Retail Analytics Market is estimated to reach a market size of US$32.808 billion by 2028

The retail analytics market is estimated to grow at a CAGR of 21.56% to reach US$32.808 billion in 2028 from US$8.364 billion in 2021.

The retail analytics market is estimated to grow at a CAGR of 21.56% to reach US$32.808 billion in 2028 from US$8.364 billion in 2021.”

— Knowledge Sourcing Intelligence

NOIDA, UTTAR PRADESH, INDIA, August 7, 2023/EINPresswire.com/ — According to a new study published by Knowledge Sourcing Intelligence, the Retail Analytics Market is projected to grow at a CAGR of 21.56% between 2023 and 2028 to reach US$32.808 billion by 2028.

The prime factors propelling the retail analytics market growth are increasing demand for data-driven decision-making, the need for enhancing customer experience and personalization, rising competition in the retail industry, and the adoption of advanced technologies such as AI and machine learning for insights and forecasting.

Retail analytics refers to the process of gathering, analyzing, and interpreting data related to various aspects of retail operations, such as sales, customer behavior, inventory management, and market trends. By utilizing advanced techniques and tools, including data mining, machine learning, and predictive modeling, retail analytics helps retailers gain valuable insights into consumer preferences, optimize pricing strategies, improve inventory management, enhance customer experience, and make informed decisions to drive business growth and profitability in a competitive market landscape.

The sector is witnessing multiple collaborations and technological advancements. For instance in June 2022, Amazon introduced Store Analytics, a new service from its physical retail and technology team. It offers brands insights into their product, promotion, and ad campaign performance within Amazon Go and Amazon Fresh stores. The service presents aggregated and anonymized data, helping brands make informed decisions to improve store layouts, product availability, and promotions, and enhance shopper experiences. Privacy is safeguarded through sharing only grouped data, and an opt-out option is provided.

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Based on type the retail analytics market is divided into software and services. However, it’s the software segment that is rapidly expanding due to technological advancements, rising e-commerce significance, and the transformative potential of data-driven insights. Retailers seek a competitive advantage in the digital era, driving the ascent of sophisticated software tools as vital enablers of success in the evolving retail analytics landscape.
Based on deployment the retail analytics market is analyzed into cloud and on-premise. Cloud deployment is witnessing rapid growth due to its scalability, accessibility, and agility, making it a preferred choice for retailers navigating evolving market dynamics and embracing digital transformation. Cloud solutions offer real-time insights, cost-effective models, and remote collaboration capabilities, fostering innovation and adaptation. As retailers seek to optimize decision-making, enhance customer experiences, and stay competitive, the cloud-based segment has emerged as a significant driver of expansion within the retail analytics landscape. On the other hand, On-premise solutions are particularly attractive to retailers seeking to maintain direct oversight and customization of their analytics environment as it involves hosting retail analytics software within the retailer’s physical infrastructure.

By end-user, the market is divided into merchandising, supply chain, strategy & planning, store operation, and marketing. Among these segments, the marketing domain is undergoing significant growth. This is attributed to the increasing importance of data-driven insights in optimizing customer engagement and sales. The digital landscape, enriched with online interactions and purchase data, provides a wealth of information for personalized and targeted marketing campaigns. The competitive retail industry further drives the demand for effective marketing strategies that enhance customer satisfaction and conversions. In essence, the expansion of marketing analytics within the retail analytics market is fueled by the quest for enhanced customer engagement, personalized experiences, and competitive advantage.

Based on Geography, North America is expected to hold a significant share of the retail analytics market during the forecasted period driven by its advanced technological infrastructure, competitive retail industry, and early adoption of data-driven strategies. With a robust IT landscape and widespread digital access, North American retailers efficiently collect and utilize data from diverse sources. The dynamic and competitive nature of the region’s retail sector underscores the importance of analytics for informed decision-making, personalized marketing, and seamless omnichannel experiences. Well-established retailers’ interest in innovative solutions further propels the adoption of retail analytics, ensuring North America’s continued significance in the market.

As a part of the report, the major players operating in the retail analytics market, that have been covered are SAP SE, Salesforce, Oracle, Microsoft Corporation, HCL Technologies Limited, IBM, Qlik, Cloud Software Group, Inc., Sisense Inc., Wipro, Zoho Corporation, ALTERYX.

The retail analytics market is analyzed into following segments:

• By Type

o Software
o Services

• By Deployment

o Cloud
o On-premise

• By End-User

o Merchandising
o Supply Chain
o Strategy & Planning
o Store Operations
o Marketing

• By Geography

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• Germany
• France
• United Kingdom
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Others

Explore More Reports:

• Crowd Analytics Market: https://www.knowledge-sourcing.com/report/global-crowd-analytics-market

• Dark Analytics Market: https://www.knowledge-sourcing.com/report/dark-analytics-market

• Augmented Analytics Market: https://www.knowledge-sourcing.com/report/global-augmented-analytics-market

Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
info@knowledge-sourcing.com
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The retail analytics market is estimated to grow at a CAGR of 21.56% to reach US$32.808 billion in 2028 from US$8.364 billion in 2021.
The retail analytics market is estimated to grow at a CAGR of 21.56% to reach US$32.808 billion in 2028 from US$8.364 billion in 2021.”— Knowledge Sourcing IntelligenceNOIDA, UTTAR PRADESH, INDIA, August 7, 2023/EINPresswire.com/ — According to a new study published by Knowledge Sourcing Intelligence, the Retail Analytics Market is projected to grow at a CAGR of 21.56% between 2023 and 2028 to reach US$32.808 billion by 2028.