Press release
Retail Analytics Market Poised to Hit $24.21 Billion by 2029 with Accelerating Growth Trends
Retail Analytics
Retail Analytics Market Size Growth Forecast: What to Expect by 2025?
In recent times, the size of the retail analytics market has seen considerable growth. The market is projected to expand from a worth of $8.66 billion in 2024 to $10.77 billion in 2025, with a compound annual growth rate (CAGR) of 24.4%. The significant growth during the historic period is due to factors such as intense competition in the retail industry, emphasis on customer experience, the adoption of loyalty programs, the advent of big data analytics, the rise of e-commerce, and the need for personalization.
How Will the Retail Analytics Market Size Evolve and Grow by 2029?
The market size of retail analytics is projected to experience significant growth in the coming years, with a predicted valuation of $24.21 billion in 2029 and a compound annual growth rate (CAGR) of 22.4%. This expected rise during the forecast period can be attributed to advancements in fraud detection techniques, the growth of omnichannel strategies, real-time analytics, the rising demand for sustainability analytics, concerns related to privacy and compliance, and the international expansion of retail chains. Notable trends to be observed throughout the forecast period include an emphasis on customer experience analytics, the integration of omnichannel analytics, immediate decision-making through real-time analytics, advancements in visual and picture analytics, the deployment of cloud-based analytics solutions, an approach towards customer segmentation and focused marketing, as well as collaborations with analytics service providers.
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What Drivers Are Propelling the Growth of Retail Analytics Market Forward?
The retail analytics market is anticipated to be propelled by digitalization aimed at enhancing client interaction and streamlining retail activities. Digitalization signifies the conversion of a business model using digital technology, setting the stage for the formation of new value and profit-making opportunities. It allows businesses to connect with modern customers and meet their demand for a seamless customer experience, regardless of the platform or location. For example, in February 2024, gov.UK, a government website based in the UK, issued a report indicating that in 2022, the digital sector provisionally contributed £158.3 ($207.05) billion to the UK economy, equating to 7.2% of the total UK Gross Value Added (GVA), an uptick from the prior year's 7.1%. Hence, using digitalization to boost customer interaction and streamline retail activities is playing a significant role in the expansion of the retail analytics market.
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Which Emerging Trends Are Transforming the Retail Analytics Market in 2025?
Leading firms engaged in the retail analytics market are creating digital instruments that merge business data with AI to heighten customer understanding, streamline inventory control, personalize marketing approaches, and augment overall operational effectiveness. The utilization of sophisticated data visualisation and analytics platforms allows real-time data integration and AI-powered algorithms, enabling retailers to make knowledgeable decisions, maximize sales outcomes, and enrich customer interactions. For example, KPMG International Ltd, rooted in Netherlands, introduced Dash, a digital tool, in March 2023. Dash applies AI algorithms to examine extensive data quantities, producing forecasts and suggestions that assist retailers in comprehending customer conduct, catchment zones, and rivalry. The platform is intended to be easy-to-use and accessible to enterprises of any size, demanding minimum implementation time. Importantly, no initial fees are required, making it economically feasible for a range of retail trades.
What Are the Key Segments in the Retail Analytics Market?
The retail analyticsmarket 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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Who Are the Key Players Shaping the Retail Analytics Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth in the Retail Analytics Market?
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.
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