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Surge In Retail And E-Commerce Sector Fuels Growth In The Retail Analytics Software And Services Market Emerges as a Core Driver of the Retail Analytics Software And Services Market in 2025
Retail Analytics Software And Services
What Is the Expected CAGR for the Retail Analytics Software And Services Market Through 2025?
The market size for retail analytics software and services has seen a quick expansion in the past trends. An increase from $2.08 billion in 2024 to $2.45 billion in 2025 is projected, noting a compound annual growth rate (CAGR) of 18.1%. Various key factors have contributed to this rise during the historic period, including the expansion of E-commerce, unprecedented data growth, the need for personalization, competition, optimization of the supply chain, and the rise of omnichannel retailing.
What's the Projected Size of the Global Retail Analytics Software And Services Market by 2029?
In the upcoming years, significant growth is anticipated in the retail analytics software and services market, which is predicted to reach $4.71 billion in 2029, with a compound annual growth rate (CAGR) of 17.7%. The surge during the forecast period could be driven by factors such as the transition to cloud-based platforms, the utilization of artificial intelligence and machine learning, Internet of Things (IoT), augmented reality (AR) and virtual reality (VR), blockchain, and voice-operated commerce. Furthermore, emerging trends that are expected to shape the market include the implementation of advanced analytics and artificial intelligence (AI), predictive analytics, hyper-personalization, unified commerce platforms, analytical ethics and responsibility, and collaborative analysis.
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Top Growth Drivers in the Retail Analytics Software And Services Industry: What's Accelerating the Market?
The growth of the retail analytics software and services market is projected to be fueled by the expansion of the retail and e-commerce industries. The retail and e-commerce industries include businesses that directly offer products and services to consumers via physical outlets or online platforms, enabling transactions and product distribution. The growth of retail and e-commerce can be credited to the increased comfort and accessibility they provide to customers, along with the technological progression that enables smooth online transactions and personalized shopping experiences. Retail analytics software and services provide the tools for retailers and e-commerce enterprises to streamline their operations, enhance customer engagements, and boost sales through data-informed understanding and decision making. For example, as per the United States Census Bureau, a government agency in the US, in 2023, total e-commerce sales hit approximately $1,118.7 billion, a 7.6% rise compared to 2022. In addition, total retail sales in 2023 saw a 2.1% year-on-year increase. E-commerce sales in 2023 accounted for 15.4% of total sales, up from 14.7% in 2022. Consequently, the escalation in the retail and e-commerce industries is leading to the expansion of the retail analytics software and services market.
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What Trends Will Shape the Retail Analytics Software And Services Market Through 2029 and Beyond?
Leading firms in the retail analytics software and services sector are creating groundbreaking technologies such as smart store analytics, aimed at enhancing retail products and solutions. Essentially, Smart Store Analytics is a data platform that allows businesses in the retail space to introduce autonomous shopping technology in a cost-effective way. For example, in January 2023, AiFi Inc., a software firm based in the US, in collaboration with Microsoft Corporation, a US-based tech giant, launched smart store analytics specifically designed for cashier-less stores. Leveraging AiFi's computer vision algorithm, the platform can identify customer behaviors like what items they take and put in their shopping carts. It subsequently charges their credit cards automatically when they are finished shopping. Smart store analytics yield valuable metrics about consumer shopping habits, flow of foot traffic, product interactions, among other things, without resorting to facial identification or biometric data.
What Are the Main 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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Which Top Companies are Driving Growth in the Retail Analytics Software And Services Market?
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
Which Regions Will Dominate the Retail Analytics Software And Services Market Through 2029?
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.
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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…
