(EMAILWIRE.COM, April 19, 2024 ) According to a research report “Retail Analytics Market by Offering (Software, Services), Business Function (Sales and Marketing, Finance and Accounting), Application (Order Fulfillment and Returns Management, Merchandize Planning), End User and Region – Global Forecast to 2029″ published by MarketsandMarkets, the retail analytics market is projected to grow from USD 8.5 billion in 2024 to USD 25.0 billion by 2029, at a compound annual growth rate (CAGR) of 24.0% during the forecast period. The retail analytics market is expected to grow significantly during the forecast period, owing to various business drivers like the increasing increasing adoption of omni-channel retail strategies, exponential growth of e-commerce platforms, and proliferation of data generated through diverse channels is also responsible for driving the markets growth.
Browse 311 market data Tables and 75 Figures spread through 317 Pages and in-depth TOC on “Retail Analytics Market
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By Software by analytics type, the predictive analytics segment to register for the largest market size during the forecast period.
By software by analytics type, the predictive analytics segment is expected to register the largest market size during the forecast period. Predictive analytics software can help forecast sales volumes, identify demand fluctuations, and predict customer preferences, enabling retailers to optimize pricing strategies, allocate resources efficiently, and tailor marketing campaigns to target specific customer segments. Recent advancements in predictive analytics technology, including the integration of AI and machine learning algorithms, have further enhanced the capabilities of predictive analytics software, enabling retailers to gain deeper insights, make more accurate predictions, and drive greater business value.
By services, managed services to register for the highest CAGR during the forecast period.
The managed segment of the retail analytics market is growing rapidly. Managed service providers (MSPs) offer tailored solutions that cater to the unique needs and challenges of retailers, delivering insights that drive operational efficiency, enhance customer engagement, and drive revenue growth. MSPs employ skilled professionals with expertise in data analysis, machine learning, and retail industry trends, enabling retailers to harness the full potential of their data assets. Additionally, managed services provide scalability and flexibility, allowing retailers to adapt to changing business requirements and market dynamics without the need for significant investments in infrastructure or personnel.
By region, Asia Pacific accounted for the highest growth rate during the forecast period.
Asia Pacific is witnessing significant growth in the retail analytics market. The surging popularity of e-commerce, with regions like China and India leading the charge, is a major growth driver. Retailers are increasingly reliant on data to understand online consumer behaviour, optimize pricing and promotions, and personalize marketing efforts. Additionally, the growing adoption of the Internet of Things (IoT) in stores is generating vast amounts of data on customer traffic, product interaction, and inventory levels.
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Some major players in the retail analytics market include Microsoft (US), IBM (US), SAP (Germany), Oracle (US), Salesforce (US), MicroStrategy (US), SAS Institute (US), AWS (US), Qlik (US), Teradata (US), WNS (India), HCL (India), Lightspeed Commerce (Canada), RetailNext (US), Manthan Systems (India), Fit Analytics (Germany), Trax (Singapore), ThoughtSpot (US), RELEX Solutions (Finland), Tredence (US), Creatio (US), Solvoyo (US), datapine (Germany), Sisense (US), EDITED (UK), Retail Zipline (US), ThinkINside (Italy), Dor Technologies (US), Triple Whale (Israel), Flame Analytics (Spain), Alloy.ai Technologies (US), Conjura (UK), Kyvos Insights (US), Pygmalios (Slovakia), and SymphonyAI (US).
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