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The Retail Analytics Market size was valued at USD 7.01 Billion in 2023 and is expected to grow to USD 48.7 Billion by 2031 and grow at a CAGR of 24.03 % over the forecast period of 2024-2032.
Retail analytics gathers analytical data on inventory levels, supply chain movements, customer demand, sales, and other variables. This data may be used for a variety of purposes, including maintaining procurement levels and making important marketing decisions. Retailers can use these insights to improve their operations in a variety of ways, such as optimizing store layout and design, improving pricing strategy, improving promotional campaigns, iterating product displays, driving product recommendations, and developing comprehensive customer personas. Furthermore, retail analytics data may provide organizations with vital consumer information, allowing merchants to better understand and meet their needs. Retail business analytics tools aid in forecasting future sales and demand. Increased focus on business intelligence (BI) and analytics, as well as the use of cutting-edge technology for retail analytics solutions, are expected to broaden and intensify competition. Global retail analytics leaders are creating novel technologies and using retail business intelligence to capitalize on attractive revenue opportunities.
Drivers
Increasing Advanced Technology Integration to Drive Market Growth
The retail industry is said to be one of the most advanced in terms of implementing modern technologies such as artificial intelligence, Blockchain, machine learning, and so on. AI provides better data management, a more personalized experience, predictive analysis, and real-time help. Other AI applications, such as chatbots, virtual assistants, and others, help retailers keep in touch with their consumers. This optimizes the business process by automatically managing many inquiries and increases company profitability by notifying clients about promotions and specials. AI has allowed personalized consumer experiences by gathering and analyzing data from purchase history to assist merchants in providing a better customer experience.
Blockchain improves the retail life cycle by making it more dependable, efficient, and speedier than previous practices. It assists merchants with cloud storage, improves supply chain management, and allows enterprises to operate a loyalty program, among other things. As a result, these advanced technologies are projected to boost retail analytics market expansion even more.
Restrains
Stringent data regulations might limit market growth.
The General Data Protection Regulation (GDPR) is having an impact on retail solutions that leverage big data technologies. The security standards imposed by data privacy legislation have made it difficult for businesses to acquire access to their customers' personal data. The increased awareness of customer privacy in retail is impeding the operations of many global corporations and international merchants. Furthermore, the laws make it difficult for merchants to provide more personalized experiences. As a result, the complexity of customizing products to meet regulatory requirements affects dependability, thus limiting retail platform adoption.
Opportunities
In developed countries, innovation, digitalization, and the development of the next generation. analytics instruments will create opportunities for the market.
Challenges
Inadequate technical knowledge
Privacy issues regarding data
The Russia-Ukraine war has had various impacts on different sectors, including the retail analytics market.
The conflict between Russia and Ukraine can lead to disruptions in supply chains, affecting the availability and delivery of goods. This can impact the accuracy and reliability of retail analytics data, as it heavily relies on consistent and uninterrupted data from various sources. During times of conflict and uncertainty, consumer behavior tends to change. People may become more cautious with their spending, leading to shifts in purchasing patterns and preferences. Retail analytics companies may need to adapt their models to capture these changes accurately. The war can have a significant impact on the economy of both Russia and Ukraine, leading to changes in consumer purchasing power. Retailers may face challenges in predicting demand and optimizing inventory levels, which can affect the effectiveness of retail analytics solutions. Political tensions and military conflicts can create an atmosphere of instability and uncertainty. This can result in fluctuations in currency values, inflation, and changes in government regulations and policies. Russia and Ukraine contributed 11% to Europe's retail business. However, as the Russian currency has depreciated, demand for Russian brands has decreased due to war. While the war may create challenges, it can also open up new opportunities for retail analytics providers. As retailers face increased pressures and competition, the demand for advanced analytics solutions to optimize operations, inventory management, pricing, and customer engagement may rise.
The impact of the war on the retail analytics market may vary across regions. Areas directly affected by the conflict may experience more significant disruptions, while neighboring countries or regions may see indirect effects due to economic and geopolitical factors.
Impact of the Recession
During a recession, consumers tend to reduce their discretionary spending and become more cautious with their purchases. This decline in consumer spending directly affects retailers, leading to lower sales and revenue. As a result, retailers may scale back their investments in analytics solutions, including Retail Analytics.
