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Retail Analytics Market Size, Industry Share And Trends Report 2033
Retail Analytics Market Size
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According to The Business Research Company's, The retail analytics market size has grown exponentially in recent years. It will grow from $6.99 billion in 2023 to $8.84 billion in 2024 at a compound annual growth rate (CAGR) of 26.4%. The growth in the historic period can be attributed to competition in the retail sector, focus on customer experience, adoption of loyalty programs, emergence of big data analytics, growth of e-commerce, demand for personalization.
The retail analytics market size is expected to see exponential growth in the next few years. It will grow to $20.29 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%. The growth in the forecast period can be attributed to enhanced fraud detection, expansion of omnichannel strategies, real-time analytics, demand for sustainability analytics, privacy and compliance concerns, international expansion of retail chains. Major trends in the forecast period include focus on customer experience analytics, omnichannel analytics for seamless integration, real-time analytics for instant decision-making, visual and image analytics, cloud-based analytics solutions, customer segmentation and targeted marketing, collaboration with analytics service providers.
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Market Drivers and Trends:
The growth in IT infrastructure is expected to propel the growthy of the retail analytics market going forward. Information Technology (IT) infrastructure refers to the combination of hardware, software, networks, data centers, and other components that support and enable the functioning of an organization's information technology environment. A well-designed and well-maintained IT infrastructure is foundational for the successful growth of retail analytics. It provides the necessary support for data management, processing, and analysis, ensuring that retailers can harness the power of data to make informed decisions, enhance customer experiences, and optimize their operations. For instance, in December 2022, according to the Government Digital Service, a UK-based government body, fast-growing IT businesses in the UK have raised close to $29.49 billion in 2022, which is near record levels. Therefore, the growth in IT infrastructure is driving the growth of the retail analytics market.
Technological advancement is a key trend in the retail analytics market. Major companies operating in the retail analytics market are developing innovative analytics platforms for retailers using advanced technology such as artificial intelligence (AI), internet of things (IoT) devices, augmented and virtual reality, chatbots, and others to sustain their position in the market. For instance, in August 2021, Crossmark, a US-based retail merchandising services provider, launched an accelerator, a cutting-edge data analysis platform for CPG sales and marketing activities. The platform is designed to evolve as new data sources, and machine learning (AI) capabilities are added. The custom platform, created in collaboration with leading technology firms with best-in-class analytics horsepower to deliver intuitive visualization of analytical tasks critical for smarter selling and faster growth.
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Major Key Players of the Market:
Microsoft Corporation, HCL Technologies Limited, IBM Corporation, 1010data Inc., FLIR Systems Inc., Radius Networks Inc., Manthan Software Services Pvt. Ltd., Wipro Limited, Capgemini SE, TIBCO Software Inc., Adobe Inc., Cisco Systems Inc., Amazon.com Inc., Teradata Corporation, MicroStrategy Incorporated, Tableau Software LLC, FICO, Fiserv, Inc., Verisk Analytics Inc., Nielsen Holdings plc, Experian plc, Mastercard Incorporated, Visa Inc., PayPal Holdings Inc., Square Inc., Shopify Inc., Facebook Inc., Dor Technologies Inc., True Fit Corporation, Orbital Insight Inc., Cuebiq Inc., Rubikloud Technologies Inc.
Retail Analytics Market 2024 Key Insights:
• The retail analytics market size is expected to see exponential growth in the next few years. It will grow to $20.29 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%.
• Transforming Retail Through Digitalization Driving Growth In The Retail Analytics Market
• Innovative Technological Advancements Shaping The Retail Analytics Landscape
• North America was the largest region in the retail analytics market in 2023
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