The retail analytics market is experiencing remarkable growth, projected to achieve an impressive 17.5% compound annual growth rate (CAGR) and reach a substantial value of US$ 55,247.6 million by the year 2033. This surge reflects the increasing importance of data-driven insights in the retail industry, promising exciting opportunities for innovation and improved customer experiences in the coming decade.
According to research by Future Market Insights, the Retail Analytics Market has been growing steadily from 2018 to 2022, with an annual growth rate of approximately 15.6%. This growth has been particularly notable in countries like the United States, United Kingdom, China, Japan, and South Korea, where a significant portion of the global market is located.
Looking ahead, there is a substantial opportunity for growth in the Retail Analytics Market. It is estimated that between 2023 and 2033, there will be a total potential for businesses to earn an additional US$ 37.7 billion in this market. This means that by the year 2033, the Retail Analytics Market could be worth a total of US$ 47 billion.
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Retail analytics serves as the predominant method for monitoring essential business metrics, including stock levels, buyer conduct, and marketing projections.. Its scope encompasses providing in-depth insights to comprehend and optimize various aspects of the retail industry, such as supply chain management, consumer tendencies, sales trends, operational processes, and overall performance assessment. In the current landscape, where consumer expectations in retail are exceptionally high, businesses must align themselves with these burgeoning demands by delivering tailored omnichannel offerings, streamlining operational processes, and swiftly adapting to emerging trends – all of which necessitate the utilization of retail analytics.
The retail industry is encountering significant challenges in its efforts to resume operations following an extended period of complete lockdown. Similar to other consumer-centric sectors, retail relies heavily on customer behavior and engagement, and is currently grappling with the need to adapt to shifts in consumer behavior brought about by the lockdown measures. In addition to declining sales figures, the retail sector is facing a shortage of critical consumer data, which traditionally serves as the foundation for ensuring an enhanced and tailored customer experience.
North America is anticipated to maintain its market leadership, with a forecasted Compound Annual Growth Rate (CAGR) of 17.6%. The retail analytics sector is experiencing growth in the population of next-generation consumers, coupled with an increase in the use of social media and mobile platforms for shopping.
Leading Key Players in Retail Analytics Market:
- Microsoft
- IBM
- Oracle
- Salesforce
- SAP
- AWS
- SAS Institute
- Qlik
- Manthan
- Bridgei2i
- MicroStrategy
- Teradata
- HCL
- Fujitsu
- Domo
- FLIR Systems
- Information Builders
- 1010Data
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Some of the recent developments in the Retail Analytics Market are as follows:
- In March 2021, Trax Ltd. and Roamler partnered to supply consumer packaged goods firms with store auditing services. It aids in increasing product availability on store shelves and allows businesses to access real-time data and make decisions to improve shopper experiences.
- In June 2020, Microsoft and SAS Institute established a broad strategic relationship in technology and go-to-market. Both firms will transition SAS Institute’s analytical products and industry solutions to Microsoft Azure as the chosen cloud provider for SAS Cloud as part of the partnership. Microsoft has teamed up with SAS Institute to bring SAS industry solutions to its customers via the cloud.
- In Feb 2020, MicroStrategy and Yellowbrick Data, an enterprise data warehouse vendor announced a partnership that would see a Yellowbrick Data warehouse integrated with the Microsoft 2020 analytics platform. The objective of this partnership is to make searches faster and deliver better data insights.
- January 2023 saw the announcement of a global strategic agreement between Tech Mahindra, a global provider of digital transformation, consulting, and organizational re-engineering solutions and services, and Retalon, a pioneer in the retailing of AI and predictive analytics alternatives. The partnership will enable Retail and CPG businesses to gain deeper consumer insights, improve decision-making, and boost operational effectiveness.
- In order to support Kroger’s commitment to being fresh and in stock both online and in-store, Retail Insight, a leading provider of store-focused retail analytics techniques, expanded its partnership with Kroger, one of America’s leading grocery retail chains with over 465,000 associates and 2,700 stores, in June 2022.
Retail Analytics Market Segmentation:
By Solution:
- Software
- Service
- Training & Consulting
- Integration and Deployment
- Managed Services
By Function:
- Customer Management
- Merchandising
- Store Operations
- Supply Chain
- Strategy & Planning
By Enterprise Size:
- SMEs
- Large Enterprises
By Deployment Model:
- On-Premise
- Cloud
By Field Crowdsourcing:
- On-shelf availability
- Documentation & Reporting
- Promotion Campaign Management
- Customer Insights
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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