Recessionary periods often lead to companies tightening their belts and cutting costs. This can result in reduced budgets for technology investments, including Retail Analytics. Companies may delay or cancel planned analytics projects and focus more on immediate cost-cutting measures. In times of economic downturn, retailers strive to optimize their operational costs to maintain profitability. Sales at retail were $677.1 billion in December, down 1.1% from November but up 6.0% from the same month the previous year. However, the level of investment and priority given to such initiatives may be impacted during a recession. Recessions can lead to market consolidation as weaker or financially struggling companies may be acquired or go out of business. This can impact the Retail Analytics market by reducing the number of potential customers and creating uncertainties for analytics vendors, particularly those heavily reliant on smaller retailers. While overall spending on Retail Analytics may decline during a recession, there could be an increased demand for specific types of analytics solutions.
The Retail Analytics Market is segmented into four types on the basis of By Type, By Deployment, By Retail Store Type, By Application, and By Function.
By Type
Software
Services
By Deployment
On-Premise
Cloud
By Retail Store Type
Hypermarkets and Supermarkets
Retail Chains
By application
Merchandising analysis
Pricing analysis
Customer analytics
Promotional analysis and planning
Yield analysis
Inventory analysis
Others
By Function
Customer Management
Supply Chain Management
Merchandising
Strategy and Planning
In-Store Operations
Regional Analysis
During the projection period, North America is expected to emerge as a dominating region in the worldwide retail analytics business. Many organizations in the area are rapidly adopting e-commerce services, which is expected to boost market growth. Furthermore, merchants in the United States and Canada are implementing modern technology to give a superior consumer experience, better decision-making, operational efficiency, and discover market trends.
The market in Asia Pacific is expected to develop rapidly. In China, India, Singapore, Japan, and other Asian nations, rising internet purchasing and consumer connectivity encourage the usage of analytical tools. Mobile connection, digitalization, the expansion of e-commerce, and social commerce, among other factors, are likely to provide significant growth opportunities for the industry.
During the projection period, Europe is expected to increase significantly. The largest contributors to the expansion of retail solutions are retailers from France, Germany, Italy, and Spain.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major players in the market are Oracle, HCL Technologies Limited, SAP SE, Google, Microsoft, IBM, Salesforce, Wipro Limited., SAS Institute, AWS, MicroStrategy, Edited, Nielsen Consumer LLC, Teradata, Information Builders, Fujitsu, Domo, FLIR Systems, 1010Data, ThinkInside, Capillary, RetailNext, and others in the final report.
Wipro Limited and SAP SE will collaborate in March 2020 to co-develop solutions for the fashion and retail industries to manage customer experience and business operations from production through in-store merchandising. The SAP S/4HANA installations are intended to help Wipro develop industry-specific solutions.
Microsoft Corporation launches cloud technologies for the retail business in January 2021. The digital solution may give enhanced assistance to shops and retailers with a better-known consumer, robust supply chain, timely delivery, and empowered staff via the Microsoft Cloud.
| Report Attributes | Details |
| Market Size in 2023 | US$ 7.01 Bn |
| Market Size by 2032 | US$ 48.7 Bn |
| CAGR | CAGR of 24.03% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Software, Services) • By Deployment (On-Premise, Cloud) • By Retail Store Type (Hypermarkets and Supermarkets, Retail Chains) • By Application (Merchandising analysis, Pricing analysis, Customer analytics, Promotional analysis and planning, Yield analysis, Inventory analysis, Others) • By Function (Customer Management, Supply Chain Management, Merchandising, Strategy and Planning, In-Store Operations) • By End-user (Enterprise, Individual) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Oracle, HCL Technologies Limited, SAP SE, Google, Microsoft, IBM, Salesforce, Wipro Limited., SAS Institute, AWS, MicroStrategy, Edited, Nielsen Consumer LLC, Teradata, Information Builders, Fujitsu, Domo, FLIR Systems, 1010Data, ThinkInside, Capillary, RetailNext |
| Key Drivers | • Increasing Advanced Technology Integration to Drive Market Growth |
| Market Opportunities | • In developed countries, innovation, digitalization, and the development of the next generation. analytics instruments will create opportunities for the market. |
Ans: 24.03 is the CAGR of the Retail Analytics Market in the forecast period of 2024-2032.
Ans: USD 7.01 billion in 2023 is the market share of the Retail Analytics Market.
Ans. The major players are IONOS Inc., Liquid Web, LLC, Amazon Web Services, Inc., Google LLC, Endurance International Group, DigitalOcean, LLC, GoDaddy Operating Company, LLC, Hetzner Online GmbH, Alibaba Cloud, WPEngine, Inc., Equinix, Inc., and others in final report.
