Retail Analytics Market Size To Hit USD 7 Billion at a 17%
New York, US, March 08, 2023 (GLOBE NEWSWIRE) -- Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), ' Retail Analytics Market: By Component, By Organization, By Application - Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 17% to attain a valuation of around USD 7 Billion by the end of 2030.
Eminent industry players profiled in the global retail analytics market report include Microsoft Corporation (U.S.), IBM Corporation (U.S.), Salesforce.com, Inc. (U.S.), SAP SE (Germany), HCL Technologies Limited (India), SAS Institute, Inc. (U.S.), Qlik (U.S.), Manthan Software Services Pvt. Ltd. (India), BRIDGEi2i Analytics Solutions (India), MicroStrategy Incorporated (U.S.), Teradata (U.S.), Amazon Web Services (U.S.), Fujitsu (Japan), Oracle Corporation (U.S.), Domo, Inc. (U.S.), and Tableau Software, Inc. (U.S.)., among others.
The retail analytics market is fragmented and competitive as a result of the presence of numerous national and international industry players. These players have used a range of innovative strategies, including agreements, partnerships, joint ventures, collaborations, the launch of new products, geographic expansions, and more, in order to accommodate the growing client need while still being on the cutting edge. They also support numerous research and development initiatives.
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Retail Analytics Market Report Scope
|Retail Analytics Market Size by 2030||USD 7 Billion|
|Retail Analytics Market CAGR||17%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||Digitalizing to enhance customer experience and retail operations|
Rising Adoption of ML and AI to Boost Market Growth
A crucial component in digitalization of retail establishments is artificial intelligence (AI). By personalizing the shopping experience, it aids the company in developing compelling customer interactions. Additionally, cutting-edge technologies like AI & machine learning help businesses in the retail sector create successful business plans by identifying the most recent trends in customer purchasing patterns. Growing use of AI by businesses in operations is predicted to fuel market expansion over the forecast period.
Trend of Ominichannel Retailing to offer Robust Opportunities
One of the most important trends within the retail sector is the expanding omnichannel retailing trend. As a result, companies are using online marketplaces to advertise their products rather than traditional brick-and-mortar stores. This trend has become especially apparent in the fashion industry. Many fashion retailers today provide their wares online in addition to having physical locations. By doing so, they may be able to reach a wider audience and reduce the high costs associated with maintaining a physical facility.
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Restraints and Challenges
Legal Concerns to act as Market Restraint
The dearth of technology adoption via the unorganized retail sector, data privacy issues, legal concerns, and changing consumer demands may act as market restraints over the forecast period.
The retail analytics market is bifurcated based on component, organization size, and application.
By component, software will lead the market over the forecast period.
By organization size, large enterprises will dominate the market over the forecast period.
By application, marketing & price optimization will spearhead the market over the forecast period.
The COVID-19 epidemic has had a negative impact on a number of economies worldwide. However, the technology market in the data analytics sector in fact has not been significantly impacted, and as a result, the retail analytics market is anticipated to quickly rebound following the COVID-19 pandemic. Companies were physically unable to operate with the available resources because to COVID-19 countermeasures like lockdowns and quarantines. As a result, businesses are adopting different IT services to explore new ways to access their assets, clients, resources, and necessary data remotely. As a result, more people are using retail analytics services and solutions because they work well with the company's valuable customer, client, and employee data. Some retailers used retail analytics extensively throughout the pandemic to visualize and evaluate the effects of the pandemic. The adoption of e-commerce and contactless delivery methods substantially altered consumer behavior, creating a new retail environment. Consumer preferences were primarily centered on pro-actively stocking up on healthy goods, pantry essentials, and everyday necessities. To better analyze consumer behavior and boost earnings, this led to a demand for tailored retail analytics solutions.
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North America to Head Retail Analytics Market
In 2021, it was predicted that North America would hold the biggest market share. The U.S. is amid the most significant markets since it was a pioneer in embracing new technology and because major firms heavily invest in it to stay competitive. The development of cutting-edge smart stores is receiving increased funding from a number of key companies, which is expected to stimulate market expansion in this sector. As an illustration, Amazon has begun opening Amazon Go grocery and convenience stores across the country. Growing adoption of retail analytics to improve corporate processes and rising demand for customized retail analytics solutions for predicting and comprehending customer insights are projected to fuel market expansion in the North American region.
APAC to Have Admirable Growth in Retail Analytics Market
The quickest growth rate was predicted to occur in Asia-Pacific in 2021. It has excellent chances for both the development of technology and the expansion of retail businesses. Data management is a focus in China, India, & Japan in order to support data-driven corporate choices and improve retail operations. The expansion of big firms' smart shops within this area is another factor driving the market's growth. The dominance of e-commerce companies in important Asian nations, the rise in the adoption of data-driven technology by supermarkets and hypermarkets, and the COVID-19 pandemic-related sales migration from traditional to online channels are all contributing factors to the region's rapid growth.
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February 2023- DemandLink, a forecasting & retail analytics company, has been bought by Theta Retail, a South Carolina-based organization that assists business owners in making wise and educated supply chain decisions. The acquisition will enhance Theta Retail's ability to meet the needs of its clients and is consistent with the broader plan to offer the horticultural sector best-in-class replenishment, analytics, & supply chain forecasting. Theta Retail will expand its current product line and provide a more complete supply chain solution by purchasing DemandLink.
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