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Global Retail Analytics Software And Services Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Retail Analytics Software And Services Market Size
What Is the Retail Analytics Software And Services Market Size and Projected Growth Rate?
The market size of retail analytics software and services has witnessed a swift expansion in the past few years. The market is expected to progress from a value of $2.08 billion in 2024 to $2.45 billion in 2025, boasting a Compound Annual Growth Rate (CAGR) of 18.1%. The remarkable growth during the historical period can be credited to various factors including the blooming E-commerce sector, massive data proliferation, rising demand for customized services, competitive market conditions, the optimization of the supply chain, and the trend of omnichannel retailing.
Anticipated to experience significant growth in the coming years, the market size of retail analytics software and services is on track to reach $4.71 billion in 2029, expanding at a compound annual growth rate (CAGR) of 17.7%. The accelerated growth during the forecast period is mainly driven by the transition towards cloud-based solutions alongside advancements in artificial intelligence and machine learning, the Internet of Things (IoT), augmented (AR) and virtual reality (VR), blockchain technology, and voice commerce. Further key trends expected to pervade the forecast period are the integration of advanced analytics and artificial intelligence (AI), the use of predictive analytics, hyper-personalization, the emergence of unified commerce platforms, the focus on ethical and responsible analytics, as well as the rise of collaborative analytics.
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What Are the Major Segments in 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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What Are The Driving Retail Analytics Software And Services Market Evolution?
The expansion of the retail and e-commerce industries is predicted to accelerate the development of the market for retail analytics software and services. The terms "retail" and "e-commerce" denote enterprises that directly sell goods and services to customers either in physical storefronts or on digital platforms, thereby enabling transactions and product distribution. The growth of e-commerce and retail can be credited to enhanced consumer convenience and accessibility, as well as technological advancements that enable smooth online payments and personalized shopping experiences. Retail analytics software and services assist retail and e-commerce firms in improving operations, enriching customer interactions, and boosting sales by using data-driven insights and strategic decisions. For example, the United States Census Bureau, a government agency in the US, reported in February 2024 that, in 2023, overall e-commerce sales exceeded a projected $1,118.7 billion, showing a 7.6% rise from 2022. Furthermore, total retail sales in 2023 went up by 2.1% in comparison to the prior year. E-commerce sales in 2023 made up 15.4% of overall sales, in contrast to 14.7% in 2022. Hence, the upsurge in the retail and e-commerce industries is propelling the growth of the market for retail analytics software and services.
Which Firms Dominate The Retail Analytics Software And Services Market Segments?
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
What Trends Are Driving Growth in The Retail Analytics Software And Services Market?
Key players in the retail analytics software and services sector are advancing their solutions by incorporating unique technologies like smart store analytics. This data platform permits retailers to introduce autonomous shopping technology in a financially viable manner. In the month of January 2023, companies like AiFi Inc., a software-based enterprise in the US, cooperated with Microsoft Corporation, a tech-based US firm, to roll out smart store analytics. This service is designed for outlets without a cashier, and uses AiFi's computer vision algorithm to monitor shoppers' behaviors, including their selection of items and what they put into their carts. It initiates their card payment automatically when they are ready to exit. Unlike methods that rely on facial or biometric data, smart store analytics uses data on customers' shopping behaviors, movement patterns inside store, interactions with products, among other metrics.
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Which Is The Largest Region In The Retail Analytics Software And Services Market?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Retail Analytics Software And Services Market?
2. What is the CAGR expected in the Retail Analytics Software And Services Market?
3. What Are the Key Innovations Transforming the Retail Analytics Software And Services Industry?
4. Which Region Is Leading the Retail Analytics Software And Services Market?
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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…
