Retail Analytics Market by Offering (Software, Services), Business Function (Sales and Marketing, Finance and Accounting), Application (Order Fulfillment and Returns Management, Merchandize Planning), End User and Region - Global Forecast to 2029

Retail Analytics Market by Offering (Software, Services), Business Function (Sales and Marketing, Finance and Accounting), Application (Order Fulfillment and Returns Management, Merchandize Planning), End User and Region - Global Forecast to 2029

The retail analytics market is projected to grow from USD 8.5 billion in 2024 to USD 25.0 billion by 2029, at a compound annual growth rate (CAGR) of 24.0% during the forecast period. The market is anticipated to grow due to the exponential growth of e-commerce platforms and increasing adoption of omni-channel retail strategies. The proliferation of data generated through diverse channels forms a foundational driver in the retail analytics market.

“By software, Prescriptive Analytics segment to register for second fastest growing CAGR during the forecast period.”

Prescriptive analytics software utilizes sophisticated algorithms and predictive models to analyse historical data, current trends, and various influencing factors to recommend optimal actions or strategies. These recommendations can encompass a wide range of decisions, including pricing adjustments, inventory optimization, personalized marketing campaigns, and supply chain management improvements.

“By application, Order Fulfillment & Returns Management to witness the largest market size during the forecast period.”

Order Fulfillment & Returns Management serve as the backbone of retail operations, ensuring smooth and efficient processes from purchase to post-sales service. By seamlessly integrating with inventory management systems, they optimize order processing, inventory tracking, and shipment logistics, ultimately enhancing customer satisfaction. Moreover, this application play a pivotal role in returns management, streamlining the often-complex process of handling product returns and exchanges. Leveraging advanced analytics capabilities, they provide retailers with valuable insights into customer behavior, preferences, and trends, empowering data-driven decision-making to drive growth and profitability.

“By region, North America to register for the largest market size during the forecast period.” Market trends in North America indicate a shift towards integrated and scalable retail analytics solutions that cater to the diverse needs of retailers. North American companies are at the forefront of advancements in retail analytics. Major tech players like IBM, Microsoft, and Oracle are all offering comprehensive analytics solutions tailored to the retail industry. Additionally, there's a thriving ecosystem of startups specializing in niche areas like in-store analytics, social media listening, and customer journey mapping.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the retail analytics market.

By Company: Tier I: 38%, Tier II: 50%, and Tier III: 12%

By Designation: C-Level Executives: 35%, D-Level Executives: 40%, and Others: 25%

By Region: North America: 40%, Europe: 30%, Asia Pacific: 20%, Latin America-5%, and

Middle East and Africa- 5%,

The report includes the study of key players offering retail analytics solutions. It profiles major vendors in the retail analytics market. The major players in the retail analytics market include Microsoft (US), IBM (US), SAP (Germany), Oracle (US), Salesforce (US), MicroStrategy (US), SAS Institute (US), AWS (US), Qlik (US), Teradata (US), WNS (India), HCL (India), Lightspeed Commerce (Canada), RetailNext (US), Manthan Systems (India), Fit Analytics (Germany), Trax (Singapore), ThoughtSpot (US), RELEX Solutions (Finland), Tredence (US), Creatio (US), Solvoyo (US), datapine (Germany), Sisense (US), EDITED (UK), Retail Zipline (US), ThinkINside (Italy), Dor Technologies (US), Triple Whale (Israel), Flame Analytics (Spain), Alloy.ai Technologies (US), Conjura (UK), Kyvos Insights (US), Pygmalios (Slovakia), and SymphonyAI (US).

Research Coverage

The retail analytics market research study involved extensive secondary sources, directories, journals, and paid databases. Primary sources were mainly industry experts from the core and related industries, preferred retail analytics providers, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information, and assess the market’s prospects.

Key Benefits of Buying the Report

The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall retail analytics market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Exponential growth of e-commerce platforms, proliferation of data generated through diverse channels, increasing adoption of omni-channel retail strategies), restraints (Rising integration challenges with legacy systems due to diverse data sources, heightened cybersecurity threats and data breaches undermine trust in analytics solutions, high substantial upfront investment presents a barrier for implementing robust analytics infrastructure), opportunities (Integration of AI and ML with retail analytics will create new opportunities for innovation, effective fraud detection and prevention with retail analytics, optimization of supply chain management), and challenges (Complexity of assortment in the retail analytics, data silos and quality concerns).

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the retail analytics market.

Market Development: Comprehensive information about lucrative markets – the report analyses the retail analytics market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the retail analytics market.

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players including Microsoft (US), IBM (US), SAP (Germany), Oracle (US), Salesforce (US), MicroStrategy (US), SAS Institute (US), AWS (US), Qlik (US), Teradata (US), among others in the retail analytics market strategies. The report also helps stakeholders understand the pulse of the retail analytics market and provides them with information on key market drivers, restraints, challenges, and opportunities.