What Has Been the Progress and Growth of the Retail Intelligence Software Market in Recent Years?
The retail intelligence software market has seen considerable growth due to a variety of factors.
• The market size of retail intelligence software has witnessed a swift expansion in the last few years. It is projected to escalate from $8.31 billion in 2024 to $9.77 billion in 2025, boasting a compound annual growth rate (CAGR) of 17.5%.
The surge during the historic period can be accounted to the rise in e-commerce actions, amplification in big data volumes, consumer's inclination towards personalization, heightened usage of mobile technology, and intensified competition.
What Can Be Expected from the Retail Intelligence Software Market Size?
The retail intelligence software market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for retail intelligence software is set for brisk expansion in the coming years. The market is projected to reach $18.43 billion by 2029, with a compound annual growth rate (CAGR) of 17.2%.
This future growth can be connected to a spike in the uptake of artificial intelligence, a burgeoning need for real-time data processing, escalating significance of omnichannel strategies, the surging impact of social commerce, and a heightened focus on customer privacy. Key trends predicted for the forecast period are the use of AI, the integration of devices using the Internet of Things (IoT), the application of blockchain, cutting-edge product innovations, and advancements in technology.
What Are the Critical Driver Fuelling The Retail Intelligence Software Market's Growth?
The surge in e-commerce activities is anticipated to drive the expansion of the retail intelligence software market in the future. E-commerce entails conducting business transactions such as purchasing and selling goods and services over digital networks or the Internet. The rise in e-commerce adoption can be attributed to factors like growing internet accessibility, changes in consumer habits favoring online shopping, convenience, as well as improvements in logistics and payment systems. Retail intelligence software bolsters e-commerce operations by collecting, examining, and deciphering information relevant to customer behavior, sales efficiency, managing inventories, pricing tactics, and market dynamics. For instance, data from the US Census Bureau, a government agency in the US, showed that the total retail e-commerce sales in the US hit $1,831.4 billion in the last quarter of 2023, a 0.4% growth compared to the third quarter of the same year. Thus, the surge in e-commerce activities is fueling the development of the retail intelligence software market.
How Is The Retail Intelligence Software Market segmented?
The retail intelligence software market covered in this report is segmented –
1) By Type: Cloud Based, On Premises
2) By Sales Channel: Online, Offline
3) By Application: Large Enterprises, Small And Medium-Sized Enterprises
4) By End User: Grocery Stores, Convenience Stores, Apparel And Footwear, Mass Merchant, Specialty Retailers, E-Commerce, Other End Users
Subsegments:
1) By Cloud-Based:Public Cloud, Private Cloud, Hybrid Cloud
2) By On-Premises:Managed Services, Self-Hosted
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What Emerging Trends Are Influencing The Growth Of The Retail Intelligence Software Market?
Leading firms in the retail intelligence software market are leveraging advanced solutions that use IoT technologies, including Bluetooth-LE (BLE) enabled retail IoT protocols, to maintain a competitive edge in the industry. This Bluetooth-LE enabled retail IoT protocol is a standardized communication framework designed explicitly for IoT devices in retail establishments. For example, in December 2023, a retail technology firm based in France called VusionGroup introduced VusionOX, a groundbreaking Bluetooth-LE based protocol meant to boost the digitalization of physical commerce. This innovative connectivity solution effortlessly connects retail IoT devices to products and individuals, creating a cohesive retail atmosphere. Used in conjunction with VusionCloud, VusionOX allows accurate geolocation, custom in-store navigation, directed fulfillment, and contextual shopper engagement. Moreover, it also provides continuous over-the-air feature deployment and battery optimization, thereby contributing towards sustainability initiatives.
Who Are the Key Players In The Retail Intelligence Software Market?
Major companies operating in the retail intelligence software market report are:
• Supplypike LLC
• Rakuten Group
• SPS Commerce Inc.
• Numerator
• Kinaxis Inc.
• Quotient Technology Inc.
• Trax Retail LTD
• AFS Technologies Inc.
• ThoughtSpot Inc.
• Sensormatic Solutions
• Wiser Solutions Inc.
• Retail Solutions Inc.
• Mi9 Retail
• DataWeave
• Upstream Commerce
• ShopperTrak
• Premise Data Corporation
• TC Group Solutions
• Dor Technologies
• Intelligence Node
• Springboard
• Glew.io
• Stackline
• Omnilytics
• Streetspotr GmbH
What Is The Most Dominant Region In The Retail Intelligence Software Market?
North America was the largest region in the retail intelligence software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail intelligence software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
