The latest report by IMARC Group, titled “Retail Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the retail analytics market share. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.

The global retail analytics market size reached USD 8.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 40.0 Billion by 2032, exhibiting a growth rate (CAGR) of 17.8% during 2024-2032.

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Retail Analytics Market Trends:

The increasing adoption of big data and advanced analytics technologies by retailers to gain valuable insights into customer behavior and preferences is driving the global market. Moreover, the growing need for personalized customer experiences and targeted marketing strategies is pushing retailers to invest in analytics solutions. The rapid expansion of e-commerce and the omnichannel approach to retailing also contribute to the demand for sophisticated analytics tools.

Furthermore, advancements in artificial intelligence and machine learning are enhancing the capabilities of retail analytics, making them more effective in predicting trends and optimizing inventory. Additionally, the rising competitive pressures within the retail sector compel companies to leverage analytics for strategic decision-making and operational efficiency. The integration of the Internet of Things (IoT) in retail environments is another factor that drives the need for real-time data analytics. Besides, the increasing focus on improving customer retention and loyalty through data-driven strategies further propels market growth.  

Retail Analytics Market Scope and Growth Analysis:

The market scope is broadening due to the diversification of data sources available to retailers, including social media, mobile apps, and in-store sensors, which enrich the quality and depth of analytics insights. Additionally, the market scope is broadened by the integration of predictive and prescriptive analytics, which enable retailers to not only understand past performance but also anticipate future trends and make proactive decisions. Another factor contributing to the expanded market scope is the increasing use of analytics in areas beyond sales and marketing, such as supply chain optimization, fraud detection, and workforce management.

Furthermore, the demand for analytics solutions is growing in emerging markets, where retail sectors are expanding rapidly, and there is a heightened interest in leveraging technology for competitive advantage. The proliferation of cloud-based analytics platforms also plays a crucial role in expanding market reach by making advanced analytics tools more accessible to small and medium-sized retailers. Moreover, as consumer behavior becomes increasingly complex, the need for sophisticated analytics that can handle large volumes of diverse data grows, thus enhancing the market scope.     

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• 1010data Inc. (Advance Publications Inc.)

• Adobe Inc.

• Altair Engineering Inc.

• Flir Systems Inc.

• Fujitsu Limited

• International Business Machines Corporation

• Information Builders Inc.

• Microsoft Corporation

• Microstrategy Incorporated

• Oracle Corporation

• Qlik Technologies Inc. (Thoma Bravo LLC)

• SAP SE

• SAS Institute Inc.

• Tableau Software LLC (Salesforce.com Inc.)

• Tibco Software Inc

Retail Analytics Market Segmentation:

Our report has categorized the market based on region, function, component, deployment mode, end user.

Breakup by Function:

• Customer Management

• In-store Operation

• Strategy and Planning

• Supply Chain Management

• Marketing and Merchandizing

• Others

Breakup by Component:

• Software

• Services

Breakup by Deployment Mode:

• On-premises

• Cloud-based

Breakup by End User:

• Small and Medium Enterprises

• Large Enterprises

Breakup By Region:

• North America (USA, Canada)

• Europe (Germany, France, UK, Italy, Spain, Russia, others)

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, others)

• Middle East/Africa

• Latin America (Brazil, Mexico, others)

Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Porter’s Five Forces Analysis

• Market Drivers and Success Factors

• SWOT Analysis

• Value Chain

• Comprehensive Mapping of the Competitive Landscape

About US:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.

IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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