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In-Depth Analysis of the Retail Analytics Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Ring Main Unit Market Share
The retail analytics market is expected to be propelled by the digital transformation aimed at improving customer experience and retail operations. Digital transformation involves utilizing digital technology to modify a business model, generating new opportunities for value creation and income. Independent of the platform or location, digital transformation provides businesses the opportunity to engage with modern customers and meet their desire for a seamless customer experience. To exemplify, the gov.UK, a United Kingdom government website, reported in February 2024 that the digital sector contributed £158.3 ($207.05) billion to the UK economy in 2022. This represents 7.2% of the UK's total Gross Value Added (GVA), an increase from 7.1% in 2021 based on current price calculations. Consequently, the digital transformation aimed at improving customer experience and retail functions is fueling the expansion of the retail analytics market.
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What is the future CAGR of the retail analytics market, and how will it impact industry expansion?
In recent times, there has been a drastic expansion in the retail analytics market size. It is projected to increase from $8.66 billion in 2024 to $10.85 billion in 2025, with a compound annual growth rate (CAGR) of 25.3%. Factors such as increased competition in the retail industry, emphasis on customer experience, the introduction of loyalty schemes, the rise of big data analytics, the surge of e-commerce, and the need for personalization have all contributed to the growth during the historic period.
The market size for retail analytics is predicted to rapidly increase in the upcoming years, reaching $24.79 billion in 2029 with a compound annual growth rate (CAGR) of 22.9%. Elements contributing to this increase during the forecasted period include improved fraud detection mechanisms, the spread of omnichannel strategies, instantaneous analytics, the need for sustainability analytics, and worries about privacy and regulation, along with the international growth of retail chains. Key trends for this forecast period involve prioritizing customer experience analytics, integrating omnichannel analytics for smooth operation, implementing real-time analytics for quick decision-making, applying visual and image analytics, adopting cloud-based analytic solutions, utilizing customer segmentation for specific marketing, and collaborating with analytic service providers.
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What are the most significant trends transforming the retail analytics market today?
Key players in the retail analytics market are creating digital tools that combine corporate data and artificial intelligence (AI) to amplify customer insights, streamline inventory management, and upgrade marketing strategies, ultimately enhancing their overall operational effectiveness. Sophisticated platforms for data visualization and analytics employ real-time data integration and AI-powered algorithms, aiding retailers in making well-informed decisions, boosting sales performance, and ameliorating customer experiences. For example, KPMG International Ltd, a company based in the Netherlands, introduced Dash, a digital instrument, in March 2023. Dash uses AI-powered algorithms to scrutinize vast quantities of data, resulting in predictions and suggestions that assist retailers in gaining insights into customer behavior, catchment regions, and competition. The platform is engineered to be user-friendly and accessible to companies of every size, necessitating minimal lead time for implementation. Significantly, there are no upfront charges, making it economically viable for a variety of retail businesses.
Which key market segments comprise the retail analytics market and drive its revenue growth?
The retail analytics market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Function: Customer Management, Merchandising, Store Operations, Supply Chain, Strategy And Planning
3) By Deployment Model: On-Premise, Cloud
4) By End User: Offline, Online
Subsegments:
1) By Solutions: Predictive Analytics Software, Descriptive Analytics Software, Prescriptive Analytics Software, Visualization Tools, Customer Analytics Solutions, Inventory Management Solutions
2) By Services: Consulting Services, Implementation Services, Managed Services, Support And Maintenance Services
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What regions are at the forefront of retail analytics market expansion?
North America was the largest region in the retail analytics market in 2024. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the retail analytics market?
Major companies operating in the retail analytics market are 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.
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What Is Covered In The Retail Analytics Global Market Report?
• Market Size Forecast: Examine the retail analytics market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the retail analytics market for a structured understanding.
• Key Players Overview: Analyze major players in the retail analytics market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the retail analytics market.
• Segment Contributions: Evaluate how different segments drive overall growth in the retail analytics market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the retail analytics market.
• Industry Challenges: Identify potential risks and obstacles affecting the retail analytics market.
• Competitive Landscape: Review strategic developments in the retail analytics market, including expansions, agreements, and new product launches.
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Learning Objective
• To provide detailed analysis of the market structure along with forecast for the next 10 years of the various segments and sub-segments of the global Analytics as a service Market.
• To provide insights about factors affecting the market growth.
• To Analyze the Analytics as a service Market based on various factors- porters five force analysis, mega trend analysis, macroeconomic indicators etc.
• To provide historical and forecast revenue of the…
