Global Retail Analytics Market Report and Forecast 2023-2028

Global Retail Analytics Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global retail analytics market reached a value of USD 8.61 billion in 2022. Aided by the rapidly evolving retail landscape, the surging e-commerce sector, and the increasing importance of data-driven decision-making, the market is projected to further grow at a CAGR of 24% between 2023 and 2028 to reach a value of USD 30.75 billion by 2028.

Retail analytics refers to a set of analytical data on inventory levels, supply chain movement, consumer demand, sales, and more that are crucial for making marketing, and procurement decisions. The insights provided by retail analytics allow retailers to strengthen customer relationships, improve operational efficiency, and optimise the buying experience. The tools employed for such analyses range from advanced software systems, artificial intelligence, to predictive analytic models.

The growing emphasis on personalising customer experiences is a significant driver propelling the retail analytics market growth. Modern consumers expect tailored shopping experiences, prompting retailers to delve deeper into consumer behaviour analytics. Through these analyses, retailers can understand purchasing patterns, preferences, and pain points, allowing them to deliver more targeted marketing campaigns and in-store experiences.

Furthermore, the digital transformation wave in the retail sector has made data more accessible and actionable. The integration of IoT devices, Point-of-Sale (POS) systems, and e-commerce platforms has generated vast amounts of data that, when analysed, can provide invaluable business insights. As a result, the need for sophisticated retail analytics tools has become more pronounced.

The e-commerce boom, especially in the wake of global events like the COVID-19 pandemic, has further impacted the retail analytics market outlook. E-commerce platforms generate a myriad of consumer data, from click-through rates to cart abandonment metrics. Analysing this data helps e-retailers optimise their platforms, streamline their supply chains, and enhance their marketing strategies.

Another growing application of retail analytics is in inventory management. Predictive analytics, a subset of retail analytics, can forecast product demand, enabling retailers to manage inventory more efficiently, reduce holding costs, and minimise stockouts or overstock situations.

As per the retail analytics market analysis, the rise of omnichannel retailing strategies, where retailers aim to provide a seamless shopping experience across online and offline platforms, has emphasised the need for integrated retail analytics solutions. These solutions help retailers maintain consistency in inventory management, marketing, and customer service across various channels.

Market Segmentation

The market can be divided based on component, deployment type, function, organisation size, application, end use, and region.

Market Breakup by Component

• Solution
• Service

Market Breakup by Deployment Type

• On Premises
• Cloud

Market Breakup by Function

• Customer Management
• Supply Chain Management
• In-Store Operation
• Marketing and Merchandising
• Others

Market Breakup by Organisation Size

• Small and Medium Enterprises
• Large Enterprises

Market Breakup by Application

• Merchandising Analysis
• Pricing Analysis
• Customer Analytics
• Promotional Analysis and Planning
• Yield Analysis
• Inventory Analysis
• Others

Market Breakup by End Use

• Offline
• Online

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global retail analytics market. Some of the major players explored in the report by Expert Market Research are as follows:

• IBM Corp
• SAP SE
• Oracle Corp
• SAS Institute Inc.
• Microsoft Corporation
• Flir Systems, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.