The global retail analytics market is experiencing growth due to the growing proliferation of smartphones, an increase in the growth of e-commerce industries in several countries, and the growing adoption of cloud-based solutions.
PORTLAND, Ore., Aug. 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Retail Analytics Market by Component (Solution and Service), Deployment Mode (On-Premise and Cloud), Organization Size (Large Enterprises and Small and Medium-sized Enterprises) Business Function (Customer Management, In-store Operation, Strategy and Planning, Supply Chain Management, Marketing, and Merchandizing and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the retail analytics industry generated $7.8 billion in 2022, and is anticipated to generate $58.4 billion by 2032, witnessing a CAGR of 22.6% from 2023 to 2032.
Prime determinants of growth
The global retail analytics market is experiencing growth due to the growing proliferation of smartphones, the increase in the growth of e-commerce industries in several countries, and the growing adoption of cloud-based solutions. However, lack of technical expertise and data privacy concerns are the major factors that impede the growth of the global market. Furthermore, the increasing integration of data analytics in the retail sector and rising penetration of digital technologies in businesses is anticipated to provide lucrative growth opportunities for the global retail analytics market in the upcoming years.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $7.8 Billion |
Market Size in 2032 | $58.4 Billion |
CAGR | 22.6 % |
No. of Pages in Report | 286 |
Segments covered | Component, Deployment Mode, Organization Size, Business Function and Region. |
Drivers | Growing proliferation of smartphones. Increase in growth of e-commerce industries in several countries. Growing adoption of cloud-based solutions. |
Opportunities | Increasing integration of data analytics in the retail sector Rising penetration of digital technologies in businesses. |
Restraints | Lack of technical expertise. Data privacy concerns. |
Covid-19 Scenario
- The COVID-19 pandemic had a significant impact on the retail analytics industry. While some sectors experienced challenges, others witnessed opportunities for growth and innovation. One of the positive impacts of the pandemic on the retail analytics market was the increased demand for e-commerce platforms.
- In addition, the growing online presence of people after the COVID-19-induced lockdowns and social distancing policies fueled the need for retail analytics solutions. The pandemic caused a significant shift in consumer behavior, with growth in e-commerce and a decline in physical shopping store visits. These factors have propelled the growth of retail analytics solutions among industries.
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The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the retail analytics market revenue and is estimated to maintain its leadership status throughout the forecast period. Increase in adoption of retail analytics solutions in the e-commerce and supply chain management sector. However, the service segment is projected to manifest the highest CAGR of 25.7% from 2023 to 2032, as service segment in the retail analytics market provides consulting, implementation, integration, training, and support services to businesses.
The on-premise segment garnered the major share in 2022
Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing to more than three-fifths of the retail analytics market revenue, as retailers can secure the confidentiality of information with on-premise solutions by storing the data within their own premises or dedicated infrastructure. However, the cloud segment is expected to portray the largest CAGR of 26.5% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Cloud-based solutions offer real-time assistance and insights, which further is expected to provide lucrative growth opportunities for the market during the forecast period.
The large enterprises segment to maintain its leadership status throughout the forecast period
Based on organization size, the large enterprises segment held the highest market share in 2022, accounting for nearly two-thirds of the retail analytics market revenue and is estimated to maintain its leadership status throughout the forecast period. The adoption of retail analytics solutions has become an integral part of these large-scale organizations to sustain in the competitive market. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 24.7% from 2023 to 2032. The growth in penetration of retail analytics solutions in small and medium-sized organizations is expected to provide lucrative opportunities for the market.
North America region garnered the major share in 2022
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the retail analytics market revenue. The region has been at the forefront of adopting and leveraging the latest technologies, including retail analytics, which are anticipated to propel the growth of the market in this region. However, the Asia-Pacific is expected to witness the fastest CAGR of 27.8% from 2023 to 2032 and is likely to enhance market growth during the forecast period. The surge in e-commerce adoption, with countries such as China, India, and Southeast Asia experiencing significant growth in online retail, which is expected to provide lucrative growth opportunities for the market in this region.
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Leading Market Players: -
- Amazon Web Services, Inc.
- HCL Technologies Limited
- IBM Corporation
- Microsoft Corporation
- MicroStrategy Incorporated
- Oracle Corporation
- Salesforce.com Inc.
- SAP SE
- SAS Institute Inc.
- Teradata Corporation.
The report provides a detailed analysis of these key players in the retail analytics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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