Retail Analytics Market Size, Share, Trends, Growth 2032

Retail Analytics Market Insights

According to Zion Market Research, the global Retail Analytics Market was worth USD 8.36 Billion in 2023. The market is forecast to reach USD 73.64 Billion by 2032, growing at a compound annual growth rate (CAGR) of 24.3% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Retail Analytics Market industry over the next decade.

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Global Retail Analytics Market: Overview

In recent years, the big data analytics market has grown tremendously owing to its increased application in various industries. It has helped the business to grow positively as it helps in understanding the market trends and the preferences of the customer. The retail analytics market is a section of the big data analytics market. Retail analytics helps in gathering data and assessment of the information across the complete value chain. The main objective of retail analytics is to understand and respond to customer preferences.

Global Retail Analytics Market: Growth Factors

The retail analytics market has improved overall businesses by developing good customer relationships, which have proved beneficial and gained competitive advantages. The bulk volume, variety, and velocity of the big data are expected to have a significant effect on the retail analytics market. The prime factors that are affecting the market growth include increasing online shopping, utilization of social media, consecutive increases in big data and proliferation of smartphones owing to which online shopping has become easy for customers.

The adoption of cloud-based retail analytics tools is projected to rise rapidly over the forecast period. The other factors that are triggering the market growth are the rise in the demand for retail analytics in customer purchasing monitoring and inventory management and planning. The technological advancements made in the retail analytics market also contribute to retail analytics market growth. The factors that hamper the retail analytics market growth include the high analytics cost and the lack of ability to understand the offline market behavior of the consumers.

Global Retail Analytics Market: Segmentation

The retail analytics market is globally segmented into business function, solution, service, organization size, deployment type, and regions.

On the basis of business function, the retail analytics market is categorized into supply chain analytics, marketing, and customer analytics, strategy and planning, and merchandising and in-store analytics.

Based on the solution, the market is segmented into reporting and visualization tools, analytics tools, data management software, and mobile applications.

By service, the market is classified as consulting and system integration and support and maintenance service.

Based on the organization size, the market is divided into small and medium-sized enterprises (SMEs), and large enterprises.

Based on the deployment model, the market is divided into on-premises and cloud.

Retail Analytics Market: Report Scope

Global Retail Analytics Market: Regional Analysis

North America is the prominent region in the retail analytics market in 2019. The factor that is contributing to this growth is the high implementation of retail analytics solutions in different businesses. The implementation of retail analytics is also growing in the Europe and Asia Pacific regions. The growth in the Asia-Pacific region is owing to the rise in the penetration of social media and the growth in e-commerce. The Asia Pacific is projected to post the highest CAGR during the forecast period, as it is home to many developing and emerging economies, which offer significant opportunities for the growth of retail stores and technology advancement. China, Japan, and India in particular are concentrating on the management of data to make data-based business decisions and optimize business processes in the retail industry.

Global Retail Analytics Market: Competitive Players

The key market players in the retail analytics market include

• International Business Machines Corporation (IBM)
• Information Builders
• SAS Institute, Inc.
• Oracle Corporation
• Tableau Software, Inc.
• SAP SE
• Microsoft Corporation
• Adobe Systems Incorporated
• Microstrategy Incorporated
• Qlik Technologies, Inc.
• Manthan
• Bridgei2i
• Teradata
• HCL
• Fujitsu
• Domo
• Google
• FLIR Systems
• Capillary
• RetailNext and WNS

This Report Segments the Global Retail Analytics Market into:

By Business Function

• Marketing And Customer Analytics
• Supply Chain Analytics
• Merchandizing And In-Store Analytics
• Strategy And Planning

By Solution

• Analytics Tools
• Reporting And Visualization Tools
• Data Management Software
• Mobile Applications

By Service

• Consulting And System Integration
• Support And Maintenance Service

By Organization Size

• Small And Medium-Sized Enterprises (SMEs)
• Large Enterprises

By Deployment Model

• On-Premises and Cloud

Retail Analytics Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa