Overview and Scope
Retail intelligence software refers to a group of specialized tools for collecting, analyzing, and interpreting data on retail operations, consumer behavior, and market trends. This software is used by retailers to gain insights into their business performance, optimize operations, and make data-driven decisions to enhance the customer experience and increase profitability.
Sizing and Forecast
The retail intelligence software market size has grown rapidly in recent years. It will grow from $7.10 billion in 2023 to $8.31 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to increased e-commerce activity, increased volumes of big data, consumer demand for personalization, increased use of mobile technology, and raised competitive pressures.
The retail intelligence software market size is expected to see rapid growth in the next few years. It will grow to $15.72 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to the increasing adoption of artificial intelligence, growing demand for real-time data processing, the rising importance of omnichannel strategies, the expanding influence of social commerce, and the increasing focus on customer privacy. Major trends in the forecast period include the adoption of AI, integration of IoT devices, adoption of blockchain, product innovations, and technological advancements.
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Segmentation & Regional Insights
The retail intelligence software market covered in this report is segmented –
1) By Type: Cloud Based, On Premises
2) By Sales Channel: Online, Offline
3) By Application: Large Enterprises, Small And Medium-Sized Enterprises
4) By End User: Grocery Stores, Convenience Stores, Apparel And Footwear, Mass Merchant, Specialty Retailers, E-Commerce, Other End Users
North America was the largest region in the retail intelligence software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail intelligence software 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 increasing e-commerce activity is expected to propel the growth of the retail intelligence software market going forward. E-commerce refers to the buying and selling of goods and services over the Internet or other electronic networks. E-commerce adoption is on the rise due to several factors, including increasing internet penetration, shifting consumer preferences towards online shopping, convenience, and advancements in logistics and payment systems. Retail intelligence software enhances e-commerce activity by gathering, analyzing, and interpreting data related to customer behavior, sales performance, inventory management, pricing strategies, and market trends. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, total U.S. retail e-commerce sales reached $1,831.4 billion in the fourth quarter of 2023, reflecting a 0.4% increase compared to the third quarter of 2023. Therefore, the increasing e-commerce activity is driving the growth of the retail intelligence software market.
Key Industry Players
Major companies operating in the retail intelligence software market report are Supplypike LLC; Rakuten Group; SPS Commerce Inc.; Numerator; Kinaxis Inc.; Quotient Technology Inc.; Trax Retail LTD; AFS Technologies Inc.; ThoughtSpot Inc.; Sensormatic Solutions; Wiser Solutions Inc.; Retail Solutions Inc.; Mi9 Retail; DataWeave; Upstream Commerce; ShopperTrak; Premise Data Corporation; TC Group Solutions; Dor Technologies; Intelligence Node; Springboard; Glew.io; Stackline; Omnilytics; Streetspotr GmbH
The retail intelligence software market report table of contents includes:
1. Executive Summary
2. Retail Intelligence Software Market Characteristics
3. Retail Intelligence Software Market Trends And Strategies
4. Retail Intelligence Software Market – Macro Economic Scenario
5. Global Retail Intelligence Software Market Size and Growth
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32. Global Retail Intelligence Software Market Competitive Benchmarking
33. Global Retail Intelligence Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Retail Intelligence Software Market
35. Retail Intelligence Software Market Future Outlook and Potential Analysis
36. Appendix
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