This market research report delves into the global in-store analytics market, providing an extensive analysis of key market dynamics. The report covers various aspects of the in-store analytics market, including its segmentation, major vendors, growth trends, and regional perspective. This report is prepared by Report Ocean Research.
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Market Growth
The global in-store analytics market is projected to experience substantial growth, with a robust compound annual growth rate (CAGR) of over 21% from 2019 to 2025. The market’s growth is attributed to the increasing adoption of advanced technologies, particularly cloud-based analytics for data-driven decision-making. For instance, retail giants like Walmart have deployed AI technology to monitor retail stores in real-time, with the aim of digitizing stores to enhance the customer buying experience.
Regional Trends
In 2018, North America accounted for the largest share of the global in-store analytics market. This dominance can be attributed to the presence of numerous technology innovators and retail corporations adopting in-store analytics to improve the customer’s shopping experience. North America is expected to continue to lead the market during the forecast period. The Asia Pacific region is poised for significant growth, driven by the rising adoption of in-store analytics solutions to revolutionize the retail landscape.
Market Segmentation
Component
The global in-store analytics market can be segmented based on components, including:
- Solutions
- Services
The solutions segment is expected to register strong growth as these solutions enable retailers to effectively identify customer preferences and devise strategies based on insights.
Application
The market can be further segmented based on application, including:
- Customer Management
- Competitive Intelligence
- Merchandising
- Operations
- Sales and Marketing
- Others
Customer Management and Merchandising are expected to be significant contributors to market growth during the forecast period due to the growing adoption of artificial intelligence (AI) and analytics for gaining customer insights.
Deployment Mode
The market can also be segmented by deployment mode, including:
- On-premises
- Cloud-based
The cloud-based segment is expected to experience significant growth due to its cost-effectiveness and user-friendly deployment mode.
Leading Vendors
Competitive Analysis
The report provides a competitive analysis of the in-store analytics market, focusing on key players in the industry. These players employ various strategies to maintain a competitive edge, such as mergers & acquisitions, collaborations & partnerships, and joint ventures.
Major Vendors
Some of the major vendors in the in-store analytics market include:
- SAP
- Mindtree
- Happiest Minds
- Capillary Technologies
- Celect
- Capgemini
- RetailNext
- Sisense
- Thinkinside
These companies offer in-store analytics solutions across various areas. The report also studies numerous other vendors based on their portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in research and development (R&D).
Benefits of In-Store Analytics
Real-Time Customer Insights
In-store analytics provides retailers with the opportunity to understand customer demand in real-time by effectively managing products and resources. It enhances data sharing and analysis capabilities, resulting in global growth for in-store analytics. The adoption of new-age technologies, including AI, integrated with various software solutions, is gaining traction among brick-and-mortar retailers to implement an omnichannel retail approach. This adoption leads to an enhanced customer in-store experience and the ability to predict customer demand in real-time.
European Market Growth
The European market is experiencing significant growth, with retailers shifting from traditional brick-and-mortar stores to advanced retail concepts. Rapid adoption of technologies such as AI and cloud computing is driving the demand for in-store analytics. Business expansion by retailers is also boosting the adoption of in-store analytics solutions.
Key Players
Several in-store analytics providers offer solutions used by retailers worldwide. This report examines the market in terms of deployment mode, application, component, and regions. Additionally, it provides details about the major challenges and drivers affecting market growth.
Market Challenges
While in-store analytics offers numerous advantages, it is not without its challenges. Primary challenges include data control concerns, security risks, and the growing adoption of cloud services as an alternative to in-store analytics.
About Report Ocean
Report Ocean is a leading provider of market research reports, known for delivering informative research reports. The company is committed to offering both quantitative and qualitative research results. Using state-of-the-art technology, analysis tools, unique research models, and years of expertise, Report Ocean provides in-depth knowledge for informed and strategic business decisions.