NEW YORK, Sept. 26, 2023 /PRNewswire/ — The Retail Analytics Market size is projected to increase by USD 11.81 billon, accelerating at a CAGR of 21.15%, during the forecast period. A key driver of growth in the retail analytics market is the escalating volume and intricacy of data generated within the retail sector. This data originates from various sources such as online and offline transactions, customer interactions, supply chains, and social media. Retailers harness this data to gain a competitive advantage through analytics-driven insights. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Request sample report here
Retail Analytics Market 2023 – 2027: Challenge
A significant obstacle to the growth of the retail analytics market is the privacy and security concerns of customers. Many retailers gather extensive data on consumers to enhance their operations and improve customer experiences. However, these retail establishments must also adhere to data protection regulations. The sensitive customer data collected by retailers is vulnerable to data breaches and cyberattacks, which can lead to financial losses, damage to their reputation, and legal consequences.
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Retail Analytics Market 2023 – 2027: Segmentation
The retail analytics market is segmented by Application (In-store operation, Customer management, Supply chain management, Marketing and merchandizing, and Others), Component (Software and Services), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
During the forecast period, there will be substantial growth in the in-store operation segment. This segment primarily revolves around the utilization of data analytics to enhance various facets of traditional brick-and-mortar retail operations. Within this segment, numerous activities within physical stores aim to enhance customer experiences, boost operational efficiency, and ultimately contribute to overall business prosperity.
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Retail Analytics Market 2023 – 2027: Region
North America is expected to contribute significantly, accounting for 30% of global market growth during the forecast period. This is largely driven by the region’s well-developed retail industry, which includes both physical and online retailers. The presence of this industry fuels the demand for advanced retail analytics solutions to enhance operations and customer experiences, owing to the substantial data generated by high consumer engagement and online shopping habits in the region.
Retail Analytics Market 2023 – 2027: Key companies
- Accenture Plc
- Alphabet Inc.
- Amazon.com Inc.
- Capillary Technologies
- Cisco Systems Inc.
- Domo Inc.
- Fujitsu Ltd.
- HCL Technologies Ltd.
- International Business Machines Corp.
- Manthan Software Services Pvt. Ltd.
- Microsoft Corp.
- MicroStrategy Inc.
- NCR Corp.
- Oracle Corp.
- Salesforce Inc.
- SAP SE
- SAS Institute Inc.
- Symphony Innovation, LLC
- Thoma Bravo LP
- TIBCO Software Inc.
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Table of Contents:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Sizes
- Five Forces Analysis
- Market Segmentation by Application
- Market Segmentation by Component
- Market Segmentation by Geography
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, & Trends
- Company Landscape
- Company Analysis
- Appendix
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