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Home ➤ Information and Communications Technology ➤ High Tech | Enterprise & Consumer IT ➤ Retail Analytics Market
Retail Analytics Market
Retail Analytics Market
Published date: Oct. 2023 • Formats:
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  • Home ➤ Information and Communications Technology ➤ High Tech | Enterprise & Consumer IT ➤ Retail Analytics Market

Global Retail Analytics Market By Function (Costumer Management, Merchandising, Store Operation, Supply Chain Management, and Strategy & Planning), By Solution, By Deployment Mode, By Enterprise Size, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

  • Published date: Oct. 2023
  • Report ID: 12797
  • Number of Pages: 364
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
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  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • Function Analysis
    • Solution Analysis
    • Deployment Analysis
    • Enterprise Size Analysis
    • Key Market Segments
    • Driving Factors
    • Restraining Factors
    • Opportunities
    • Trending Factors
    • Regional Market Analysis
    • Market Share and Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    The Global Retail Analytics Market size is expected to be worth around USD 39.6 Billion by 2032 from USD 5.7 Billion in 2022, growing at a CAGR of 22% during the forecast period from 2023 to 2032.

    The purpose of retail analytics is to provide the retailer with data such as consumer expectations, inventory levels, chain movements, and sales. Retail analytics are used to understand the value and number of products sold in average order. Innovations, digitalization, and the development of next-generation analytics tools in developed economies are anticipated to drive the market during the forecast period. The retail analytics industry’s rising demand is due to the rising adoption of cloud computing and the growing demand for dashboards for data visualization. Retail analytics helps to find true demand from consumers.

    Global Retail Analytics Market Size

    Note: Actual Numbers Might Vary In The Final Report

    Key Takeaways

    • Rapid Growth: The global retail analytics market is expected to witness substantial growth, with a projected value of around USD 39.6 billion by 2032, showcasing an impressive CAGR of 22% during the forecast period from 2023 to 2032.
    • Customer management and services segments are dominant in the market, holding the largest market shares of 25% and 56% respectively in 2022.
    • The cloud deployment segment is expected to maintain dominance with a market share of 63% during the forecast period.
    • Large enterprises are expected to be the dominant segment, utilizing retail analytics for customer recommendations and services.
    • Driving Factors: Increasing consumer demand and the need for personalized experiences are driving the adoption of retail analytics solutions, enhancing customer satisfaction and long-term business relationships.The growing use of customer relationship management (CRM) solutions is also a significant factor contributing to market growth.
    • Restraining Factors: Strict regulations, particularly regarding data privacy such as the implementation of the general data protection regulation (GDPR), pose challenges for retail analytics solutions that rely on big data technology.
    • Lucrative Opportunities: Introduction of new technologies like blockchain is creating lucrative growth opportunities in the retail analytics market, enabling retailers to streamline their supply chain movements and optimize business strategies.
    • Trending Factors: Retailers are increasingly leveraging advanced technologies such as the Internet of Things (IoT), RFID, and cloud-based applications to gather in-depth consumer information and provide personalized experiences.
    • Regional Analysis: North America holds the largest market share in the global retail analytics market, followed by the Asia Pacific region, which is expected to witness significant growth due to the implementation of e-commerce services and cloud-based analytics in emerging economies.
    • Top Key Players: Microsoft Corporation, Clickworker GmbH, Field Agent Inc., MicroStrategy Incorporated, Oracle Corporation, QlikTech International AB, Salesforce, Inc, SAS Institute Inc, Teradata Corporation, TIBCO Software Inc., Adobe Inc., Altair Engineering Inc., IBM Corporation, Enhanced Retail Solutions, BeMyEye Holdings Ltd., Javelin Group, SAP SE, Vemco Group, HCL Technologies Limited, Wipro Limited, Fractal Analytics Inc.

    Function Analysis

    The Customer Management Segment is Dominant in the Market

    Based on function, the market is classified into customer management, merchandising, store operation, supply chain management, and strategy & planning. The customer management segment is dominant in the market, with the largest market share of 25%, and is expected to dominate the market during the forecast period. Retail analytics is useful for retailers to get valuable insights from customer data and build new strategies to improve customer services through customized and buyer-centric offers.

