Market Size –
The in-store analytics market size has grown exponentially in recent years. It will grow from $3.69 billion in 2023 to $4.71 billion in 2024 at a compound annual growth rate (CAGR) of 27.6%. The growth in the historic period can be attributed to enhanced customer experience, operational efficiency, real-time decision-making, competitive advantage, and marketing effectiveness.
The in-store analytics market size is expected to see exponential growth in the next few years. It will grow to $12.52 billion in 2028 at a compound annual growth rate (CAGR) of 27.7%. The growth in the forecast period can be attributed to driving demand for analytics solutions, focus on real-time insights, the popularity of retail analytics as a service, demand for retail automation, personalization, and targeted marketing. Major trends in the forecast period include augmented reality (AR) and virtual reality (VR) integration, cloud-based analytics solutions, integration with loyalty programs, supply chain visibility, and sustainability initiatives.
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Scope Of In-Store Analytics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
In-Store Analytics Market Overview
Market Drivers –
The high penetration rate of internet is expected to propel the growth of the in-store analytics market going forward. The rise in internet adoption is driven by increasing affordability, enhanced connectivity, and growing demand for digital services. The internet enhances in-store analytics by enabling real-time data collection and analysis, improving customer insights, and optimizing store operations. For instance, in July 2023, according to Statistics Canada, a Canada-based national agency, internet usage among Canadians aged 15 and older reached 95% in 2022, a rise from 92% in 2020. The most significant increase was among Canadians aged 75 and older, which grew from 62% in 2020 to 72% in 2022. Therefore, the high penetration rate of internet is driving the growth of the in-store analytics market.
Market Trends –
Major companies operating in the in-store analytics market are focused on developing advanced solutions, such as near-real-time data, to optimize the results related to product listings and their titles. Near-real-time data refers to information that is updated and processed almost immediately after collection, with minimal delay. For instance, in July 2023, Amazon.com Inc., a US-based e-commerce company, launched rapid retail analytics that offers vendors and sellers near real-time access to crucial retail metrics such as sales, traffic, and inventory data. This service provides updates within minutes of each hour’s close, empowering businesses to make quicker, more informed decisions. Data is available at the ASIN (Amazon Standard Identification Number) level, allowing advertisers to assess performance at a product-specific level and make more targeted optimizations.
The in-store analytics market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Mode: On-Premise, Cloud
3) By Enterprise Size: Large Enterprise, Small And Medium-Sized Enterprise
4) By Application: Customer Management, marketing Management, Merchandising Analysis, Store Operations Management, Risk And Compliance Management, Other Applications
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Regional Insights –
North America was the largest region in the in-store analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the in-store analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the in-store analytics market are Oracle Corporation, Jabil Inc., Tredence Inc., Vonage Holdings Corp., Happiest Minds Technologies Limited, ThoughtSpot Inc., ShopperTrak RCT Corporation, RetailNext Inc., Raydiant Inc., Intellicus Technologies Private Limited, Brickstream Corporation, Cuebiq Inc., Bedrock Data Inc., Retalon Inc., GeoIQ.io, Fountain9 Inc., VentureRadar Ltd., Innodatatics Inc., Euclid Inc., Wasteless Inc., Radius Networks Inc., Yodlee Inc., Synodus Corporation
Table of Contents
1. Executive Summary
2. In-Store Analytics Market Report Structure
3. In-Store Analytics Market Trends And Strategies
4. In-Store Analytics Market – Macro Economic Scenario
5. In-Store Analytics Market Size And Growth
…..
27. In-Store Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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