Retail Analytics Market Size, Growth, In-depth Analysis, Research Report Forecast up to 2028: Key Players are Qlik, and Cloud Software Group, Inc. are key players.

Retail Analytics Market is expected to grow at a CAGR of 21.56% to reach a market size worth US$32.808 billion by 2028.

The prime factor propelling the growth of retail analytics is the rising demand for omnichannel analytics, growing retail sales, and increasing deployment of cloud systems.

As per the report, the retail analytics market is expected to grow steadily during the projected period.

A collection of methods and tools used to analyze data in the retail sector are called "retail analytics." In this process, data is collected, sorted, and analyzed from various sources, such as sales transactions, inventory levels, customer behavior, and social media interaction. In recent years, omnichannel retailing has driven the demand for retail analytics as it can provide insights into customer behavior channels like online and offline sales, social media, mobile apps, and more.

The growth in retail sales has created a need for sophisticated tools and methods like retail analytics to help merchants improve their performance and streamline their operations. Moreover, according to the Annual Retail Trade Survey (ARTS) by the U.S. Census Bureau in 2021, between 2020 and 2021, retail sales increased from $5,572.0 billion to $6,522.6 billion, which was a 17.1% increase.

Retail analytics are increasingly used on the cloud platform due to its many benefits, including scalability, flexibility, and cost-effectiveness. In addition, the demand for real-time insights, the increasing usage of smartphones and social media, and the growing adoption of cloud-based solutions by retailers boost the demand for retail analytics. In March 2023, KPMG unveiled a brand-new digital platform called Dash that uses commercial data and artificial intelligence to assist retailers in making smart business decisions.

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The retail analytics market has been segmented into type, deployment, end-user, and geography. The market has been segmented into software and services based on the type.

Based on the deployment, the market has been segmented into cloud and on-premise. Finally, based on the end-user, the market has been segmented into merchandising, supply chain, strategy & planning, store operations, and marketing.

By region, North America is expected to retain a considerable market share due to high internet penetration rates and many well-established retail businesses in the region. In addition, due to the region's early adoption of cutting-edge technologies, it is a very profitable market for retail analytics software. Furthermore, the region's market expansion is due to retailers' increasing focus on improving customer service and marketing to enhance customer experience.

As a part of the report, the major players covered in the retail analytics market are SAP SE, Salesforce, Oracle, Microsoft Corporation, HCL Technologies Limited, IBM, Qlik, Cloud Software Group, Inc., Sisense Inc., Wipro, Zoho Corporation, and ALTERYX.

This retail analytics market has been analyzed into the following segments:

• By Type

o Software
o Services

• By Deployment

o Cloud
o On-premise

• By End-User

o Merchandising
o Supply Chain
o Strategy & Planning
o Store Operations
o Marketing

• By Geography

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Spain
• Others

o Middle East and Africa

• UAE
• Israel
• Saudi Arabia
• Others

o Asia Pacific

• Japan
• China
• India
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others

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