Retail Analytics Market 2023 | Global Industry Could Hit New Highs Till 2032, Says Allied Market Research
The surge in digital transformation & the growing trend of e-commerce platforms is likely to expand the adoption of retail analytics solutions.
PORTLAND, PORTLAND, OR, UNITED STATES, October 18, 2023 /EINPresswire.com/ — According to the report, the retail analytics industry generated $7.8 billion in 2022, and is anticipated to generate $58.4 billion by 2032, witnessing a CAGR of 22.6% from 2023 to 2032.
Retail analytics is the process of using software to gather and analyze data from offline, online, and inventory outlets to offer retail businesses an understanding of customer behavior and shopping trends. In addition, retail analytics can measure customer satisfaction, identify purchasing patterns, predict demand, and optimize store layouts. Moreover, data analytics solutions and services have been increasingly employed in the retail industry, with rising user data on physical as well as online platforms.
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Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the retail analytics market revenue and is estimated to maintain its leadership status throughout the forecast period. Increase in adoption of retail analytics solutions in the e-commerce and supply chain management sector. However, the service segment is projected to manifest the highest CAGR of 25.7% from 2023 to 2032, as service segment in the retail analytics market provides consulting, implementation, integration, training, and support services to businesses.
Based on organization size, the large enterprises segment held the highest market share in 2022, accounting for nearly two-thirds of the retail analytics market revenue and is estimated to maintain its leadership status throughout the forecast period. The adoption of retail analytics solutions has become an integral part of these large-scale organizations to sustain in the competitive market. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 24.7% from 2023 to 2032. The growth in penetration of retail analytics solutions in small and medium-sized organizations is expected to provide lucrative opportunities for the market.
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On the basis of deployment mode, the on- premise segment dominated the retail analytics market size in 2022 and is expected to continue this trend during the forecast period. As retailers can secure the confidentiality of information with on-premise solutions by storing the data within their own premises or dedicated infrastructure. These factors further drive the demand for the on-premise segment in the global market. However, the cloud segment is expected to exhibit the highest growth during the forecast period. Cloud-based solutions offer real-time assistance and insights, which further is expected to provide lucrative growth opportunities for the market during the forecast period.
By region, North America dominated the market share in 2022 for the retail analytics market, owing to its expanding investments in advanced technologies such as cloud computing, IoT, artificial intelligence (AI) and other digital technologies, which is expected to drive market growth in the region. In addition, growing adoption of retail analytics solutions across industries, such as e-commerce, consumer goods, electronics and technology, and others are expected to drive the growth of the retail analytics market during the forecast period. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period.
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The market players operating in the retail analytics market analysis are Amazon Web Services, Inc., HCL Technologies Limited, IBM Corporation, Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, Salesforce.com Inc., SAP SE, SAS Institute Inc., and Teradata Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the retail analytics industry globally.
Covid-19 Scenario:
• The COVID-19 pandemic had a significant impact on the retail analytics industry. While some sectors experienced challenges, others witnessed opportunities for growth and innovation. One of the positive impacts of the pandemic on the retail analytics market was the increased demand for e-commerce platforms.
• In addition, the growing online presence of people after the COVID-19-induced lockdowns and social distancing policies fueled the need for retail analytics solutions. The pandemic caused a significant shift in consumer behavior, with growth in e-commerce and a decline in physical shopping store visits. These factors have propelled the growth of retail analytics solutions among industries.
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