New York, March 22, 2023 (GLOBE NEWSWIRE) -- The global retail analytics market size is expected to be worth around USD 39.6 Billion by 2032 from USD 5.7 Billion in 2022, growing at a CAGR of 22% during the forecast period from 2023 to 2032. Retail analytics provides data such as consumer expectations, inventory levels, chain movements, and sales to retailers. It is also used in understanding the value and number of products sold in average order. Retail analytics helps to find true demand from consumers.
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Key Takeaway:
- By Function, 2022, the customer management segment has generated the largest revenue share of 25% in 2022.
- By Solution, the service segment has dominated the market and it accounted for the largest global revenue of 56% in 2022.
- By Deployment, the cloud segment had dominated the market and it accounted for the largest global revenue of 63% in 2022.
- By Enterprise Size, the large enterprise segment has generated the largest revenue share in 2022.
- In 2022, North America dominated the market with the highest revenue share of 38%.
- Asia Pacific region is expected to grow at a significant CAGR from 2023-2032.
The retail analytics industry's rising demand is due to the rising adoption of cloud computing, and the growing demand for dashboards for data visualization. Increasing innovation, digitalization, and development of next-generation analytics tools in developed economies are anticipated to drive the market during the forecast period
Factors affecting the growth of the retail analytics market
There are several factors that can affect the growth of the retail analytics market. Some of these factors include:
- Rising demand in large enterprises: Retail analytics in large enterprises helps organizations to find new data and identify new opportunities in the market. That leads to smart businesses and more efficient operations in enterprises.
- Implementation of big data: Big data in retail analytics is essential to target and retain customers, optimize the supply chain, streamline operations, and helps in improving business decisions.
- Technological advancements: Market growth is propelled by technological advancements such as machine learning, AI, and augmented reality. Also increasing use of data-intensive platforms, and rapid adoption of social media drive the global retail analytics market growth.
- COVID-19: During the outbreak of COVID-19 retail stores are shifted from on-premises to cloud and e-commerce businesses. COVID-19 increased demand for e-commerce businesses, owing to online grocery shopping, which resulted in a high need for retail analytics for customer management during the COVID-19 outbreak.
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Top Trends in Global Retail Analytics Market
Big companies in the retail analytics market are steadily moving toward consolidation through joint ventures, collaborative partnerships, and mergers & acquisitions. Businesses in retail analytics are started implementing advanced technologies such as the internet of things(IoT), RFID, in-store Wi-Fi, and cloud-based applications.
Managements are tracking customer interactions on a primary level that allows them to gather much information to understand the needs of consumers and their expectations. Most retailers are finding effective ways to utilize second and third-party databases to increase their businesses.
Market Growth
Increasing use of customer relationship management(CRM) solutions in the industries is also the main factor for market growth. Companies are started adopting retail analytics solutions that enhance customer experience and stay connected with the business for a long timeframe. Increasing consumer demand and growing competition among retailers to provide goods and services for customer personalization driving the growth of the retail analytics market.
Regional Analysis
The retail analytics market was dominated by North America, which acquired the most significant revenue share of 38% in 2022. The market in North America is driving due to high technological advancements and increasing R&D facilities. The rapid adoption of e-commerce services by large enterprises in the North American region driving the market. Big retailers in the United States and Canada are adopting advanced retail analytics solutions to provide better consumer experience and operational efficacy.
Asia Pacific is expected to show significant growth in the retail analytics market during the forecast period owing to increasing numbers of large enterprises and the adoption of e-commerce services in emerging economies such as China, India, Japan, and Brazil.
Europe is anticipated to hold a significant share during the forecast period owing to major key companies in Italy, France, Germany, and Spain.
Competitive Landscape
Emerging key players are focused on a variety of strategic policies to develop their respective businesses in foreign markets.
