Overview and Scope
Retail analytics software and services refer to tools and solutions used by retail companies to collect, analyze, and interpret data related to their sales, inventory, customers, and market trends. These tools help retailers make informed decisions to optimize their strategies, improve sales performance, and enhance customer experiences. The goal of retail analytics is to improve business performance by identifying areas of the business that can be optimized, predicting future outcomes, and identifying opportunities for growth and expansion.
Sizing and Forecast
The retail analytics software and services market size has grown rapidly in recent years. It will grow from $1.77 billion in 2023 to $2.08 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to the expansion of E-commerce, data explosion, demand for personalization, competition, supply chain optimization, and omnichannel retailing.
The retail analytics software and services market size is expected to see rapid growth in the next few years. It will grow to $4 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to a shift towards cloud-based solutions, artificial intelligence and machine learning, Internet of Things (IoT), augmented reality (AR) and virtual reality (VR), blockchain, and voice commerce. Major trends in the forecast period include the adoption of advanced analytics and artificial intelligence (AI), predictive analytics, hyper-personalization, unified commerce platforms, ethical and responsible analytics, and collaborative analytics.
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Segmentation & Regional Insights
The retail analytics software and services market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Application: Merchandising Analysis, Pricing Analysis, Customer Analytics, Promotional Analysis And Planning, Yield Analysis, Inventory Analysis, Other Applications
3) By Distribution Channel: Online, Offline
4) By Organization Size: Large Enterprises, Small And Medium Enterprises
5) By Business Function: Finance, Marketing And Sales, Human Resources, Operations
North America was the largest region in the retail analytics software and services market in 2023. The regions covered in the retail analytics software and services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the retail and e-commerce sectors is expected to propel the growth of the retail analytics software and services market going forward. The retail and e-commerce sectors refer to businesses that sell goods and services directly to consumers through physical stores or online platforms, facilitating transactions and the distribution of products. The rise in retail and e-commerce can be attributed to increased convenience and accessibility for consumers, alongside technological advancements facilitating seamless online transactions and personalized shopping experiences. Retail analytics software and services empower retailers and e-commerce businesses to optimize operations, enhance customer experiences, and drive sales through data-driven insights and decision-making. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, in 2023, total e-commerce sales reached an estimated $1,118.7 billion, reflecting a 7.6% increase compared to 2022. Moreover, the total retail sales for 2023 experienced a 2.1% increase compared to the previous year. The e-commerce sales in 2023 constituted 15.4% of total sales, compared to 14.7% in 2022. Therefore, the rise in the retail and e-commerce sectors is driving the growth of the retail analytics software and services market.
Key Industry Players
Major companies operating in the retail analytics software and services market report are Microsoft Corporation; International Business Machines Corporation; Oracle Corporation; SAP SE; Infosys Limited; Square Inc.; Wipro Limited; Dassault Systèmes SE; Shopify Inc.; The Sage Group plc; Lawson Software Inc.; Epicor Software Corporation; Zoho Corporation Pvt. Ltd.; Manhattan Associates Inc.; Lightspeed POS Inc.; Kinaxis Inc.; Retalix Ltd.; BluJay Solutions LLC; Retail Pro International LLC; Logility Inc.; Fishbowl Inventory LLC; Brightpearl Limited; Wasp Barcode Technologies LLC; Archon Systems Inc.; HighJump Software Inc.; Aldata Solutions; Ordoro Inc
The retail analytics software and services market report table of contents includes:
1. Executive Summary
2. Retail Analytics Software And Services Market Characteristics
3. Retail Analytics Software And Services Market Trends And Strategies
4. Retail Analytics Software And Services Market – Macro Economic Scenario
5. Global Retail Analytics Software And Services Market Size and Growth
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32. Global Retail Analytics Software And Services Market Competitive Benchmarking
33. Global Retail Analytics Software And Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Retail Analytics Software And Services Market
35. Retail Analytics Software And Services Market Future Outlook and Potential Analysis
36. Appendix
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