific because of evolving nations such as India, China, and Japan where data analysis is regularly employed by marketers across various sectors, especially retail. Burgeoning technology adoption and abundant available data promote comprehensive assessment and optimization of operations. Long-term, nuanced evaluation of diverse indicators facilitates optimization of diverse tactics on both macro and micro levels.
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Retail Analytics Market Insights
Drivers
- Increasing adoption of digitalization
- Substantial e-commerce growth
- High demand for brand merchandizing
Restraints
- Difficulty of integrating legacy systems
- Assortment issues in retail industry
- Data security and privacy issues
Key Players Operating in the Retail Analytics Market
The following are the Top Retail Analytics Market Companies
- Microsoft Corporation
- HCL Technologies Limited
- FLIR Systems, Inc.
- IBM Corporation
- Oracle Corporation
- SAP SE
- QlikTech International A.B.
- Fractal Analytics Inc.
- Wipro Limited
- Nielsen Consumer LLC
- EY
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Key Questions Answered in the Blood Screening Market
- What is the key factor driving the Retail Analytics market?
- Which region held the highest market share in the Retail Analytics market report?
- What factors are driving the adoption of Retail Analytics market?
This report provides the following insights:
- Analysis of key drivers (Increasing adoption of digitalization, Substantial e-commerce growth, and High demand for brand merchandizing), restraints (Difficulty of integrating legacy systems and Assortment issues in retail industry), opportunities (Growing implementation of advanced technologies such as AI and ML), and challenges (Data security and privacy issues) influencing the growth of Retail Analytics market
- Market Penetration: Comprehensive information on the product offered by the top players in the Retail Analytics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the Retail Analytics market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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