Retail Analytics Market Outlook, Future Projections, Development Factors, Report 2023-2028

The latest report published by IMARC Group, titled "Retail Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on retail analytics market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global retail analytics market size reached US$ 7.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2028, exhibiting a growth rate (CAGR) of 20.3% during 2023-2028.

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Factors Affecting the Growth of the Retail Analytics Industry:

• Integration of Advanced Technologies:

The global retail analytics market is experiencing significant growth, largely driven by the integration of advanced technologies such as AI, machine learning, and big data analytics. These technologies enhance data processing capabilities, enabling retailers to gain deeper insights into consumer behavior and preferences. This factor contributes substantially to market growth, as businesses increasingly adopt these tools to stay competitive. The market analysis shows that retailers leveraging these technologies report improved decision-making, optimized operations, and increased sales, directly impacting the market size. Additionally, the integration of these technologies is a key market trend, influencing the future market outlook as businesses strive to achieve a competitive edge through data-driven strategies.

• Rising E-Commerce and Omnichannel Retailing:

The expansion of e-commerce and the adoption of omnichannel strategies are pivotal factors in the growth of the retail analytics market. This trend is a response to the evolving consumer preferences for seamless shopping experiences across multiple channels. Market share in this sector is increasingly influenced by retailers' ability to integrate online and offline data, offering personalized customer experiences. The market analysis indicates a continuous rise in the adoption of retail analytics solutions to manage and interpret this complex data. This factor contributes to market growth and also shapes market trends, as retailers focus on creating a cohesive customer journey. The future market outlook suggests a sustained emphasis on omnichannel strategies, further propelling the market's expansion.

• Increasing Customer Experience Enhancement:

Enhancing customer experience remains a major driver in the retail analytics market. Retailers are utilizing analytics to understand customer needs and preferences, thereby tailoring their offerings for improved customer satisfaction. This factor is critical for market growth, as it directly influences consumer loyalty and spending. The market analysis reveals that businesses investing in analytics to enhance customer experience gain a substantial market share, as they are better positioned to meet customer expectations. This approach also aligns with current market trends, emphasizing personalized and customer-centric retail strategies.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• 1010data Inc. (Advance Publications Inc.)
• Adobe Inc.
• Altair Engineering Inc.
• Flir Systems Inc.
• Fujitsu Limited
• International Business Machines Corporation
• Information Builders Inc.
• Microsoft Corporation
• Microstrategy Incorporated
• Oracle Corporation
• Qlik Technologies Inc. (Thoma Bravo LLC)
• SAP SE
• SAS Institute Inc.
• Tableau Software LLC (Salesforce.com Inc.)
• Tibco Software Inc.

Retail Analytics Market Report Segmentation:

Breakup by Function:
• Customer Management
• In-store Operation
• Strategy and Planning
• Supply Chain Management
• Marketing and Merchandizing
• Others

Customer management as the largest segment by function in the retail analytics market is due to its crucial role in enabling retailers to understand and predict consumer behavior, thereby enhancing customer retention and sales.

Breakup by Component:

• Software
• Services

The dominance of software in the component segment is attributed to the growing demand for advanced analytical tools that provide detailed insights into retail operations, customer preferences, and market trends.

Breakup by Deployment Mode:

• On-premises
• Cloud-based

Cloud-based solutions represent the largest segment by deployment mode, driven by their scalability, cost-effectiveness, and ease of integration with existing retail systems, facilitating broader adoption among retailers.

Breakup by End User:

• Small and Medium Enterprises
• Large Enterprises

Large enterprises constitute the largest segment of end-users due to their substantial investment capabilities in advanced analytics tools for comprehensive data analysis, which is essential for strategic decision-making and competitive advantage.

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

North America's position as the largest market in retail analytics is largely due to the region's early adoption of advanced technologies, a highly competitive retail sector, and the presence of major market players in the region.

Global Retail Analytics Market Trends:

Emerging market trends in the retail analytics sector are significantly influenced by the surge in mobile commerce and social media analytics. The increasing use of smartphones for shopping has prompted retailers to invest in mobile analytics, offering insights into consumer buying patterns and preferences on mobile platforms.
Additionally, social media analytics is gaining traction, as retailers analyze consumer sentiments and trends on social platforms to fine-tune marketing strategies. These trends are driving market growth, as they enable retailers to engage more effectively with tech-savvy consumers and personalize marketing efforts. The adoption of these trends is crucial for retailers aiming to stay relevant and competitive in a rapidly evolving digital landscape.

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.