Dublin, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The "Retail Analytics - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Retail Analytics was estimated at US$8 billion in 2023 and is projected to reach US$26.9 billion by 2030, growing at a CAGR of 19.0% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Technological advancements are playing a critical role in the evolution of retail analytics, making it more powerful and accessible for businesses of all sizes. The advent of big data technologies, such as Hadoop and Spark, has enabled retailers to process and analyze large volumes of data in real-time, providing timely insights that can drive strategic decisions. Artificial intelligence (AI) and machine learning (ML) algorithms are also being integrated into retail analytics platforms, allowing for predictive analytics that can forecast customer behavior, optimize pricing strategies, and prevent stockouts.
Additionally, the rise of cloud computing has made advanced analytics tools more accessible to small and medium-sized retailers, reducing the need for significant upfront investments in infrastructure. These technological advancements are making retail analytics an indispensable tool for retailers looking to enhance their operations and customer engagement strategies.
What are the Key Applications and Benefits of Retail Analytics?
Retail analytics is applied across various aspects of retail operations, offering significant benefits that enhance business performance and customer satisfaction. One of the key applications is in customer segmentation, where analytics helps retailers identify different customer groups based on purchasing behavior, demographics, and preferences. This enables more targeted marketing campaigns and personalized shopping experiences.
Another critical application is in inventory management, where analytics helps optimize stock levels, reduce excess inventory, and prevent stockouts, leading to improved operational efficiency and cost savings. Retail analytics also plays a crucial role in sales forecasting, allowing retailers to anticipate demand and adjust their strategies accordingly. The primary benefits of retail analytics include enhanced decision-making, improved customer experiences, and increased profitability, making it a vital tool for modern retailers.
What Factors are Driving the Growth in the Retail Analytics Market?
The growth in the Retail Analytics market is driven by several factors. The increasing emphasis on customer-centric strategies is a significant driver, as retailers seek to personalize the shopping experience and build stronger customer relationships. Technological advancements, particularly in AI, ML, and big data processing, are also propelling market growth by enhancing the capabilities and accessibility of retail analytics tools. The growing adoption of e-commerce and omnichannel retail strategies is further boosting demand for retail analytics, as retailers need to integrate and analyze data from multiple channels to gain a holistic view of their operations.
Additionally, the rising competition in the retail sector is contributing to market growth, as businesses invest in analytics to gain a competitive edge and improve their decision-making processes. These factors, combined with the continuous innovation in analytics technology, are driving the sustained growth of the Retail Analytics market.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Finance Business Function segment, which is expected to reach US$10.5 billion by 2030 with a CAGR of a 19.4%. The Marketing & Sales Business Function segment is also set to grow at 18.6% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $2.2 billion in 2023, and China, forecasted to grow at an impressive 18% CAGR to reach $4.1 billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Retail Analytics Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Retail Analytics Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Retail Analytics Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as 1010data, Inc., BRIDGEi2i Analytics Solutions Pvt. Ltd., Datawatch Corporation, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Select Competitors (Total 71 Featured):
- 1010data, Inc.
- BRIDGEi2i Analytics Solutions Pvt. Ltd.
- Datawatch Corporation
- Fujitsu Ltd.
- IBM Corporation
- Information Builders, Inc.
- Manthan Systems, Inc.
- Microsoft Corporation
- MicroStrategy, Inc.
- Oracle Corporation
- Qlik Tech International AB
- SAP SE
- SAS Institute, Inc.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 209 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $8 Billion |
| Forecasted Market Value (USD) by 2030 | $26.9 Billion |
| Compound Annual Growth Rate | 19.0% |
| Regions Covered | Global |
Key Topics Covered
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Retail Analytics - Global Key Competitors Percentage Market Share in 2024 (E)
- Global Economic Update
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Rising Demand for Data-Driven Decision Making Propels Market Growth
- Increasing Use of Predictive Analytics in Inventory and Sales Forecasting Expands Addressable Market Opportunity
- Technological Advancements in AI and Machine Learning Strengthen Market Position
- Growing Focus on Personalization and Customer Experience Drives Adoption of Retail Analytics
- Surge in Demand for Real-Time Analytics and Business Intelligence Generates New Opportunities
- Development of Omnichannel Analytics Solutions Sustains Market Growth
- Expanding Applications in Marketing Optimization and Customer Segmentation Throws Spotlight on Market Potential
- Growth in E-Commerce and Digital Retailing Spurs Demand for Retail Analytics
- Rising Adoption of Cloud-based Analytics Platforms Propels Market Expansion
- Surge in Demand for Consumer Behavior Insights Expands Market Horizons
- Growing Awareness of the Benefits of Retail Analytics in Enhancing Operational Efficiency Drives Market Adoption
- Innovations in Visual Analytics and Dashboard Reporting Generate New Market Opportunities
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/l4eej0
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