Retail Analytics Market is Booming and Estimated to Hit USD 58.4 Billion, 22.6% CAGR Forecasted for 2032
The rise in demand for intelligent analytical solutions is positively impacting the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATES, August 31, 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.
The global retail analytics market is experiencing growth due to the growing proliferation of smartphones, the increase in the growth of e-commerce industries in several countries, and the growing adoption of cloud-based solutions. However, lack of technical expertise and data privacy concerns are the major factors that impede the growth of the global market. Furthermore, the increasing integration of data analytics in the retail sector and rising penetration of digital technologies in businesses is anticipated to provide lucrative growth opportunities for the global retail analytics market in the upcoming years.
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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.
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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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 deployment mode, the on-premise segment accounted for the largest share in 2022, contributing to more than three-fifths of the retail analytics market revenue, as retailers can secure the confidentiality of information with on-premise solutions by storing the data within their own premises or dedicated infrastructure. However, the cloud segment is expected to portray the largest CAGR of 26.5% from 2023 to 2032 and is projected to maintain its lead position 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.
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Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the retail analytics market revenue. The region has been at the forefront of adopting and leveraging the latest technologies, including retail analytics, which are anticipated to propel the growth of the market in this region. However, the Asia-Pacific is expected to witness the fastest CAGR of 27.8% from 2023 to 2032 and is likely to enhance market growth during the forecast period. The surge in e-commerce adoption, with countries such as China, India, and Southeast Asia experiencing significant growth in online retail, which is expected to provide lucrative growth opportunities for the market in this region.
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.
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