Pune, 6, Dec 2022: Maximize Market research has published a market intelligence and industry analysis report on Retail Analytics Market. The global Retail Analytics Market was valued at USD 6.15 billion in 2021, and is expected to be worth USD 25.67 billion by 2029, growing at a CAGR of 19.5% during the forecast period.
Retail Analytics Market Scope and Research Methodology
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Retail Analytics Market Overview
Retail analytics is the practise of providing analytical data on inventory levels, sales, consumer demand, and supply chain activity. Combining data from many areas with scope and improvement requirements assists firms in finding customer insights such as new trends and shifting preferences. Retail analytics is one of the most effective strategies for sustaining procurement levels and empowering businesses by delivering a quick and efficient decision-making process. Almost every part of a retail company relies significantly on analytics, from sales and marketing to inventory management and operations.
Retail Analytics Market Dynamics
One of the most significant developments in the retail business is the rising trend of omnichannel retailing. As a result, businesses are shifting away from traditional brick-and-mortar establishments and instead relying on online marketplaces to advertise their products. This trend has been especially visible in the fashion sector.
As a consequence of altering consumer expectations and increased competition among retailers for client loyalty, businesses are using retail analytics solutions that improve the customer experience and keep clients engaged with the firm for a longer amount of time. The increasing usage of customer relationship management (CRM) solutions in the business clearly illustrates the growing relevance of improving client experiences.
Retail Analytics Market Regional Insights
North America dominated the market with highest market share in 2021. The United States is one of the most influential markets since it is a technological early adopter, and significant corporations there invest heavily in various technologies to remain competitive. Many large corporations are investing more money in developing cutting-edge smart shops, which are expected to boost market growth in this region. Amazon, for example, has begun to establish physical Amazon Go food and convenience stores around the United States.
During the forecast period, the Asia Pacific region is expected to increase rapidly. The Asia Pacific market had the second-largest revenue share in 2021 due to a number of factors, including the existence of numerous developed and emerging economies. It provides significant prospects for both technological improvement and retail store growth. China, India, and Japan, in particular, are focused on data management to allow data-driven business choices and improve retail operations.
Retail Analytics Market Segmentation
- Training & Consulting
- Integration and Deployment
- Managed Services
By Enterprise Size
- Large Enterprises
- Customer Management
- In-Store Operations
- Supply Chain
- Strategy & Planning
Retail Analytics Market Key Competitors:
- Microsoft Corporation
- MicroStrategy Incorporated
- Oracle Corporation
- QlikTech International AB.
- Roamler B.V.
- Salesforce.com Inc.
- SAP SE
- SAS Institute Inc.
- Teradata Corporation
- TIBCO Software Inc.
- Adobe Inc
- Altair Engineering Inc.
- Bedrock Analytics Corporation
- BeMyEye Holdings Ltd.
- Clickworker GmbH
- Field Agent Inc.
Key questions answered in the Retail Analytics Market are:
- What are the technological innovations in retail?
- What are the factors driving the growth of the Retail Analytics Market?
- How COVID-19 affected the growth of the Retail Analytics Market?
- What is the growth rate of the Retail Analytics Market during the forecast period?
- What are the trends of the Asia-Pacific region in the Retail Analytics Market?
- Who are the market leaders in Retail Analytics in North America region?
- Which enterprise size led the Retail Analytics Market in 2021?
- Who are the key players in the Retail Analytics Market?
- What are the factors restraining the growth of the Retail Analytics Market?
- Which region held the largest market share in Retail Analytics Market?
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- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Type, Deployment, Enterprise Size, Application and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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