What are the Historical Developments and Current Growth Metrics of the Retail Analytics Software And Services Market?
The retail analytics software and services market has seen considerable growth due to a variety of factors.
• The size of the market for retail analytics software and services has seen a rapid surge in recent years. Its growth is projected to continue on this path, moving from a size of $2.08 billion in 2024 to a size of $2.45 billion in 2025, with a compound annual growth rate (CAGR) of 18.1%.
The growth observed in the historical period can be accredited to various factors such as the flourishing of E-commerce, the explosive growth of data, the rising demand for personalization, intensifying competition, optimization of supply chain and the emergence of omnichannel retailing.
What Is The Projected Growth Of The Retail Analytics Software And Services Template Market?
The retail analytics software and services market is expected to maintain its strong growth trajectory in upcoming years.
• The marketplace for retail analytics software and services is projected to experience significant expansion in the forthcoming years, reaching a valuation of $4.71 billion in 2029, with a compound annual growth rate (CAGR) of 17.7%.
This anticipated growth during the prediction interval is credited to the industry's shift towards innovations such as cloud-based solutions, artificial intelligence and machine learning, Internet of Things (IoT), augmented reality (AR) and virtual reality (VR), blockchain, and voice commerce. The prediction duration will also be characterized by the uptake of advanced analytics and artificial intelligence (AI), predictive analytics, hyper-personalization, unified commerce platforms, ethical and responsible analytics, and collaborative analytics.
What Are The Key Drivers Fueling Growth In The Retail Analytics Software And Services Market?
The growth of the retail analytics software and services market is propelled by escalating advancements in the retail and e-commerce sectors. These sectors, which encompass businesses selling goods and services to consumers either in-store or via online platforms, are escalating due to enhanced consumer convenience and accessibility, in addition to tech advancements enabling smooth online transactions and personalized shopping experiences. These analytics software and services equip retailers and e-commerce trades with methods to optimize operations, improve customer experiences, and increase sales through data-driven insights and strategic decisions. For instance, in February 2024, the U.S. Census Bureau, a government agency, reported that in 2023, total e-commerce sales reached approximately $1,118.7 billion, marking a 7.6% increase from 2022. Additionally, total retail sales in 2023 saw a 2.1% rise from the previous year. In 2023, e-commerce sales constituted 15.4% of total sales, relative to 14.7% in 2022. Thus, the escalating growth in the retail and e-commerce sectors is bolstering the expansion of the retail analytics software and services market.
What Are The Principal Market Segments In The Global Retail Analytics Software And Services Industry?
The retail analytics software and services market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Application: Merchandising Analysis, Pricing Analysis, Customer Analytics, Promotional Analysis And Planning, Yield Analysis, Inventory Analysis, Other Applications
3) By Distribution Channel: Online, Offline
4) By Organization Size: Large Enterprises, Small And Medium Enterprises
5) By Business Function: Finance, marketing And Sales, Human Resources, Operations
Subsegments:
1) By Solutions: Descriptive Analytics Solutions, Predictive Analytics Solutions, Prescriptive Analytics Solutions, Real-Time Analytics Solutions, Customer Analytics Solutions, Inventory And Supply Chain Analytics Solutions
2) By Services: Consulting Services, Integration And Implementation Services, Support And Maintenance Services, Training And Education Services
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What Trends Are Reshaping The Future Of The Retail Analytics Software And Services Market?
Major players in the retail analytics software and services sector are pioneering groundbreaking technologies like smart store analytics in an effort to enhance retail solution and offerings. Smart Store Analytics is a data-based platform that permits retailers to implement autonomous shopping technology in a cost-effective manner. For example, in January 2023, AiFi Inc., a software organisation based in the United States, in collaboration with Microsoft Corporation, another US-based tech company, unveiled smart store analytics for the purpose of tracking cashier-less outlets. This platform employs AiFi's unique computer vision algorithm to identify customer behaviors such as items selected and placed in their shopping carts. The platform then automatically charges their credit cards when they finish shopping. Smart store analytics offer valuable insights into shopping behaviors, movement patterns, product interactions, and other metrics without dependence on facial or biometric data.
Who Are the Key Players In The Retail Analytics Software And Services Market?
Major companies operating in the retail analytics software and services market report are:
• Microsoft Corporation
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• Infosys Limited
• Square Inc.
• Wipro Limited
• Dassault Systèmes SE
• Shopify Inc.
• The Sage Group plc
• Lawson Software Inc.
• Epicor Software Corporation
• Zoho Corporation Pvt. Ltd.
• Manhattan Associates Inc.
• Lightspeed POS Inc.
• Kinaxis Inc.
• Retalix Ltd.
• BluJay Solutions LLC
• Retail Pro International LLC
• Logility Inc.
• Fishbowl Inventory LLC
• Brightpearl Limited
• Wasp Barcode Technologies LLC
• Archon Systems Inc.
• HighJump Software Inc.
• Aldata Solutions
• Ordoro Inc
What Are The Regional Insights Into The Retail Analytics Software And Services Market?
North America was the largest region in the retail analytics software and services market in 2024. The regions covered in the retail analytics software and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
