The in-store analytics market is experiencing rapid growth, rising from $3.69 billion in 2023 to $4.71 billion in 2024, representing a CAGR of 27.6%. This growth is driven by the need for enhanced operational efficiency and real-time insights. The market is projected to reach $12.52 billion by 2028 at a 27.7% CAGR, fueled by the demand for retail analytics as a service. Major trends include cloud-based solutions and improved supply chain visibility.
Major Driver In The In Store Analytics Market
The high penetration rate of the internet is likely to propel the in-store analytics market. Rising internet adoption, bolstered by affordability and connectivity, enhances in-store analytics capabilities through real-time data collection and analysis. Statistics Canada reported that internet usage among Canadians aged 15 and older reached 95% in 2022, up from 92% in 2020, with notable increases among those aged 75 and older. Consequently, the high internet penetration rate is fueling growth in the in-store analytics market.
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In Store Analytics Market Competitive Landscape
Oracle Corporation, Jabil Inc., Tredence Inc., Vonage Holdings Corp., Happiest Minds Technologies Limited, ThoughtSpot Inc., ShopperTrak RCT Corporation, RetailNext Inc., Raydiant Inc., Intellicus Technologies Private Limited, Brickstream Corporation, Cuebiq Inc., Bedrock Data Inc., Retalon Inc., GeoIQ.io, Fountain9 Inc., VentureRadar Ltd., Innodatatics Inc., Euclid Inc., Wasteless Inc., Radius Networks Inc., Yodlee Inc., Synodus Corporation
Key In Store Analytics Market Trend
Companies in the in-store analytics market are leveraging near-real-time data to optimize product listings and performance. This data-driven approach allows for immediate updates and insights into sales and inventory. In July 2023, Amazon.com Inc. launched rapid retail analytics, providing sellers with near-real-time access to crucial metrics, facilitating quicker and more informed business decisions.
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In Store Analytics Market Segmentation
The in-store analytics market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Mode: On-Premise, Cloud
3) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise
4) By Application: Customer Management, marketing Management, Merchandising Analysis, Store Operations Management, Risk And Compliance Management, Other Applications
By Geography:The regions covered in the in-store analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the in-store analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The In Store Analytics Global Market Report 2024 furnishes information about the global in store analytics market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
