In 2022, the market for data-driven retail solutions had revenues of $20,433.2 million. The market for data-driven retail solutions is anticipated to increase at a CAGR of 11.8% from 2023 to 2033, reaching US$ 61,427.8 million.
Data-driven retail solutions assess every aspect of the business to analyse the marketplace, enhance workflows, and develop successful and efficient retail strategies. Data-driven retail solutions are used for precise data analytics and channel selection improvement.
Increased retail adoption of industry 4.0 and increased demand from the fast-moving consumer goods industry will be the main drivers of market growth.
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The data-driven retail solution market refers to the industry that provides solutions for leveraging customer data to improve the customer experience, optimize inventory management, and increase sales and revenue in the retail industry. Data-driven retail solutions use advanced analytics and machine learning algorithms to analyze customer behavior, preferences, and purchase history to provide personalized recommendations and targeted marketing campaigns.
The market is driven by various factors, including the growing demand for personalized shopping experiences, the need for real-time inventory visibility and management, and the increasing adoption of cloud-based technologies. The demand for data-driven retail solutions is also driven by the COVID-19 pandemic, which has accelerated the shift towards e-commerce and digital shopping experiences.
The market is highly competitive, with a large number of established players and new entrants offering innovative products and services. Key players in the market include SAP SE, IBM Corporation, Microsoft Corporation, Salesforce.com, Inc., and Oracle Corporation.
The data-driven retail solution market is expected to grow in the coming years, driven by factors such as the increasing adoption of artificial intelligence and machine learning technologies, the growing demand for integrated omnichannel solutions, and the need for real-time customer insights and analytics.
The market is also expected to benefit from increasing investments in research and development to improve the accuracy and efficiency of data-driven retail solutions, as well as the development of new applications and use cases in various industries, such as healthcare, finance, and government.
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Competitive Landscape
Some major players in data-driven retail solutions market are planning to build new software for shifting their storage servers from systematic server to cloud-based server, for faster accessibility of the data to their client without any technical disruptions.
- In October 2021, ActionIQ announced that ActionIQ real-time customer experiences (RTCX) is now available to all customers. B2B and B2C brands can now orchestrate more intelligent experiences in real time by leveraging the entire customer profile with the addition of RTCX to ActionIQ’s proprietary CDP technology. This increases customer loyalty, retention, and lifetime value.
Data-Driven Retail Solution by Category
Deployment Mode:
- On-Premise
- Cloud-Based
By Solution:
- Retail customer intelligence
- Customer relationship management
- Collaboration tools
- Others
By Vertical:
- Consulting
- Implementation Service
- Integration
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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