The "Global Retail Analytics Market Size By Component (Software, Service), By Deployment Model (On-premise, Cloud), By Application (Supply Chain Management, Merchandizing Intelligence), By Geographic Scope & Forecast, 2023-2030" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Retail Analytics Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., May 5, 2023 /PRNewswire/ -- The Global Retail Analytics Market is projected to grow at a CAGR of 20% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 7.6 Billion in 2021 and is expected to reach USD 47.38 Billion by the end of the forecast period.
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Browse in-depth TOC on "Retail Analytics Market"
202 - Pages
126 – Tables
37 – Figures
Retail Analytics Market Driven by Growing Demand for Customer Insights and Operational Improvements
The global retail analytics market is seeing robust growth, fueled by the need for businesses to make data-driven decisions to improve their services and operations. Retail analytics provides businesses with valuable insights into supply chain movement, consumer demands, sales, inventory levels, and other critical data. The data is classified into many types, such as in-store analytics, product assortment analytics, and customer analytics.
In-store analytics provide data on all in-store activities, while product assortment analytics deal with product and inventory management. Customer analytics, on the other hand, provides insights into customers' behavior, preferences, and other relevant data. Retail analytics improves the quality of services offered to customers, and organizations can use the data to develop newer marketing strategies to expand their market presence.
Key players in the retail analytics market include IBM Corporation, HCL Technologies Limited, Oracle Corporation, SAS Institute Inc., Wipro Limited, SAP SE, Adobe Systems Incorporated, Fractal Analytics Inc., Manthan, and Tableau Software. These players offer innovative solutions to help businesses optimize their operations and improve their customer experience.
The market is being driven by the rapid growth of cloud-based services and increasing spending on information and communications technology. The proliferation of smartphones, technological infrastructure development, and rapid digital transformation are also contributing to market growth. Furthermore, the increasing use of e-commerce, social media sites, and insights into consumer demands are estimated to propel the market growth during the forecast period.
To stay ahead of the competition, key players are focusing on financial statements, product benchmarking, and SWOT analysis. They are also adopting key development strategies such as mergers and acquisitions, partnerships, and collaborations to expand their market presence and enhance their offerings.
In conclusion, the retail analytics market is poised for robust growth, driven by the need for businesses to make data-driven decisions to improve their services and operations. The market is highly competitive, with key players focusing on innovation and strategic partnerships to stay ahead.
Based on the research, Verified Market Research® has segmented the global Retail Analytics Market into Component, Deployment Model, Application, And Geography.
- Retail Analytics Market, by Component
- Software
- Service
- Retail Analytics Market, by Deployment Model
- On-premise
- Cloud
- Retail Analytics Market, by Application
- Supply Chain Management
- Merchandizing Intelligence
- Customer Analysis
- Data Management
- Others
- Retail Analytics Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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