Ans. The forecast period for the Retail Analytics Market is 2024-2032.
Ans: North American region is dominating the Retail Analytics Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Retail Analytics Market Segmentation, By Type
8.1 software
8.2 Services
9. Retail Analytics Market Segmentation, By Deployment
9.1 Cloud
9.2 On-Premises
10. Retail Analytics Market Segmentation, By Retail Store Type
10.1 Hypermarkets and Supermarkets
10.2 Retail Chains
11. Retail Analytics Market Segmentation, By Application
11.1 Merchandising analysis
11.2 Pricing analysis
11.3 Customer analytics
11.4 Promotional Analysis and Planning
11.5 Yield analysis
11.6 Inventory analysis
11.7 Others
12. Retail Analytics Market Segmentation, By Function
12.1 Customer Management
12.2 Supply Chain Management
12.3 Merchandising
12.4 Strategy and Planning
12.5 In-Store Operations
13.Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 North America Retail Analytics Market By Country
13.2.2North America Retail Analytics Market By Type
13.2.3 North America Retail Analytics Market By Deployment
13.2.4 North America Retail Analytics Market By Retail Store Type
13.2.5 North America Retail Analytics Market By Application
13.2.6 North America Retail Analytics Market By Function
13.2.7 USA
13.2.7.1 USA Retail Analytics Market By Type
13.2.7.2 USA Retail Analytics Market By Deployment
13.2.7.3 USA Retail Analytics Market By Retail Store Type
13.2.7.4 USA Retail Analytics Market By Application
13.2.7.5 USA Retail Analytics Market By Function
13.2.8 Canada
13.2.8.1 Canada Retail Analytics Market By Type
13.2.8.2 Canada Retail Analytics Market By Deployment
13.2.8.3 Canada Retail Analytics Market By Retail Store Type
13.2.8.4 Canada Retail Analytics Market By Application
13.2.8.5 Canada Retail Analytics Market By Function
13.2.9 Mexico
13.2.9.1 Mexico Retail Analytics Market By Type
13.2.9.2 Mexico Retail Analytics Market By Deployment
13.2.9.3 Mexico Retail Analytics Market By Retail Store Type
13.2.9.4 Mexico Retail Analytics Market By Application
13.2.9.5 Mexico Retail Analytics Market By Function
13.3 Europe
13.3.1 Europe Retail Analytics Market By country
13.3.2 Europe Retail Analytics Market By Type
13.3.3 Europe Retail Analytics Market By Deployment
13.3.4 Europe Retail Analytics Market By Retail Store Type
13.3.5 Europe Retail Analytics Market By Application
13.3.6 Europe Retail Analytics Market By Function
13.3.7 Germany
13.3.7.1 Germany Retail Analytics Market By Type
13.3.7.2 Germany Retail Analytics Market By Deployment
13.3.7.3 Germany Retail Analytics Market By Retail Store Type
13.3.7.4 Germany Retail Analytics Market By Application
13.3.7.5 Germany Retail Analytics Market By Function
13.3.8 UK
13.3.8.1 UK Retail Analytics Market By Type
13.3.8.2 UK Retail Analytics Market By Deployment
13.3.8.3 UK Retail Analytics Market By Retail Store Type
13.3.8.4 UK Retail Analytics Market By Application
13.3.8.5 UK Retail Analytics Market By Function
13.3.9 France
13.3.9.1 France Retail Analytics Market By Type
13.3.9.2 France Retail Analytics Market By Deployment
13.3.9.3 France Retail Analytics Market By Retail Store Type
13.3.9.4 France Retail Analytics Market By Application
13.3.9.5 France Retail Analytics Market By Function
13.3.10 Italy
13.3.10.1 Italy Retail Analytics Market By Type
13.3.10.2 Italy Retail Analytics Market By Deployment
13.3.10.3 Italy Retail Analytics Market By Retail Store Type
13.3.10.4 Italy Retail Analytics Market By Application
13.3.10.5 Italy Retail Analytics Market By Function
13.3.11 Spain
13.3.11.1 Spain Retail Analytics Market By Type
13.3.11.2 Spain Retail Analytics Market By Deployment
13.3.11.3 Spain Retail Analytics Market By Retail Store Type
