Selbyville, Delaware,, Nov. 23, 2022 (GLOBE NEWSWIRE) -- The retail analytics market valuation is projected to reach USD 90 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing use of smartphones across developing economies is expected to provide considerable support to the retail analytics business. Over the last few years, e-commerce and online retail have picked pace due to increasing consumer preference for online shopping. According to estimates, online shopping accounts for approximately 70% of all mobile transactions in APAC.
Retailers switching to in-store analytics for enhancing operational capabilities
The retail analytics market from store operations application is anticipated to exhibit around 25% CAGR between 2023 and 2032. Store retail analytics has become a viable solution to achieve a comprehensive overview of customer insights and execute store operations more efficiently. Retails are using advanced analytics tools to monitor consumer behavior and patterns to devise innovative strategies pertaining to the design and layout of stores. In-store analytical tools also help improve navigation capabilities and other store interiors.
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Advanced software solutions to complement retail analytics business development
The software segment held nearly 55% of the retail analytics market share in 2022. The development of sophisticated software solutions is helping retailers to enhance different aspects of business such as product placement & marketing and promotion. It also allows retailers to leverage customer data analytics to accelerate customer retention. Retail analytics software provides thorough analytical information on key performance indicators to track sales, transactions, units per customer, and return rates.
Improved promotion campaign management & customer retention using retail analytics
The promotion campaign management segment is poised to depict 24% growth rate through 2032. Organizations use retail analytics for promotion campaign management by designing a brand’s image based on the requirements and catering to its target audience. Brand data is typically acquired through customer surveys and loyalty programs. Customer retention and acquisition are key for any business to achieve competitive advantage. According to the U.S. Chamber of Commerce, new customer acquisition costs 5-25 times more than the retention of existing connections.
High dependence on in-house IT infrastructure to elevate the need for on-premise retail analytics
The on-premises retail analytics segment captured over 50% of the market share in 2022. This type of analytics depends on the IT infrastructures of retailers to organize and deliver crucial business data. These solutions help ensure complete control of the in-house IT teams on data. On-premise systems also offer full accessibility to data and reduce additional expenses on high-speed internet connection. Data available on servers can be easily accessed at any time even in case of internet failure. Unlike the cloud, on-premise solutions require one-time costs and eliminate recurring expenses.
Presence of tech giants to foster North America market
The North America retail analytics market dominated with nearly 38% of the revenue share in 2022. A solid footprint of technology giants in the U.S. such as Microsoft, Intel Corp, IBM, and Google will favor the expansion of the retail analytics business. These tech giants are introducing novel market-oriented products to support the growing demand for state-of-the-art analytics solutions.
New product innovations to boost retail analytics industry expansion
SAP SE, Salesforce (Tableau Software), Microsoft Corporation, SAS Institute, Inc., Oracle Corporation, QlikTech International AB, IBM Corporation, Teradata Corporation, and Microstrategy Incorporated are some of the leading companies in the global retail analytics market. These participants are developing advanced product portfolios with innovative tools.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Retail analytics industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total addressable market (TAM) trends, 2023 - 2032
2.3 Regional trends
2.4 Function trends
2.5 Solution trends
2.6 Enterprise Size trends
2.7 Deployment Mode trends
2.8 Crowdsourcing trends
Chapter 3 Retail Analytics Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Impact analysis of Russia-Ukraine war
3.4 Retail analytics industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Investment portfolio
3.8 Industry news
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfalls & challenges
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 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.
