Retail analytics market is expected to reach an estimated value of ~USD 22 billion by 2033, by expanding at a CAGR of ~20%.

NEW YORK, NEW YORK, UNITED STATES, January 19, 2023 /EINPresswire.com/ -- Global Retail Analytics Market Key Insights

During the forecast period of 2023-2033, the global retail analytics market is expected to reach an estimated value of ~USD 22 billion by 2033, by expanding at a CAGR of ~20%. The market further generated a revenue of ~USD 6 billion in the year 2022. Major key factors propelling the growth of retail analytics market worldwide are the growing retail sales across the world and increasing volume of data globally.

Market Definition of Retail Analytics

Retail data analytics is the process of collecting and studying retail data (like sales, inventory, pricing, etc.) to discover trends, predict outcomes, and make better business decisions. Done well, data analytics allows retailers to get more insight into the performance of their stores, products, customers, and vendors—and use that insight to grow profits. In other words, it is the process of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc. that is crucial for making marketing and procurement decisions. With the recent advancements in data analytics as well as retail analytics, the demand for retail analytics is on the rise amongst retail e-commerce, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global retail analytics market during the forecast period.

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Global Retail Analytics Market: Growth Drivers

The growth of the global retail analytics market can majorly be attributed to the launch of several advanced products by the key players operating in the market. For instance, Adobe Inc. launched new services in Adobe Analytics, which can efficiently deliver a single workspace for brands to unify data and insights across all media types, now including the metaverse and streaming media. Brands can drive true omnichannel analysis through Customer Journey Analytics, for deeper insights on new consumer behaviors. On the other hand, the market growth can also be attributed several acquisition contracts occurring in the field of retail analytics.

For instance, Altair Engineering, Inc., – acquired World Programming, a UK-based technology company specializing in data analytics software used by many of the world’s leading companies including financial services and insurance organizations. The acquisition of World Programming will strengthen Altair’s foothold in several industries including financial services, insurance, healthcare, manufacturing, asset management, telecommunications, retail, energy, and consumer products. It will provide better insights and effective planning and decision making by the consumers.

The global retail analytics market is also estimated to grow majorly on account of the following:

Growing Volume of Data
Increasing in the Retailer Spending on Artificial Intelligence (AI)
Surging Emphasis on Inventory Management
Rising Number of Internet of Things (IoT) connected devices
Global Retail Analytics Market: Restraining Factor

There are compliance with data protection standards and laws, and concern about data accuracy in the market. Hence, these factors are expected to be the major hindrance for the growth of the global retail analytics market during the forecast period.

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Global Retail Analytics Market Segmentation

By Deployment Model (On-Premise, Cloud, and Hybrid)

The cloud segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the growing use of cloud services along with the surge in the spending on cloud services infrastructure worldwide. For instance, in 2021, more than USD 41 billion were spent on cloud services infrastructure globally.

By Function (Supply Chain Management, Customer Management, Inventory Management, Merchandising, Strategy & Planning and In-Store Operations)
By Solution (Software and Services)
By Type (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, and Prescriptive Analytics)
By Region

The North America retail analytics market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Rising number of retail establishments in the region is some of the major factors anticipated to drive the growth of the market in the North America during the forecast period. As per The National Retail Federation report on The Economic Impact of the US Retail Industry, in 2018, there were ~4.2 million retail establishments (inclusive of food services & drinking places) in the United States.

The market research report on global retail analytics also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

Key Market Players Featured in the Global Retail Analytics Market

Some of the key players of the global retail analytics market are Adobe Inc., Altair Engineering, Inc. (ANGOSS Software Corporation), HCL Technologies Limited, IBM Corporation, Information Builders, Inc., Microsoft Corporation, and others.

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