The latest report by IMARC Group, titled, “Retail Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the Retail Analytics Market Report. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global retail analytics market size reached US$ 7.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2028, exhibiting a growth rate (CAGR) of 20.3% during 2023-2028. Retail analytics represents the process of providing analytical data on sales, inventory levels, consumer demand, and supply chain movement. It aids companies in identifying customer insights, such as emerging trends and changing preferences, by combining data from various areas with the scope and need for improvement. Retail analytics has gained importance as it empowers businesses and retailers by building mechanisms for learning and feedback, streamlining internal processes, and recognizing new revenue-generating opportunities. In addition, this solution enables a quick and effective decision-making process. As a result, retail analytics finds widespread applications across small, medium, and large enterprises across the globe.
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Industry Trends:
The expanding e-commerce industry and the emerging trend of online shopping have propelled several platforms to utilize these solutions to assess consumer behavior, the high demand for products, and the availability of logistics services, which are among the primary factors driving the retail analytics market. Besides this, the escalating need for big data and predictive analytical models by the leading players to predict future outcomes through data integration across apps, sensors, social media platforms, and other channels is further augmenting the market growth. Moreover, the growing popularity of cloud-based retail analytics, as it offers traders the on-demand computing power to handle large volumes of information and deliver valuable insights within a short timeframe, is also catalyzing the global market. Apart from this, the increasing influence of social media and the rising penetration of smartphones are acting as significant growth-inducing factors. Furthermore, the elevating requirement for Retail Merchandising Foundation Cloud Service (RMFCS) by the top companies to generate new insights and make adequate and more effective decisions is expected to bolster the retail analytics market in the coming years.
Competitive Landscape with Key Players:
The report has also analysed the competitive landscape of the market with some of the key players being:
- 1010data Inc. (Advance Publications Inc.)
- Adobe Inc.
- Altair Engineering Inc
- Flir Systems Inc
- Fujitsu Limited
- International Business Machines Corporation
- Information Builders Inc
- Microsoft Corporation
- Microstrategy Incorporated
- Oracle Corporation
- Qlik Technologies Inc. (Thoma Bravo LLC)
- SAP SE
- SAS Institute Inc
- Tableau Software LLC (Salesforce.com Inc.)
- Tibco Software Inc.
Key Market Segmentation:
Breakup by Function:
- Customer Management
- In-store Operation
- Strategy and Planning
- Supply Chain Management
- Marketing and Merchandizing
- Others
Breakup by Component:
- Software
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by End User:
- Small and Medium Enterprises
- Large Enterprises
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.
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