13.3.11.4 Spain Retail Analytics Market By Application
13.3.11.5 Spain Retail Analytics Market By Function
13.3.12 The Netherlands
13.3.12.1 Netherlands Retail Analytics Market By Type
13.3.12.2 Netherlands Retail Analytics Market By Deployment
13.3.12.3 Netherlands Retail Analytics Market By Retail Store Type
13.3.12.4 Netherlands Retail Analytics Market By Application
13.3.12.5 Netherlands Retail Analytics Market By Function
13.3.13 Rest of Europe
13.3.13.1 Rest of Europe Retail Analytics Market By Type
13.3.13.2 Rest of Europe Retail Analytics Market By Deployment
13.3.13.3 Rest of Europe Retail Analytics Market By Retail Store Type
13.3.13.4 Rest of Europe Retail Analytics Market By Application
13.3.13.5 Rest of Europe Retail Analytics Market By Function
13.4 Asia-Pacific
13.4.1 Asia Pacific Retail Analytics Market By country
13.4.2 Asia Pacific Retail Analytics Market By Type
13.4.3 Asia Pacific Retail Analytics Market By Deployment
13.4.4Asia Pacific Retail Analytics Market By Retail Store Type
13.4.5Asia Pacific Retail Analytics Market By Application
13.4.6 Asia Pacific Retail Analytics Market By Function
13.4.7 Japan
13.4.7.1 Japan Retail Analytics Market By Type
13.4.7.2 Japan Retail Analytics Market By Deployment
13.4.7.3 Japan Retail Analytics Market By Retail Store Type
13.4.7.4 Japan Retail Analytics Market By Application
13.4.7. 5Japan Retail Analytics Market By Function
13.4.8South Korea
13.4.8.1 South Korea Retail Analytics Market By Type
13.4.8.2 South Korea Retail Analytics Market By Deployment
13.4.8.3 South Korea Retail Analytics Market By Retail Store Type
13.4.8.4 South Korea Retail Analytics Market By Application
13.4.8.5 South Korea Retail Analytics Market By Function
13.4.9 China
13.4.9.1 China Retail Analytics Market By Type
13.4.9.2 China Retail Analytics Market By Deployment
13.4.9.3 China Retail Analytics Market By Retail Store Type
13.4.9.4 China Retail Analytics Market By Application
13.4.9.5 China Retail Analytics Market By Function
13.4.10 India
13.4.10.1 India Retail Analytics Market By Type
13.4.10.2 India Retail Analytics Market By Deployment
13.4.10.3 India Retail Analytics Market By Retail Store Type
13.4.10.4 India Retail Analytics Market By Application
13.4.10.5 India Retail Analytics Market By Function
13.4.11 Australia
13.4.11.1 Australia Retail Analytics Market By Type
13.4.11.2 Australia Retail Analytics Market By Deployment
13.4.11.3 Australia Retail Analytics Market By Retail Store Type
13.4.11.4 Australia Retail Analytics Market By Application
13.4.11.5 Australia Retail Analytics Market By Function
13.4.12 Rest of Asia-Pacific
13.4.12.1 APAC Retail Analytics Market By Type
13.4.12.2 APAC Retail Analytics Market By Deployment
13.4.12.3 APAC Retail Analytics Market By Retail Store Type
13.4.12.4 APAC Retail Analytics Market By Application
13.4.12.5 APAC Retail Analytics Market By Function
13.5 The Middle East & Africa
13.5.1 The Middle East & Africa Retail Analytics Market By country
13.5.2 The Middle East & Africa Retail Analytics Market By Type
13.5.3 The Middle East & Africa Retail Analytics Market By Deployment
13.5.4The Middle East & Africa Retail Analytics Market By Retail Store Type
13.5.5 The Middle East & Africa Retail Analytics Market By Application
13.5.6The Middle East & Africa Retail Analytics Market By Function
13.5.7 Israel
13.5.7.1 Israel Retail Analytics Market By Type
13.5.7.2 Israel Retail Analytics Market By Deployment
13.5.7.3 Israel Retail Analytics Market By Retail Store Type
13.5.7.4 Israel Retail Analytics Market By Application
13.5.7.5 Israel Retail Analytics Market By Function
13.5.8 UAE
13.5.8.1 UAE Retail Analytics Market By Type
13.5.8.2 UAE Retail Analytics Market By Deployment
