Press release
Retail Analytics Software And Services Market Set to Reach $4.71 Billion by 2029 with 17.7% Yearly Growth
Retail Analytics Software And Services Market Size
The swelling of the retail and e-commerce industries is projected to fuel the expansion of the market for retail analytics software and services. Direct retail and e-commerce businesses, which sell products and services straight to consumers through brick-and-mortar establishments or online platforms, make transactions and product distribution possible. The growth in these sectors is largely due to the heightened convenience and accessibility they provide to consumers, coupled with technological progress that enables smooth online transactions and tailored shopping experiences. Retail analytics software and services provide retailers and e-commerce entities with the ability to streamline operations, improve customer experiences and boost sales, all through the application of data-derived insights and resolution making. As an illustration, the United States Census Bureau, a government organization based in the US, disclosed in February 2024 that total e-commerce sales for 2023 rose to an estimated $1,118.7 billion, marking a 7.6% increase from 2022. In addition, the aggregate retail sales for 2023 underwent a 2.1% spike when compared to the prior year. E-commerce sales in 2023 represented 15.4% of total sales, a rise from 14.7% in 2022. Consequently, the ascending trend in the retail and e-commerce industries is fueling the growth of the retail analytics software and services market.
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What Is the projected market size and growth rate for the retail analytics software and services market?
The market for retail analytics software and services has seen accelerated growth in recent years. Its size is projected to expand from $2.08 billion in 2024 to $2.45 billion in 2025, reflecting a compound annual growth rate (CAGR) of 18.1%. The rapid growth within the historic period can be linked to factors such as the boom in E-commerce, explosion of data, increased demand for personalized services, heightened competition, improvements in supply chain optimization, and the rise of omnichannel retailing.
In the coming years, the market size for retail analytics software and services is anticipated to experience swift expansion. By 2029, it is predicted to reach a value of $4.71 billion with a compound annual growth rate (CAGR) of 17.7%. The anticipated growth during the forecast period is due to the transition towards cloud-based solutions and the adoption of technologies like artificial intelligence and machine learning, Internet of Things (IoT), augmented and virtual reality, blockchain, and voice commerce. Key trends to watch during this 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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What new trends are reshaping the retail analytics software and services market and its opportunities?
Key players in the market for retail analytics software and services are pioneering new technologies like smart store analytics, with the aim of enhancing their retail solutions. Smart Store Analytics is a data-oriented platform that allows retailers to implement autonomous shopping technology in a cost-effective manner. For example, AiFi Inc., a software company based in the US, teamed up with Microsoft Corporation, a US technology firm, to introduce smart store analytics in January 2023. This is a tracking service designed for cashier-free stores, which uses AiFi's computer vision algorithm to understand the behaviors of shoppers, such as what items they pick up and place in their carts. The platform then auto-charges their cards when they decide to complete the purchase. Smart store analytics offers insights into a range of metrics, including customer shopping habits, movement of foot traffic, interactions with products, and more, without the need to rely on facial recognition or biometric data.
What major market segments define the scope and growth of the retail analytics software and services market?
The retail analytics software and services market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Application: Merchandising Analysis, Pricing Analysis, Customer Analytics, Promotional Analysis And Planning, Yield Analysis, Inventory Analysis, Other Applications
3) By Distribution Channel: Online, Offline
4) By Organization Size: Large Enterprises, Small And Medium Enterprises
5) By Business Function: Finance, marketing And Sales, Human Resources, Operations
Subsegments:
1) By Solutions: Descriptive Analytics Solutions, Predictive Analytics Solutions, Prescriptive Analytics Solutions, Real-Time Analytics Solutions, Customer Analytics Solutions, Inventory And Supply Chain Analytics Solutions
2) By Services: Consulting Services, Integration And Implementation Services, Support And Maintenance Services, Training And Education Services
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North America was the largest region in the retail analytics software and services market in 2024. The regions covered in the retail analytics software and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the retail analytics software and services industry growth?
Major companies operating in the retail analytics software and services market report are 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
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What Is Covered In The Retail Analytics Software And Services Global Market Report?
•Market Size Forecast: Examine the retail analytics software and services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the retail analytics software and services market for a structured understanding.
•Key Players Overview: Analyze major players in the retail analytics software and services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the retail analytics software and services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the retail analytics software and services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the retail analytics software and services market.
•Industry Challenges: Identify potential risks and obstacles affecting the retail analytics software and services market.
•Competitive Landscape: Review strategic developments in the retail analytics software and services market, including expansions, agreements, and new product launches.
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• 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…
