What Is The Scope Of The Global Market?
In-store analytics refers to the use of data analytics techniques and tools to understand and optimize various aspects of retail operations within physical stores. It involves collecting, analyzing, and interpreting data generated within the store environment to gain insights into customer behavior, operational efficiency, and sales performance.
In-Store Analytics Global Market Report 2024 provides data on the global in-store analytics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The in-store analytics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global In-Store Analytics ?
The in-store analytics sector has experienced significant growth in recent years. It is projected to increase from $3.69 billion in 2023 to $4.71 billion in 2024, representing a compound annual growth rate (CAGR) of 27.6%. The expansion during the historical period is attributed to enhanced customer experiences, operational efficiency, real-time decision-making, competitive edge, and more effective marketing. The market is expected to continue its rapid growth in the coming years, reaching $12.52 billion by 2028, growing at a CAGR of 27.7%. This growth is driven by the rising demand for analytics solutions, real-time insights, retail analytics as a service, retail automation, personalization, and targeted marketing. Major trends in the forecast period include the integration of augmented reality (AR) and virtual reality (VR), cloud-based analytics solutions, synergy with loyalty programs, supply chain visibility, and sustainability efforts.
What Factors Are Driving Growth In The In-Store Analytics Market?
The widespread adoption of the internet is anticipated to drive the expansion of the in-store analytics market. The increasing availability and affordability of internet services, coupled with the growing demand for digital tools, has fueled this trend. The internet facilitates real-time data collection and analysis, enhancing customer insights and optimizing store operations. For instance, in July 2023, Statistics Canada reported that internet usage among Canadians aged 15 and older reached 95% in 2022, up from 92% in 2020. Notably, internet use among Canadians aged 75 and older rose significantly, from 62% in 2020 to 72% in 2022. As a result, the high penetration of the internet is contributing to the growth of the in-store analytics market.
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What Are The Main Segments Of The Global In-Store Analytics Market?
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
What Emerging Trends Are Influencing The Growth Of The In-Store Analytics Market?
Major players in the in-store analytics industry are developing advanced solutions like near-real-time data to optimize product listings and titles. Near-real-time data involves information that is updated almost immediately after collection with minimal delay. For example, in July 2023, Amazon launched rapid retail analytics, offering vendors and sellers near real-time access to critical retail metrics such as sales, traffic, and inventory data. This service provides updates within minutes of the hour’s end, enabling businesses to make faster, more informed decisions. Data is available at the ASIN level, allowing advertisers to analyze performance at the product level and refine their strategies accordingly.
What Is The Largest Region In The In-Store Analytics Market?
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 regions covered in the in-store analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
