Dublin, May 09, 2024 (GLOBE NEWSWIRE) -- The "Global Retail Analytics Market by Offering (Software, Services), Business Function (Sales and Marketing, Finance and Accounting), Application (Order Fulfillment and Returns Management, Merchandize Planning), End User and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The retail analytics market is projected to grow from USD 8.5 billion in 2024 to USD 25.0 billion by 2029, at a compound annual growth rate (CAGR) of 24.0% during the forecast period.
The retail analytics market research study involved extensive secondary sources, directories, journals, and paid databases. Primary sources were mainly industry experts from the core and related industries, preferred retail analytics providers, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information, and assess the market's prospects.
The market is anticipated to grow due to the exponential growth of e-commerce platforms and increasing adoption of omni-channel retail strategies. The proliferation of data generated through diverse channels forms a foundational driver in the retail analytics market. Major vendors offering retail analytics solutions and services across the globe include IBM (IBM), Microsoft Corporation (Microsoft), Salesforce Inc (Salesforce), Google LLC (Google), and SAP (SAP).
North America to register for the largest market size during the forecast period. Market trends in North America indicate a shift towards integrated and scalable retail analytics solutions that cater to the diverse needs of retailers. North American companies are at the forefront of advancements in retail analytics. Major tech players like IBM, Microsoft, and Oracle are all offering comprehensive analytics solutions tailored to the retail industry. Additionally, there's a thriving ecosystem of startups specializing in niche areas like in-store analytics, social media listening, and customer journey mapping.
By software, Prescriptive Analytics segment to register for second fastest growing CAGR during the forecast period.
Prescriptive analytics software utilizes sophisticated algorithms and predictive models to analyse historical data, current trends, and various influencing factors to recommend optimal actions or strategies. These recommendations can encompass a wide range of decisions, including pricing adjustments, inventory optimization, personalized marketing campaigns, and supply chain management improvements.
By application, Order Fulfillment & Returns Management to witness the largest market size during the forecast period.
Order Fulfillment & Returns Management serve as the backbone of retail operations, ensuring smooth and efficient processes from purchase to post-sales service. By seamlessly integrating with inventory management systems, they optimize order processing, inventory tracking, and shipment logistics, ultimately enhancing customer satisfaction. Moreover, this application play a pivotal role in returns management, streamlining the often-complex process of handling product returns and exchanges. Leveraging advanced analytics capabilities, they provide retailers with valuable insights into customer behavior, preferences, and trends, empowering data-driven decision-making to drive growth and profitability.
The report provides insights on the following pointers:
- Analysis of key drivers (Exponential growth of e-commerce platforms, proliferation of data generated through diverse channels, increasing adoption of omni-channel retail strategies), restraints (Rising integration challenges with legacy systems due to diverse data sources, heightened cybersecurity threats and data breaches undermine trust in analytics solutions, high substantial upfront investment presents a barrier for implementing robust analytics infrastructure), opportunities (Integration of AI and ML with retail analytics will create new opportunities for innovation, effective fraud detection and prevention with retail analytics, optimization of supply chain management), and challenges (Complexity of assortment in the retail analytics, data silos and quality concerns).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the retail analytics market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the retail analytics market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the retail analytics market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 305 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $8.5 Billion |
| Forecasted Market Value (USD) by 2029 | $25 Billion |
| Compound Annual Growth Rate | 24.0% |
| Regions Covered | Global |
Companies Featured
- Microsoft
- IBM
- SAP
- Oracle
- Salesforce
- Microstrategy
- Sas Institute
- Aws
- Qlik
- Teradata
- Wns
- Hcl
- Lightspeed Commerce
- Retailnext
- Manthan Systems
- Fit Analytics
- Trax
- Thoughtspot
- Relex Solutions
- Tredence
- Creatio
- Solvoyo
- Datapine
- Sisense
- Edited
- Retail Zipline
- Symphonyai
- Thinkinside
- Dor Technologies
- Triple Whale
- Flame Analytics
- Alloy.AI Technologies
- Conjura
- Kyvos Insights
- Pygmalios
For more information about this report visit https://www.researchandmarkets.com/r/58qzj0
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