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.
What is Retail Analytics?
Retail analytics refers to the process of providing analytical data on inventory levels, sales, supply chain movement, consumer demand, sales forecasts, and more within the retail industry. Utilizing various data sources and technologies, it enables retailers to make informed and timely decisions. These insights can help in understanding consumer preferences, trends, and purchasing behavior, ultimately improving profitability and enhancing the customer experience. Recognized for its capability to optimize operations, it offers accurate demand forecasting and efficient inventory management. The use of retail analytics allows businesses to adapt quickly to market changes, foster customer loyalty, and align products and offers with consumer needs.
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What are the growth prospects and trends in the retail analytics industry?
The global market is primarily driven by the need for detailed consumer insights and the push towards data-driven decision-making in retail. In line with this, the technological advancements and integration of AI and machine learning are providing an impetus to the market. Moreover, the growing emphasis on personalized marketing and targeted advertising is acting as a significant growth-inducing factor for the market. In addition to this, the increasing adoption of e-commerce platforms, necessitating real-time analytics, is resulting in higher investment in retail analytics solutions. Apart from this, easy integration with existing retail systems, the shift towards omnichannel retail strategies, along with the need for compliance with various regulatory requirements are propelling the market. Some of the other factors contributing to the market include rapid urbanization and modern lifestyles, the evolution towards more sophisticated and agile business models, and extensive research and development (R&D) activities.
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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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