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Retail Analytics Software And Services Market Overview, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Retail Analytics Software And Services Market Overview
According to The Business Research Company's, The retail analytics software and services market size has grown rapidly in recent years. It will grow from $1.77 billion in 2023 to $2.08 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to the expansion of E-commerce, data explosion, demand for personalization, competition, supply chain optimization, and omnichannel retailing.
The retail analytics software and services market size is expected to see rapid growth in the next few years. It will grow to $4 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to a shift towards cloud-based solutions, artificial intelligence and machine learning, Internet of Things (IoT), augmented reality (AR) and virtual reality (VR), blockchain, and voice commerce. Major trends in the forecast period include the adoption of advanced analytics and artificial intelligence (AI), predictive analytics, hyper-personalization, unified commerce platforms, ethical and responsible analytics, and collaborative analytics.
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Market Drivers and Trends:
The rise in the retail and e-commerce sectors is expected to propel the growth of the retail analytics software and services market going forward. The retail and e-commerce sectors refer to businesses that sell goods and services directly to consumers through physical stores or online platforms, facilitating transactions and the distribution of products. The rise in retail and e-commerce can be attributed to increased convenience and accessibility for consumers, alongside technological advancements facilitating seamless online transactions and personalized shopping experiences. Retail analytics software and services empower retailers and e-commerce businesses to optimize operations, enhance customer experiences, and drive sales through data-driven insights and decision-making. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, in 2023, total e-commerce sales reached an estimated $1,118.7 billion, reflecting a 7.6% increase compared to 2022. Moreover, the total retail sales for 2023 experienced a 2.1% increase compared to the previous year. The e-commerce sales in 2023 constituted 15.4% of total sales, compared to 14.7% in 2022. Therefore, the rise in the retail and e-commerce sectors is driving the growth of the retail analytics software and services market.
Major companies operating in the retail analytics software and services market are developing innovative technologies such as smart store analytics, to advance the retail offering and solution. Smart Store Analytics is a data platform that enables retailers to deploy autonomous shopping technology cost-effectively. For instance, in January 2023, AiFi Inc., a US-based Software company, in partnership with Microsoft Corporation, a US-based technology company, launched smart store analytics, a tracking service for cashierless outlets. The platform uses AiFi's computer vision algorithm to recognize shoppers' behaviors, including what they pick up and place in their carts. It automatically charges their payment cards when they're ready to check out. Smart store analytics provides insights into customer shopping behaviors, foot traffic patterns, product interactions, and other metrics without relying on facial recognition or biometric data.
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Major Key Players of the Market:
Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Infosys Limited, Square Inc., Wipro Limited, Dassault Systèmes SE, Shopify Inc., The Sage Group plc, Lawson Software Inc., Epicor Software Corporation, Zoho Corporation Pvt. Ltd., Manhattan Associates Inc., Lightspeed POS Inc., Kinaxis Inc., Retalix Ltd., BluJay Solutions LLC, Retail Pro International LLC, Logility Inc., Fishbowl Inventory LLC, Brightpearl Limited, Wasp Barcode Technologies LLC, Archon Systems Inc., HighJump Software Inc., Aldata Solutions, Ordoro Inc
Retail Analytics Software And Services Market 2024 Key Insights:
• The retail analytics software and services market size is expected to see rapid growth in the next few years. It will grow to $4 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%.
• Surge In Retail And E-Commerce Sector Fuels Growth In The Retail Analytics Software And Services Market
• Innovative Technologies in Retail Analytics
• North America was the largest region in the retail analytics software and services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Americas: +1 315 623 0293
Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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