Report Ocean recently released a research report on the Retail Analytics Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global retail analytics market size was US$ 5.1 billion in 2021. The global retail analytics market is forecast to grow to US$ 21.1billion by 2030, registering a compound annual growth rate (CAGR) of 18.1% during the forecast period from 2022 to 2030.
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Retail analytics refers to the process of delivering analytical data on inventory levels, supply chain movement, consumer demand, sales, and other factors that are crucial for marketing and procurement decisions.
Factors Influencing the Market Growth
- The rising demand for data visualization dashboards and the growing penetration of cloud-based platforms will benefit the global market. In addition, a constant increase in data generation will increase the demand for the retail analytics solution.
- The global retail and consumer goods community is developing rapidly. The industry outlook is changing due to the growing deployment of digital solutions. Enterprises and end-users are focusing on digital transformation to outgrow competitors and create a competitive lead. Thus, this digital revolution is forecast to fuel the growth of the retail analytics market during the study period.
- The growing number of businesses are forecast to benefit the global retail analytics market. In addition, a rising number of launches and efficient advancements are forecast to contribute to the market growth. n Jan year 2020, IBM introduced “Store in the Cloud,” intending to assist retailers in transforming businesses by offering the rapidly changing course of consumers’ shopping.
- The growing number of e-commerce platforms is forecast to play a beneficial role in the global retail analytics market.
- Increasing urbanization is forecast to propel the growth of the global retail analytics market during the study period.
COVID-19 Impact Analysis
Companies are using analytics capabilities in order to tackle COVID-19 problems and prepare for the days ahead. During and after COVID-19, corporations are expected to rely on digital technologies to foresee and respond to altering baselines. The retail industry witnessed several challenges during the pandemic. Thus, it is more important than ever to improve corporate procedures while meeting customer expectations. Data analytics is being used at every level of the retail process to keep track of new products, forecast sales, and forecast future demand.
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Regional Analysis
The global retail analytics market will grow rapidly in North America due to the growing preference for e-commerce platforms, rising penetration of digitalized technologies, and increasing consumer awareness about retail analytics. The retailers of Canada and the United States are employing advanced technologies to offer convenient services to consumers. As a result, it will propel the growth of the regional retail analytics market. Due to trending online shopping, the Asia-Pacific retail analytics market will grow significantly during the study period.
Competitors in the Market
- IBM
- Oracle
- Salesforce
- SAP
- AWS
- SAS Institute
- Qlik
- Manthan
- Bridgei2i
- MicroStrategy
- Teradata
- HCL
- Fujitsu
- Domo
- Other prominent players
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Market Segmentation
By Application
- Merchandising Analysis
- Customer Analytics
- Promotional Analysis and Planning
By Business Function
- Finance
- Operations
By Component
- Solutions
- Services
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
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- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Retail Analytics Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Retail Analytics market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Retail Analytics Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Retail Analytics market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Retail Analytics market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Retail Analytics market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Retail Analytics market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Retail Analytics business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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