Major players in the retail analytics market are Microsoft Corporation, 1010data Inc., FLIR Systems Inc., HCL Technologies Limited, IBM Corporation, Oracle Corporation, QlikTech International AB., Adobe Inc., Altair Engineering Inc., Bedrock Analytics Corporation, BeMyEye Holdings Ltd., Clickworker GmbH, Field Agent Inc., Information Builders Inc., and MicroStrategy Incorporated.
The global retail analytics market is expected to grow from $5.51 billion in 2022 to $6.95 billion in 2023 at a compound annual growth rate (CAGR) of 26.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The retail analytics market is expected to grow to $16.60 billion in 2027 at a CAGR of 24.3%.
The retail analytics market includes revenues earned by entities by descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Retail analytics is the process of supplying analytical data on stock levels, supply chain activity, consumer demand, sales, and other elements that are crucial for marketing and procurement choices.
North America was the largest region in the retail analytics market in 2022.The Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the retail analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of retail analytics are solutions and services.A solution is a product or service that is tailored to individual clients in order to solve a common or specific problem.
The functions include customer management, merchandising, store operations, supply chain, strategy, and planning deployed by various models such as on-premise, and cloud used by offline, and online end users.
Digitalizing to enhance customer experience and retail operations are expected to propel the retail analytics market.Digitalization is the process of transforming a business model using digital technologies to create new prospects for value creation and income generation.
Regardless of the channel or location, digital transformation gives businesses the chance to connect with contemporary customers and fulfill their expectations for a smooth customer experience.For instance, in 2021, according to a Survey conducted by BDO USA LLP, a US-based provider of assurance, tax, and financial advisory services, customer experience remained retail’s top digital priority with 35% of members prioritizing improving customer experience, 30% on optimizing business processes and driving operational efficiencies across the supply chain, 15% on consolidating or upgrading legacy IT infrastructure, 11% on implementing change management for digital adoption in the workplace and 9% on adopting a new business or revenue model.
Therefore, digitalizing to enhance customer experience and retail operations is driving the growth of the retail analytics market.
Technological advancement is a key trend in the retail analytics market.Major companies operating in the retail analytics market are developing innovative analytics platforms for retailers using advanced technology such as artificial intelligence (AI), internet of things (IoT) devices, augmented and virtual reality, chatbots and others to sustain their position in the market.
For instance, in August 2021, Crossmark, a US-based retail merchandising services provider, launched an accelerator, a cutting-edge data analysis platform for CPG sales and marketing activities.The platform is designed to evolve as new data sources, and machine learning (AI) capabilities are added.
The custom platform, created in collaboration with leading technology firms with best-in-class analytics horsepower to deliver intuitive visualization of analytical tasks critical for smarter selling and faster growth.
In April 2021, EDITED, a UK-based retail intelligence provider and AI-driven data insights, acquired DynamicAction for an undisclosed amount.Through this acquisition, companies close the information-action gap and provide retailers with the insights they need to make better data-driven decisions.
EDITED and DynamicAction have developed the first fully integrated retail automation system, combining global market data with data from the supply chain ecosystem for quick insights. DynamicAction is a US-based company providing retail analytics to B2C and B2B retail brands.
The countries covered in the Retail Analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The retail analytics market research report is one of a series of new reports that provides retail analytics market statistics, including retail analytics industry global market size, regional shares, competitors with a retail analytics market share, detailed retail analytics market segments, market trends and opportunities, and any further data you may need to thrive in the retail analytics industry. This retail analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.