    Retail analytics in customer management provides a prescriptive analytics system and good recommendations for marketing which is responsible for the growth of the segment. Retail analytics is helpful in merchandising to derive actionable insights using external data such as social sentiments and market trends. It identifies specific needs and product gaps and provides personalized offerings through private labels. Retail analytics refers to big data analysis to enhance supply chain processes.

    Solution Analysis

    The Services Segment is Dominant in the Market

    By solution, the global retail analytics market is segmented into software and services. The services segment was dominant in the market, with the largest market share, more than 56% in 2022. Retail analytics helps the retail industry to understand the common needs of customers and target areas that have high demand, which is the main growth factor of this segment. Services in the retail analytics market report help companies create recommendations based on customers’ purchase history, which provides a personalized experience and improves customer service.

    Deployment Analysis

    The Cloud segment is Dominant

    Based on deployment, the global retail analytics market is divided into on-premises and cloud. The cloud segment is dominant in the market, with the largest market share of 63%, and it is anticipated to hold the dominant position during the forecast period. Cloud services provide real-time assistance and good services for customer satisfaction. Also, it provides user-friendly, safe, and secure services, which is the main growth factor of this segment.

    On-premises segment is also expected to show significant growth during the forecast period as it provides high-security assurance as compared to others. Growing issues regarding cyber security and attacks retailers are expected to deploy on-premises retail software.

    Enterprise Size Analysis

    Large Enterprise Segment is Dominant in the Market

    On the basis of enterprise size market is segmented into large enterprises and small & medium enterprises. The large enterprise segment was dominant in the market with the largest market share in 2022 and is anticipated to remain dominant during the forecast period. Retail analytics is much beneficial to large enterprises because it helps to create customer recommendations which is the primary growth factor in segment growth.

    Global Retail Analytics Market Share

    Note: Actual Numbers Might Vary In The Final Report

    Key Market Segments

    Based on Function

    • Customer Management
    • Merchandising
    • Store Operation
    • Supply Chain Management
    • Strategy & Planning Based

    Based on Solution

    • Software
    • Services

    By Deployment Mode

    • Cloud
    • On-premises

    By Enterprise Size

    • Small & Medium Enterprise
    • Large Enterprise

    Driving Factors

    Increasing Consumer Demand to Provide Good Services

    Increasing consumer demand and growing competition among retailers to provide goods and services for customer personalization are driving the demand for retail analytics solutions. Companies are started adopting retail analytics solutions that enhance customer experience and stay connected with the business for a long timeframe. Increasing use of customer relationship management (CRM) solutions in the industries is also the main factor for market growth. Companies are also starting the collection of new data to provide more effective decisions using retail analytics solutions.

    Growing Applications in Enterprises

    Retail analytics is also helpful in optimizing in-store operations for providing deep information into customer activity within the shop. All retail businesses, from single stores to larger enterprises, track their customers’ shopping habits using retail analytics. Retail analytics helps businesses to figure out product launching and demand for the product launch in the market. In addition, the growing number of smartphones and increasing use of e-commerce also boost the market growth. Also, the introduction of machine learning, blockchain, and artificial intelligence in retail analytics is making the market grow.

    Restraining Factors

    Strict Regulations Regarding Privacy Data

    Implementation of the general data protection regulation (GDPR) has a negative impact on retail solutions that uses big data technology. Due to this, it becomes more challenging to gather costumer’s personal data owing to high-security regulations made by data privacy regulations. It is also spiking awareness regarding privacy among consumers hampering the growth of the retail analytics market.

    Opportunities

    Introduction to New Technologies Will Create Lucrative Growth Opportunities in Market

    The retail analytics market is becoming more and more competitive advantages, and it has become crucial to optimize business strategies for the satisfaction of customers’ expectations. Retailers are shifting towards blockchain to streamline their supply chain movement. Thus, the introduction of blockchain will create lucrative growth opportunities in the market.

