Pune, India, June 27, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global retail analytics market size was valued at USD 6.59 billion in 2022 and is projected to grow from USD 7.56 billion in 2023 to USD 23.53 billion by 2030, exhibiting a CAGR of 17.6% during the forecast period. Growing Adoption of Innovative Technologies to Strengthen Retail Analytics Market Growth. Fortune Business Insights™ displays this information in a report titled, Retail Analytics Market Forecast, 2023-2030.
Retail analytics refers to using a wide range of advanced technologies data mining and big data to obtain valuable insights and analyze huge datasets. These analytics solutions help companies develop effective strategies for their activities based on the behavioral patterns of customers. Retailers are looking for various ways to boost their revenue margins and expand their customer base, which is expected to boost the retail analytics market growth.
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Key Industry Development:
Wipro Limited partnered with a prominent apparel company, Levi Strauss & Co. to improve user experience and customer satisfaction through its solutions and experience in the retail industry. The store was expected to implement AI-based retail tools from Wipro across all its channels.
Key Takeaways
- Rising Online Shopping Amid COVID-19 Pandemic Fueled Retail Analytics Solutions Demand
- Surging Focus on Product Inventory Management & Shelf Space Allocation is a Vital Trend
- By Deployment Analysis: Cloud-based Retail Analytics to be Widely Used to Gain Real-time Assistance
- Continuous Product Development is a Key Strategy for Companies to Strengthen Market Positions
- Retail Analytics Market Size in North America was USD 2.61 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the Retail Analytics Market are Microsoft Corporation (U.S.), HCL Technologies Limited (India), FLIR Systems, Inc. (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), QlikTech International A.B. (U.S.), Fractal Analytics Inc. (U.S.), Wipro Limited (India), Nielsen Consumer LLC (U.S.), EY (U.K.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.6% |
| 2030 Value Projection | USD 23.53 Billion |
| Base Year | 2022 |
| Retail Analytics Market Size in 2022 | USD 6.59 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Component, Retail Store Type, Function and Geography |
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Drivers and Restraints:
Growing Adoption of Innovative Technologies to Strengthen Market Growth
The retail sector is among the largest sectors in the world and known to implement a vast range of advanced technologies, such as Artificial Intelligence (AI), Machine Learning (ML), blockchain, and many others. AI can help retail shops improve their data management capabilities and offer a personalized experience to customers. It can also help retailers make better decisions with respect to shelf space allocation and offer innovative solutions to solve their product inventory management woes. These features will help the market share grow.
However, strict regulations regarding data privacy can stifle market progress.
Segments:
By Deployment
- On-Premise
- Cloud
By Retail Store Type
- Hypermarkets and Supermarkets
- Retail Chains
By Function
- Customer Management
- Supply Chain Management
- Merchandising
- Strategy and Planning
- In-Store Operations
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Regional Insights:
North American Market to Grow with Rising Adoption of E-Commerce Services
North America is predicted to capture the largest retail analytics market share as the region is increasing its adoption of e-commerce services. Moreover, retail stores across the U.S. and Canada are incorporating innovative technologies to improve customer experience and make operational decision-making more efficient.
Asia Pacific is also set to showcase remarkable growth due to the growing trend of online shopping in India, China, Japan, and Singapore.
Competitive Landscape:
Leading Companies Focus on Product Development and Innovations to Maintain Dominant Market Positions
The market’s leading organizations are using innovative technologies, such as machine learning, blockchain, artificial intelligence, cloud computing, and many more in combination with retail analytics solutions. Through these initiatives, the retailers are offering improved versions of their analytics solutions to enhance customer experience.
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FAQ’s
How big is the Retail Analytics Market?
Retail Analytics Market size was USD 6.59 billion in 2022.
How fast is the Retail Analytics Market growing?
The Retail Analytics Market will exhibit a CAGR of 17.6% during the forecast period, 2023-2030
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