Retail Intelligence Software Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033

Retail Intelligence Software Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 24, 2024 /EINPresswire.com/ -- The retail intelligence software market has experienced robust growth in recent years, expanding from $7.10 billion in 2023 to $8.31 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to increased e-commerce activity, increased volumes of big data, consumer demand for personalization, increased use of mobile technology, and raised competitive pressures.

Strong Future Growth Anticipated
The retail intelligence software market is projected to continue its strong growth, reaching to $15.72 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to the increasing adoption of artificial intelligence, growing demand for real-time data processing, the rising importance of omnichannel strategies, the expanding influence of social commerce, and the increasing focus on customer privacy.

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Growth driver of the retail intelligence software market
The increasing e-commerce activity is expected to propel the growth of the retail intelligence software market going forward. E-commerce refers to the buying and selling of goods and services over the Internet or other electronic networks. E-commerce adoption is on the rise due to several factors, including increasing internet penetration, shifting consumer preferences towards online shopping, convenience, and advancements in logistics and payment systems.

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Major Players and Market Trends
Key players in the retail intelligence software market include Supplypike LLC, Rakuten Group, SPS Commerce Inc., Numerator, Kinaxis Inc., Quotient Technology Inc., Trax Retail LTD.

Major companies operating in the retail intelligence software market are providing advanced solutions that utilize IoT technologies such as Bluetooth-LE (BLE)-based retail IoT protocols, to gain a competitive edge in the market. The Bluetooth-LE-based retail IoT protocol refers to a standardized communication framework specifically designed for IoT devices used in retail settings.

Segments:
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

Geographical Insights: North America Leading the Market
North America was the largest region in the retail intelligence software market in 2023. Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by expanding healthcare facilities and increasing awareness of the benefits of retail intelligence software.

Retail Intelligence Software Market Definition
Retail intelligence software refers to a group of specialized tools for collecting, analyzing, and interpreting data on retail operations, consumer behavior, and market trends. This software is used by retailers to gain insights into their business performance, optimize operations, and make data-driven decisions to enhance the customer experience and increase profitability.

Retail Intelligence Software Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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