Global Retail Analytics Market Size to Reach USD 29.9 Billion in 2030 | Emergen Research
Growing number of smartphones and increasing use of m-commerce are key factors driving retail analytics market revenue growth
Vancouver, Sept. 18, 2023 (GLOBE NEWSWIRE) — The global retail analytics market size was USD 5.26 Billion in 2021 and is expected to register a revenue CAGR of 21.2% during the forecast period, according to latest analysis by Emergen Research. Rapid digitalization to enhance customer experience and retail operations is a primary factor driving market revenue growth.
Retail analytics could improve customer engagement and experience by providing services and products they require. Companies use retail analytics to gather huge amount of information from physical assets and storefronts in real-time, utilize sophisticated analytics to generate significant insight and improve choices. The digital revolution is transforming how things are organized, created, and delivered to customers.
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Large retail outlets use technology to manage their supply chains, avoid loss, prevent theft, and handle invoicing and payments. Retail analytics are used to get insights into sales, inventories, customers, and other vital factors that are important for decision-making. While huge corporations reap benefits of such technologies, however, the unorganized retail sector suffers with technology’s limited availability, affordability, and adoption of modern technology. While unorganized stores might want to use technology to improve, they are typically constrained by budgetary restrictions. Unorganized businesses are under stress from both contemporary trade outlets and expansion of e-commerce. Legacy system maintenance comes as a heavy hidden cost that prevents innovation and digitalization. Retail enterprises, especially in rural and remote areas, have struggled to expand and modernize because of the high cost of capital and difficulties in securing capital investments, which is expected to restrain market growth.
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Scope of Research
|Market Size in 2021||USD 5.26 Billion|
|Revenue Forecast to 2030||USD 29.9 Billion|
|Base Year for Estimation||2021|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2022 to 2030|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Component type, application type, organization size, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Microsoft, Oracle, IBM, Oracle, Salesforce, Inc., SAP, Amazon Web Services, Inc., Microstrategy, Google, Capillary Technologies, and Retail Next, Inc.|
|Customization Scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global retail analytics market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major players included in the global retail analytics market report are:
- Salesforce, Inc.
- Amazon Web Services, Inc.
- Capillary Technologies
- Retailnext, Inc.
- On March 29, 2022, Snowflake introduced Retail Data Cloud, which brings together the company’s data platform, Snowflake and partner-delivered solutions, and industry-specific datasets. Retailers, manufacturers, distributors, and industry technology providers can use the retail data cloud to utilize their own data, access new data, and cooperate throughout the retail sector.
- On May 6, 2021, NielsenIQ, the leading authority in consumer information launched Byzzer. It’s a groundbreaking platform that offers useful information to small and new Consumer Packaged Goods (CPG) companies, including beauty, alcoholic beverage, food, cannabis, and pet industries. Byzzer was created by NielsenIQ to expressly cater to the needs of new CPG brands: clear, actionable retail data that drive quicker development without an army of analysts.
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Some Key Highlights From the Report
- The solution segment accounted for largest revenue share in 2021. Retail analytics solution focuses on giving information on sales, inventory, customers, and other essential factors that retailers must consider when making decisions. The discipline combines various granular categories to produce a broad picture of retailer’s health and sales, as well as opportunities for development and reinforcement. There is a rising demand for retail analytics by various enterprises as it assists them to make better decisions, managing organizations more effectively, and provide better customer service which is driving revenue growth of this segment.
- The inventory analysis segment accounted for largest revenue share in 2021. Many external factors have an impact on why people buy certain goods. There can be high demand for HDMI cables owing to strong promotions on TV’s. Customers may stock up on vital home supplies in anticipation of a winter storm. Predictive retail analytics can help businesses to improve inventories in advance and arrange promotions to capitalize on external events, which is driving revenue growth of this segment.
- The large enterprise segment accounted for largest revenue share in 2021 owing to their increased focus on improving consumer interaction through the use of retail analytics. Large companies can invest in innovative technology, such as retail analytics, owing to their robust financial standing. Furthermore, volatile market circumstances, fierce rivalry, and market disruption owing to COVID-19 encouraged major businesses to use retail analytics to reduce losses and increase revenues, which are driving revenue growth of this segment.
- The Asia Pacific market accounted for second-largest revenue share in 2021 as it is home to numerous developed and rising economies. It has significant prospects for retail store expansion and technological development. China, India, and Japan, in particular, are concentrating on data management to allow data-driven business choices and improve retail operations. Furthermore, rising deployment of smart stores in this region by major companies is driving retail analytics market revenue growth. For instance, Ikea, the Swedish furniture and home products company, plans to dominate India’s major cities by constructing a few large shops in major cities, as well as four to five small-format stores, to reach more customers in densely populated areas.
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Emergen Research has segmented the global retail analytics market based on component type, application type, organization size, and region:
- Component Type Outlook (Revenue, USD Billion; 2019-2030)
- Application Type Outlook (Revenue, USD Billion; 2019-2030)
- Organization Size Outlook (Revenue, USD Billion; 2019-2030)
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
- Merchandising analysis
- Pricing analysis
- Customer analytics
- Promotional analysis & planning
- Yield analysis
- Inventory analysis
- Others (order management, transportation management, assortment and cluster planning, and real-estate planning)
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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