The Booming In-Store Analytics Market Set to Soar from $2.9 Billion to $27 Billion by 2032 at 25.3% CAGR

Allied Market Research published a new report, titled, " The Booming In-Store Analytics Market Set to Soar from $2.9 Billion to $27 Billion by 2032 at 25.3% CAGR." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Surge in strengthening the customer experience, rise in omnichannel integration, and an escalation of operational efficiency primarily drive the growth of the in-store analytics market. Customized marketing strategies is expected to provide lucrative opportunities for the market growth during the forecast period.

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The global in-store analytics market was valued at USD 2.9 billion in 2022, and is projected to reach USD 27 billion by 2032, growing at a CAGR of 25.3% from 2023 to 2032.

The in-store analytics market is segmented on the basis of component, enterprise size, deployment mode, application, and region. On the basis of component, it is divided into solution and services. On the basis of enterprise size, it is bifurcated into large enterprise and small and medium-sized enterprises. On the basis of deployment mode, it is bifurcated into on-premise and cloud. On the basis of application, it is fragmented into customer management, marketing management, merchandising analysis, store operations management, risk and compliance management, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Region-wise, the in-store analytics market size was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to the increasing need of retailers to improve customer experience and boost sales, coupled with the growing use of cutting-edge technology aiding the growth of the in-store analytics market. However, Asia Pacific is expected to witness significant growth during the in-store analytics market forecast period, owing to the expanding retail industry and rise in use of cutting-edge technology which is expected to fuel the market growth in this region.

The key players operating in the in-store analytics industry include RETAILNEXT, INC., AMOOBI, Trax Image Recognition, Teralytics Inc., Capillary Technologies, V-Count, SEMSEYE, HoxtonAi, Capgemini, and SAP. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.

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On the basis of enterprise size, large enterprise segment dominated the in-store analytics market in 2022 and is expected to maintain its dominance in the upcoming years owing to need to improve overall business performance by using these insights to promote sales growth throughout their retail network, improve customer experiences, and personalize marketing campaigns which propels the market growth significantly. However, the small and medium-sized enterprise segment is expected to witness the highest growth, owing to increase sales and improve customer experiences by optimizing shop layouts, streamlining operations, and personalizing marketing campaigns with the use of in-store data.

On the basis of component, software segment dominated the in-store analytics market in 2022 and is expected to maintain its dominance in the upcoming years owing to the necessity for retailers to improve consumer experiences and the growing demand for data-driven decision-making propels the market growth significantly. However, the services segment is expected to witness the highest growth, owing to rise in use of in-store analytics solutions by retailers and increase in demand for professional help in maximizing the potential of these solutions.

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KEY FINDINGS OF THE STUDY

● By component, the software segment accounted for the in-store analytics market share in 2022.
● By deployment mode, the on-premise segment accounted for the in-store analytics market share in 2022.
● By enterprise size, the large enterprise segment accounted for the in-store analytics market share in 2022.
● On the basis of application, customer management segment generated the highest revenue in 2022.
● According to the in-store analytics market analysis region-wise, North America generated the highest revenue in 2022.

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