13.5.8.3 UAE Retail Analytics Market By Retail Store Type
13.5.8.4 UAE Retail Analytics Market By Application
13.5.8.5 UAE Retail Analytics Market By Function
13.5.9South Africa
13.5.9.1 South Africa Retail Analytics Market By Type
13.5.9.2 South Africa Retail Analytics Market By Deployment
13.5.9.3 South Africa Retail Analytics Market By Retail Store Type
13.5.9.4 South Africa Retail Analytics Market By Application
13.5.9.5 South Africa Retail Analytics Market By Function
13.5.10 Rest of Middle East & Africa
13.5.10.1 Rest of Middle East & Asia Retail Analytics Market By Type
13.5.10.2 Rest of Middle East & Asia Retail Analytics Market By Deployment
13.5.10.3 Rest of Middle East & Asia Retail Analytics Market By Retail Store Type
13.5.10.4 Rest of Middle East & Asia Retail Analytics Market By Application
13.5.10.5 Rest of Middle East & Asia Retail Analytics Market By Function
13.6 Latin America
13.6.1 Latin America Retail Analytics Market By Country
13.6.2 Latin America Retail Analytics Market By Type
13.6.3 Latin America Retail Analytics Market By Deployment
13.6.4 Latin America Retail Analytics Market By Retail Store Type
13.6.5Latin America Retail Analytics Market By Application
13.6.6 Latin America Retail Analytics Market By Function
13.6.7 Brazil
13.6.7.1 Brazil Retail Analytics Market By Type
13.6.7.2 Brazil Africa Retail Analytics Market By Deployment
13.6.7.3Brazil Retail Analytics Market By Retail Store Type
13.6.7.4 Brazil Retail Analytics Market By Application
13.6.7.5 Brazil Retail Analytics Market By Function
13.6.8 Argentina
13.6.8.1 Argentina Retail Analytics Market By Type
13.6.8.2 Argentina Retail Analytics Market By Deployment
13.6.8.3 Argentina Retail Analytics Market By Retail Store Type
13.6.8.4 Argentina Retail Analytics Market By Application
13.6.8.5 Argentina Retail Analytics Market By Function
13.6.9 Rest of Latin America
13.6.9.1 Rest of Latin America Retail Analytics Market By Type
13.6.9.2 Rest of Latin America Retail Analytics Market By Deployment
13.6.9.3 Rest of Latin America Retail Analytics Market By Retail Store Type
13.6.9.4 Rest of Latin America Retail Analytics Market By Application
13.6.9.5 Rest of Latin America Retail Analytics Market By Function
14 Company Profile
14.1 Oracle
14.1.1 Market Overview
14.1.2 Financials
14.1.3 Product/Services/Offerings
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 HCL Technologies Limited.
14.2.1 Market Overview
14.2.2 Financials
14.2.3 Product/Services/Offerings
14.2.4 SWOT Analysis
14.2.5 The SNS View
14.3 SAP SE.
14.3.1 Market Overview
14.3.2 Financials
14.3.3 Product/Services/Offerings
14.3.4 SWOT Analysis
14.3.5 The SNS View
14.4 Google.
14.4.1 Market Overview
14.4.2 Financials
14.4.3 Product/Services/Offerings
14.4.4 SWOT Analysis
14.4.5 The SNS View
14.5 Microsoft
14.5.1 Market Overview
14.5.2 Financials
14.5.3 Product/Services/Offerings
14.5.4 SWOT Analysis
14.5.5 The SNS View
14.6 IBM.
14.6.1 Market Overview
14.6.2 Financials
14.6.3 Product/Services/Offerings
14.6.4 SWOT Analysis
14.6.5 The SNS View
14.7 Salesforce
14.7.1 Market Overview
14.7.2 Financials
14.7.3 Product/Services/Offerings
14.7.4 SWOT Analysis
14.7.5 The SNS View
14.8 Wipro Limited.
14.8.1 Market Overview
14.8.2 Financials
14.8.3 Product/Services/Offerings
14.8.4 SWOT Analysis
14.8.5 The SNS View
14.9 SAS Institute.
14.9.1 Market Overview
14.9.2 Financials
14.9.3 Product/Services/Offerings
14.9.4 SWOT Analysis
14.9.5 The SNS View
14.10 MicroStrategy.
14.10.1 Market Overview
14.10.2 Financials
14.10.3 Product/Services/Offerings
14.10.4 SWOT Analysis
14.10.5 The SNS View
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
16. USE Cases and Best Practices
17. Conclusion
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