    Trending Factors

    Retailers are Started Gathering Deep Information on Consumers’ Expectations to Provide Personalized Experience

    Businesses in retail analytics have started the implementation of advanced technologies such as the internet of things(IoT), RFID, in-store Wi-Fi, and cloud-based application. Most retailers are finding effective ways to utilize second and third-party databases to increase their businesses. Managements are tracking customer analytics interactions on a granular level that allows them to gather much information to understand the needs of consumers and their expectations. Big companies in the retail analytics market are steadily moving toward consolidation through joint ventures, collaborative partnerships, and mergers & acquisitions. Such trends are currently being witnessed in the retail analytics market, thereby bolstering the demand for retail analytics.

    Regional Market Analysis

    North America Region Holds Largest Market Share in Global Retail Analytics Market

    North America is estimated to be the most lucrative market size in the global retail analytics market, with the largest market share of 38% in 2022. In North America, the technological advancements in R&D facilities and the technological adoption rate is greater. As such, the market for retail analytics is anticipated to grow. The rapid adoption of e-commerce services by large organizations is anticipated to drive the market in this region. In addition, big retail establishments in the United States and Canada are adopting advanced retail analytics solutions to provide better consumer experience and operational efficacy, which is anticipated to drive the market.

    The retail analytics market in the Asia Pacific region is expected to increase due to growing large enterprises and the implementation of e-commerce services and the cloud-based analytics sector in several emerging economies such as Brazil, India, South Africa, and China.

    Europe is anticipated to gain the largest share during the forecast period owing to major key companies in Italy, France, Germany, and Spain. The Middle East and Africa region will show steady growth owing to big data development and data explosion in Microsoft.

    Global Retail Analytics Market Region

    Note: Actual Numbers Might Vary In The Final Report

    Key Regions and Countries Covered in this Report:

    • North America
      • The US
      • Canada
      • Mexico
    • Western Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Portugal
      • Ireland
      • Austria
      • Switzerland
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe
      • Russia
      • Poland
      • The Czech Republic
      • Greece
      • Rest of Eastern Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Australia & New Zealand
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Colombia
      • Chile
      • Argentina
      • Costa Rica
      • Rest of Latin America
    • Middle East & Africa
      • Algeria
      • Egypt
      • Israel
      • Kuwait
      • Nigeria
      • Saudi Arabia
      • South Africa
      • Turkey
      • United Arab Emirates
      • Rest of MEA

    Market Share and Key Players Analysis

    Emerging key players are focused on a variety of strategic policies to develop their respective businesses in foreign markets. Businesses in the retail analytics market are developing expansion strategies through investments and mergers, and acquisitions. Some of the major players in retail analytics markets are Microsoft Corporation, Clickworker GmbH, Field Agent Inc., MicroStrategy Incorporated, Oracle Corporation, QlikTech International AB, Salesforce, Inc, SAS Institute Inc, Teradata Corporation, TIBCO Software Inc., Adobe Inc., Altair Engineering Inc., IBM Corporation, BeMyEye Holdings Ltd., Javelin Group, SAP SE, Vemco Group, HCL Technologies Limited, Wipro Limited, and Other Key Players

    Market Key Players:

    Listed below are some of the most prominent retail analytics company players.

    • Microsoft Corporation
    • Clickworker GmbH
    • Field Agent Inc.
    • MicroStrategy Incorporated
    • Oracle Corporation
    • QlikTech International AB
    • Salesforce, Inc
    • SAS Institute Inc
    • Teradata Corporation
    • TIBCO Software Inc.
    • Adobe Inc.
    • Altair Engineering Inc.
    • IBM Corporation
    • Enhanced Retail Solutions
    • BeMyEye Holdings Ltd.
    • Javelin Group
    • SAP SE
    • Vemco Group
    • HCL Technologies Limited
    • Wipro Limited
    • Fractal Analytics Inc.
    • RetailNext, Inc.
    • Other Key Players

    Recent Developments

    • In June 2021, Wipro Limited partnered with Levi Strauss & Co., a clothing brand, to increase user experience and customer satisfaction through experience in the retail sector.
    • In May 2021, Nielsen Consumer LLC introduced Byzzer, a retail analytics customer intelligence platform for emerging and small consumer packaged goods(GCP) companies.

