The global retail analytics market is projected to register a CAGR of 24.0% during the forecast period, reaching USD 25.0 billion by 2029 from an estimated USD 8.5 billion in 2024. Major factors to boost the market growth include the exponential growth of e-commerce platforms, proliferation of data generated through diverse channels, and increasing adoption of omni-channel retail strategies.
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By Software by analytics type, the predictive analytics segment to register for the largest market size during the forecast period.
By software by analytics type, the predictive analytics segment is expected to register the largest market size during the forecast period. Predictive analytics software can help forecast sales volumes, identify demand fluctuations, and predict customer preferences, enabling retailers to optimize pricing strategies, allocate resources efficiently, and tailor marketing campaigns to target specific customer segments. Recent advancements in predictive analytics technology, including the integration of AI and machine learning algorithms, have further enhanced the capabilities of predictive analytics software, enabling retailers to gain deeper insights, make more accurate predictions, and drive greater business value.
By services, managed services to register for the highest CAGR during the forecast period.
The managed segment of the retail analytics market is growing rapidly. Managed service providers (MSPs) offer tailored solutions that cater to the unique needs and challenges of retailers, delivering insights that drive operational efficiency, enhance customer engagement, and drive revenue growth. MSPs employ skilled professionals with expertise in data analysis, machine learning, and retail industry trends, enabling retailers to harness the full potential of their data assets. Additionally, managed services provide scalability and flexibility, allowing retailers to adapt to changing business requirements and market dynamics without the need for significant investments in infrastructure or personnel.
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Unique Features in the Retail Analytics Market
Retail analytics systems detect client movements and behaviour inside physical stores using technologies like Wi-Fi tracking, RFID, and video analytics. This information is used to identify patterns in foot traffic, dwell periods, and browsing behaviours.
Retail analytics tools help businesses better understand their target market and adjust their marketing strategies by analysing consumer demographics like age, gender, and ethnicity based on facial recognition or customer profiles.
Retail analytics tools optimise stock replenishment and guarantee product availability to match customer demand by combining image recognition and Internet of Things (IoT) sensors to monitor shelf availability, product placement, and inventory levels in real-time.
Retail analytics solutions provide a comprehensive picture of the customer experience and bring out areas for improvement by mapping the consumer journey across several touchpoints, such as internet channels, mobile apps, and physical stores.
Retail analytics solutions help retailers optimise inventory levels and reduce stockouts or overstock situations by using predictive analytics algorithms to forecast product demand based on past sales data, market trends, and external factors.
Major Highlights of the Retail Analytics Market
Retail analytics promote efficiency, productivity, and cost savings throughout the retail organisation by streamlining operational activities like marketing campaign management, staffing decisions, and shop layout optimisation.
Retailers can discover and reward loyal consumers, measure and analyse customer happiness, loyalty, and lifetime value with the help of retail analytics tools. They can also use these insights to develop retention and acquisition strategies.
Retail analytics give retailers the ability to maximise revenue and profit margins by analysing market demand, rival pricing, and customer behaviour to establish the best price points.
In order to effectively predict future consumer demand, retail analytics analyses past sales data, market trends, and external factors. This helps merchants manage their inventories and streamline their procurement procedures.
By identifying fraudulent transactions, shrinkage, and employee theft, retail analytics systems assist retailers in identifying and mitigating loss prevention threats. They also reduce revenue loss and enhance overall store security.
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Top Companies in Retail Analytics Market
Some leading players in the retail analytics market include Microsoft (US), IBM (US), SAP (Germany), Oracle (US), Salesforce (US), MicroStrategy (US), SAS Institute (US), AWS (US), Qlik (US), Teradata (US), WNS (India), HCL (India), Lightspeed Commerce (Canada), RetailNext (US), Manthan Systems (India), Fit Analytics (Germany), Trax (Singapore), ThoughtSpot (US), RELEX Solutions (Finland), Tredence (US), Creatio (US), Solvoyo (US), datapine (Germany), Sisense (US), EDITED (UK), Retail Zipline (US), ThinkINside (Italy), Dor Technologies (US), Triple Whale (Israel), Flame Analytics (Spain), Alloy.ai Technologies (US), Conjura (UK), Kyvos Insights (US), Pygmalios (Slovakia), and SymphonyAI (US). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the retail analytics market.
Microsoft
Microsoft’s retail analytics solutions cater to a wide range of industry verticals within the retail sector. These include marketing and sales, finance, operations (including procurement, supply chain, sales and marketing, store operations), and human resources. By offering solutions across these verticals, Microsoft addresses the diverse needs of retailers seeking to optimize their operations and drive growth. Microsoft provides a range of retail analytics solutions that leverage advanced technologies such as AI, cloud computing, machine learning, and data analytics. These solutions focus on areas like customer behavior analysis, inventory management, pricing optimization, supply chain efficiency, and personalized customer experiences.
IBM
The company’s solutions encompass various industry verticals within the retail sector, including in-store operations, supply chain management, marketing and merchandising, and other critical functions. IBM’s expertise in analytics consulting enables retail and consumer products organizations to uncover valuable business insights and create intelligent workflows by leveraging data effectively. IBM’s solutions cater to the diverse needs of retailers by providing advanced analytics tools for customer management, inventory management, supply chain optimization, pricing strategies, and more. By offering both software and services deployed on-premise or in the cloud, IBM empowers retailers of all sizes to enhance customer experiences, optimize operations, and drive growth.
Oracle
Oracle’s Retail Analytics encompasses modules like Merchandising Analytics and Customer Analytics, offering critical performance indicators and customer analysis tools to drive strategic decision-making in the retail sector. By leveraging the latest Oracle technologies and data integration tools like Oracle Data Integrator (ODI), Oracle delivers a rich business intelligence solution that enhances merchandising effectiveness and customer experiences. Oracle’s prebuilt solution allows for fast deployment, reducing time to value and total cost of ownership for retailers seeking actionable insights.
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