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Surging Activities Of E-Commerce Fuels Growth In The Retail Intelligence Software Market: An Emerging Driver Transforming The Retail Intelligence Software Market Landscape
Retail Intelligence Software
What Is the Projected Growth of the Retail Intelligence Software Market?
The size of the market for retail intelligence software has seen a swift expansion over the past few years. It is projected to rise from $8.31 billion in 2024 to $9.77 billion in 2025 with a Compound Annual Growth Rate (CAGR) of 17.5%. The growth witnessed during the historic period can be traced back to factors like growth in e-commerce activity, surge in big data volumes, consumer demand for a personalized experience, enhanced use of mobile tech, and uptick in competitive pressures.
Expectations are high for a substantial rise in the retail intelligence software market size over the coming years. This sector is projected to increase to a value of $18.43 billion in 2029, with a compound annual growth rate (CAGR) of 17.2%. Factors contributing to this growth during the forecast period include the burgeoning use of artificial intelligence, escalating demand for on-the-spot data processing, the growing significance of omnichannel strategies, the widening impact of social commerce, and an increased emphasis on consumer privacy. Noteworthy trends to look out for during this period are AI adoption, integration of IoT devices, blockchain utilization, product enhancements, and progression in technology.
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What Are the Different Retail Intelligence Software Market Segments?
The retail intelligence software market covered in this report is segmented -
1) By Type: Cloud Based, On Premises
2) By Sales Channel: Online, Offline
3) By Application: Large Enterprises, Small And Medium-Sized Enterprises
4) By End User: Grocery Stores, Convenience Stores, Apparel And Footwear, Mass Merchant, Specialty Retailers, E-Commerce, Other End Users
Subsegments:
1) By Cloud-Based:Public Cloud, Private Cloud, Hybrid Cloud
2) By On-Premises:Managed Services, Self-Hosted
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What Are the Primary Drivers Shaping the Retail Intelligence Software Market?
Anticipated growth in the retail intelligence software market is being driven by the escalating activity in the e-commerce sector. E-commerce, which involves the online trading of goods and services, is accelerating due to various factors. Notably, these include growing internet penetration, shifts in consumer preferences favoring online shopping, convenience, and improvements in logistical and payment systems. The utility of retail intelligence software is accentuated in the e-commerce landscape as it helps in accumulating, analyzing and making sense of data encompassing customer behavior, sales performance, inventory management, pricing tactics and market tendencies. Drawing on a case in point, the United States Census Bureau, a government agency in the US, reported total retail e-commerce sales of $1,831.4 billion in the US in the last quarter of 2023, marking a subtle 0.4% rise from the preceding quarter. Hence, the uptick in e-commerce activity is positively influencing the growth trajectory of the retail intelligence software market.
Which Companies Are Leading in the Retail Intelligence Software Market?
Major companies operating in the retail intelligence software market report are Supplypike LLC; Rakuten Group; SPS Commerce Inc.; Numerator; Kinaxis Inc.; Quotient Technology Inc.; Trax Retail LTD; AFS Technologies Inc.; ThoughtSpot Inc.; Sensormatic Solutions; Wiser Solutions Inc.; Retail Solutions Inc.; Mi9 Retail; DataWeave; Upstream Commerce; ShopperTrak; Premise Data Corporation; TC Group Solutions; Dor Technologies; Intelligence Node; Springboard; Glew.io; Stackline; Omnilytics; Streetspotr GmbH
What Trends Are Expected to Dominate the Retail Intelligence Software Market in the Next 5 Years?
Leading firms in the retail intelligence software market are leveraging advanced solutions that employ IoT-based technologies such as Bluetooth-LE (BLE)-based retail IoT protocols to outperform their competition. These BLE-based retail IoT protocols refer to a standardized communication method purposely built for IoT devices used in a retail environment. For example, VusionGroup, a retail technology enterprise based in France, introduced VusionOX, a groundbreaking Bluetooth-LE-based protocol in December 2023, geared toward speeding up the digital evolution of physical retail. This innovative connectivity solution flawlessly interfaces retail IoT devices with products and shoppers, fostering an integrated retail ecosystem. The combination of VusionOX and VusionCloud enables precise geolocation, personalized in-store direction, guided order completion, and relevant shopper interactions. Furthermore, it provides constant over-the-air feature deployment and battery optimization, augmenting sustainability initiatives.
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What Are the Top Revenue-Generating Geographies in the Retail Intelligence Software Market?
North America was the largest region in the retail intelligence software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail intelligence software 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 Intelligence Software Market?
2. What is the CAGR expected in the Retail Intelligence Software Market?
3. What Are the Key Innovations Transforming the Retail Intelligence Software Industry?
4. Which Region Is Leading the Retail Intelligence Software Market?
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