Selbyville, Delaware, Nov. 26, 2024 (GLOBE NEWSWIRE) --
The in-store analytics market valuation is predicted to reach USD 18.2 billion by 2032, reported in a research analysis by Global Market Insights Inc.
The rapid growth of Internet of Things (IoT) technologies and interconnected devices in retail help in driving this expansion. With innovations like RFID tags, beacons, smart shelves, and video analytics cameras, retailers gain real-time insights into both store operations and customer behaviour. These technologies generate vast amounts of data, which require sophisticated analytics for effective processing and understanding.
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One of the primary factors propelling the in-store analytics market is the increasing demand for efficient inventory management. Retailers face constant pressure to optimize stock levels while minimizing costs and waste, all while ensuring product availability. In-store analytics provide vital real-time information regarding inventory levels, product movement, and demand trends, enabling informed decision-making. Additionally, retail analytics tools enhance necessity forecasting, help detect slow-moving items and rationalize restocking processes. As retailers adapt to supply chain challenges and changing consumer preferences, investments in advanced analytics tools for inventory management are becoming more prevalent.
The in-store analytics market from the software segment dominated 70% revenue share in 2023 and is projected to exceed USD 12 billion by 2032. The increasing need for modern in-store analytics software arises from its seamless integration capabilities with existing retail management systems. Retailers are looking for solutions that can easily connect with their point-of-sale (POS) systems, inventory management platforms, and customer relationship management (CRM) tools. As businesses strive to eliminate data silos and foster unified analytics environments, the demand for these integrated solutions drives significant investments in compatible software.
The cloud-based deployment model is also gaining traction, with projections indicating it will exceed USD 13 billion by 2032. Retailers are increasingly adopting cloud solutions for in-store analytics due to their scalability and cost-effectiveness. These cloud services often utilize pay-as-you-go pricing models, allowing businesses to enhance their analytics capabilities without incurring large upfront costs. This flexibility is particularly beneficial for retail chains experiencing seasonal fluctuations or rapid growth, enabling them to adapt their analytics capacity to meet demand. Furthermore, cloud solutions minimize hardware maintenance costs and facilitate the rapid rollout of new analytics features across various locations.
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In the United States, the in-store analytics market accounted for more than 75% of total revenue in 2023. Retailers in this region are leveraging AI-driven predictive analytics to refine inventory management, utilizing historical sales data and trends to optimize stock levels. This approach improves profit margins and reduces waste, ultimately leading to a more efficient and responsive supply chain that can adjust to anticipated demand changes.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2032
Chapter 3 In-store Analytics Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Software providers
3.2.2 Cloud service providers
3.2.3 IT platform providers
3.2.4 Technology integrators
3.2.5 End users
3.3 Profit margin analysis
3.4 Technology differentiators
3.4.1 Advanced AI & machine learning algorithms
3.4.2 Computer vision and image recognition
3.4.3 IoT sensors and RFID integration
3.4.4 Omnichannel data integration
3.4.5 Others
3.5 Key news & initiatives
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Rising demand for enhanced customer experience
3.7.1.2 Growth of connected devices in the retail sector
3.7.1.3 Increasing focus on inventory optimization
3.7.1.4 Growing competition from E-commerce platforms
3.7.2 Industry pitfalls & challenges
3.7.2.1 High initial implementation costs
3.7.2.2 Integration complexity with legacy systems
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