Some of the major players in the retail analytics market include Microsoft Corporation, clickworker GmbH, Field Agent Inc., MicroStrategy Incorporated, Oracle Corporation, QlikTech International AB, Salesforce, Inc, SAS Institute Inc, Teradata Corporation, TIBCO Software Inc., Adobe Inc., Altair Engineering Inc., IBM Corporation, Enhanced Retail Solutions, BeMyEye Holdings Ltd., Javelin Group, SAP SE, Vemco Group, HCL Technologies Limited, Wipro Limited, Fractal Analytics Inc., Other Key Players.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 5.7 Billion |
| Market Size (2032) | USD 39.6 Billion |
| CAGR (from 2023 to 2032) | 22% |
| North America Revenue Share | 38% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Rapid growth is being experienced by the increasing adoption of smartphones and the increasing use of e-commerce. All retail businesses from single stores to larger enterprises track their customer's shopping habits using retail analytics. Retail analytics helps businesses to figure out product launching and demand for products in the market. Retail analytics is also helpful to optimize in-store operations for providing deep information on customer activity within the shop which is driving the need for retail analytics.
Market Restraints
Spiking awareness regarding privacy among consumers hampering the growth of the retail analytics market. Implementation of the general data protection regulation(GDPR) has a negative impact on retail solutions that uses big data technology. Due to this, it becomes more challenging to gather costumer’s personal data owing to high-security regulations made by data privacy regulations.
Market Opportunities
Retailers are shifting towards blockchain for streamlining their supply chain, thus introduction to blockchain will create lucrative growth opportunities in the market. Retail analytics gather real-time data through customer and allows marketers to get information about consumer habits which will create great growth opportunities in the retail analytics market. Also, the retail analytics market becoming more and more competitive, and it has become crucial to optimize business strategies for the satisfaction of customers’ expectations.
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Report Segmentation of the Retail Analytics Market
Function Insight
Based on function, the customer management segment is dominant in the market with the largest market share of 25% in 2022, and is expected to continue its dominance during the forecast period. Retail analytics in customer management provides a prescriptive analytics system and good recommendations for marketing which is responsible for the growth of the segment. Retail analytics is useful for retailers to get important insights from customer data and built new strategies to improve customer services through customized and buyer-centric offers.
Solution Insight
On basis of solution services segment is dominant in the market with a market share of 56% and will remain dominant during the forecast period. Services in the retail analytics market help companies create custom recommendations based on their purchase history which provides a personalized experience and improves customer service. Retail analytics helps retail companies to understand the common needs of customers and target areas that have high demand which is the main growth factor of this segment.
Deployment Insight
Based on deployment cloud segment was dominant in the market with the largest market revenue share of 63% in 2022. Cloud services provide real-time assistance, and good services for customer satisfaction. Also, it provides user-friendly, safe, and secure services which is the main growth factor of this segment.
Enterprise size Insight
Based on enterprise size large enterprise segment was dominant in the market with the largest market share in 2022. Retail analytics is much beneficial to large enterprises because it helps to create customer recommendations which is the primary growth factor of the segment.
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Market Segmentation
By Function
- Customer Management
- Merchandising
- Store Operation
- Supply Chain Management
- Strategy & Planning Based
By Solution
- Software
- Services
By Deployment mode
- Cloud
- On-Premises
By Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Microsoft Corporation
- clickworker GmbH
- Field Agent Inc.
- MicroStrategy Incorporated
- Oracle Corporation
- QlikTech International AB
- Salesforce, Inc
- SAS Institute Inc
- Teradata Corporation
- TIBCO Software Inc.
- Adobe Inc.
- Altair Engineering Inc.
- IBM Corporation
- Enhanced Retail Solutions
- BeMyEye Holdings Ltd.
- Javelin Group
- SAP SE
- Vemco Group
- HCL Technologies Limited
- Wipro Limited
- Fractal Analytics Inc.
- Other Key Players
Recent Development of the Retail Analytics Market
- In June 2021, Wipro Limited partnered with Levi Strauss & Co. a clothing brand company to increase user experience and customer satisfaction through experience in the retail sector.
- In May 2021, Nielsen Consumer LLC introduced Byzzer, a retail analytics customer intelligence platform for emerging and small consumer packaged goods(GCP) companies.
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