Retail Analytics Market

The latest report published by IMARC Group, titled “Retail Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on retail analytics market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global retail analytics market size reached US$ 7.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2028, exhibiting a growth rate (CAGR) of 20.3% during 2023-2028.

Retail analytics is the practice of gathering and analyzing data related to sales, customer behavior, and operational performance in the retail industry. This data-driven approach enables retailers to make more informed decisions, optimizing various aspects of their business. With the advent of digital technology and e-commerce, retail analytics has evolved to include real-time tracking and the use of sophisticated tools, such as machine learning algorithms and big data platforms. It covers a broad spectrum of applications, from inventory management and pricing strategies to customer segmentation and personalized marketing. It also helps in efficient inventory management, ensuring that products are adequately stocked and minimizing holding costs. Retail analytics also plays a crucial role in enhancing the customer experience, both online and in physical stores, by analyzing foot traffic, dwell time, and even facial expressions to gauge customer satisfaction. Amidst a competitive landscape, retail analytics offers a significant edge by providing actionable insights that can drive revenue and improve operational efficiency.

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Market Trends:

The global market is primarily driven by the rapid adoption of big data and machine learning technologies. These technologies allow retailers to capture and analyze vast amounts of data for insights into consumer preferences, inventory management, and pricing strategies. Moreover, online shopping has created an imperative for retailers to understand customer journeys across both online and offline platforms. Retail analytics tools provide an integrated view, helping businesses optimize omnichannel strategies and improve customer engagement. In addition, there's a growing focus on real-time analytics. With instant data analysis, retailers can make immediate adjustments to promotional tactics, stock levels, and other operational aspects. This agility is crucial in today's fast-paced retail environment, where consumer preferences and market conditions can change rapidly.

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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 and end user.

Function Insights:

• Customer Management

• In-store Operation

• Strategy and Planning

• Supply Chain Management

• Marketing and Merchandizing

• Others

Component Insights:

• Software

• Services

Deployment Mode Insights:

• On-premises

• Cloud-based

End User Insights:

• Small and Medium Enterprises

• Large Enterprises

Regional Insights:

• North America (United States, Canada)

• Europe (Germany, France, United Kingdom, Italy, Spain, Others)

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

• Latin America (Brazil, Mexico, Others)

• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance (2017-2022)

• Market Outlook (2023-2028)

• 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 leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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