    Report Scope

    Report Features Description
    Market Value (2022) USD 5.7 Bn
    Forecast Revenue (2032) USD 39.6 Bn
    CAGR (2023-2032) 22%
    Base Year for Estimation 2022
    Historic Period 2016-2022
    Forecast Period 2023-2032
    Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments Covered By Function- Costumer Management, Merchandising, Store Operation, Supply Chain Management, and Strategy & Planning; By Solution- Software and Services; By Deployment Mode- Cloud and On-Premises; By Enterprise size- Small & Medium Enterprises and Large Enterprises
    Regional Analysis North America – The U.S. & Canada; Europe – Germany, France, The UK, Spain, Italy, Russia, Netherlands & Rest of Europe; APAC- China, Japan, South Korea, India, Australia, New Zealand, Singapore, Thailand, Vietnam & Rest of APAC; Latin America- Brazil, Mexico & Rest of Latin America; Middle East & Africa- South Africa, Saudi Arabia, UAE & Rest of MEA
    Competitive Landscape Microsoft Corporation, Clickworker GmbH, Field Agent Inc., MicroStrategy Incorporated, Oracle Corporation, QlikTech International AB, Salesforce, Inc, SAS Institute Inc, Teradata Corporation, TIBCO Software Inc., Adobe Inc., Altair Engineering Inc., IBM Corporation, Enhanced Retail Solutions, BeMyEye Holdings Ltd., Javelin Group, SAP SE, Vemco Group, HCL Technologies Limited, Wipro Limited, Fractal Analytics Inc.
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    What is retail analytics?

    Retail analytics is the practice of collecting, analyzing and interpreting retail data to gain insights into customer behavior, product performance and operational efficiency. Retail analytics can be applied in all aspects of the retail business from marketing and merchandising to inventory control and supply chain optimization.

    How does Retail Analytics benefit businesses in the retail sector?

    Retail Analytics delivers valuable insights that enable businesses to improve operations, enhance customer experiences, make data-driven decisions, improve inventory management and develop successful marketing strategies - ultimately leading to increased sales and profits.

    How big is Retail Analytics Market?

    The Global Retail Analytics Market size is expected to be worth around USD 39.6 Billion by 2032 from USD 5.7 Billion in 2022, growing at a CAGR of 22% during the forecast period from 2023 to 2032.

    What are the emerging trends in the Retail Analytics Market?

    Emerging trends in Retail Analytics Market include the implementation of artificial intelligence and machine learning for advanced data analysis, use of big data to gain comprehensive insights, implementation of Omnichannel analytics to provide seamless customer experiences across channels, and adoption of predictive analytics to forecast demand forecasting and inventory management.

    Who are the biggest Key Players in Retail Analytics Market?

    Top Key Players: Microsoft Corporation, Clickworker GmbH, Field Agent Inc., MicroStrategy Incorporated, Oracle Corporation, QlikTech International AB, Salesforce, Inc, SAS Institute Inc, Teradata Corporation, TIBCO Software Inc., Adobe Inc., Altair Engineering Inc., IBM Corporation, Enhanced Retail Solutions, BeMyEye Holdings Ltd., Javelin Group, SAP SE, Vemco Group, HCL Technologies Limited, Wipro Limited, Fractal Analytics Inc.

    Retail Analytics Market
    Retail Analytics Market
    Published date: Oct. 2023
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    • Microsoft Corporation Company Profile
    • Clickworker GmbH
    • Field Agent Inc.
    • MicroStrategy Incorporated
    • Oracle Corporation
    • QlikTech International AB
    • Salesforce, Inc
    • SAS Institute Inc
    • Teradata Corporation
    • TIBCO Software Inc.
    • Adobe Inc.
    • Altair Engineering Inc.
    • IBM Corporation
    • Enhanced Retail Solutions
    • BeMyEye Holdings Ltd.
    • Javelin Group
    • SAP SE Company Profile
    • Vemco Group
    • HCL Technologies Limited
    • Wipro Limited
    • Fractal Analytics Inc.
    • RetailNext, Inc.
    • Other Key Players
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