The In-Store Analytics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s In-Store Analytics Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
1. Executive Summary
2. In-Store Analytics Market Characteristics
3. In-Store Analytics Market Trends And Strategies
4. In-Store Analytics Market – Macro Economic Scenario
5. Global In-Store Analytics Market Size and Growth
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32. Global In-Store Analytics Market Competitive Benchmarking
33. Global In-Store Analytics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The In-Store Analytics Market
35. In-Store Analytics Market Future Outlook and Potential Analysis
36. Appendix
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