
Report ID: SQMIG45C2048
Report ID:
SQMIG45C2048 |
Region:
Global |
Published Date: February, 2025
Pages:
197
|
Tables:
59 |
Figures:
75
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REQUEST FREE CUSTOMIZATIONRetail Analytics Market size was valued at USD 8.41 Billion in 2023 and is poised to grow from USD 9.82 Billion in 2024 to USD 34.02 Billion by 2032, growing at a CAGR of 16.80% during the forecast period (2025-2032).
Dominating the highly competitive retail analytics market are huge firms such as IBM, Microsoft, SAP, SAS, Oracle, and Salesforce, with their large portfolios of analytics solutions. Innovation, integration with AI, and strategic alliances help such firms to remain on top of the market. Moreover, emerging companies are gaining popularity by offering niche, cost-effective solutions. Driving the context of competition is mainly cloud computing, artificial intelligence, and the increased desire for personalized experiences in retail. 'Adobe Systems (US)', 'Oracle (US)', 'IBM (US)', 'SAS Institute (US)', 'SAP AG (Germany)', 'Microsoft Corporation (US)', 'Tableau Software (US)', 'QlikTech International (Sweden)', 'MicroStrategy (US)', 'Teradata (US)', 'FICO (US)', 'HCL Technologies (India)', 'Information Builders (US)', 'Alteryx (US)', '1010data (US)', 'Wipro Limited (India)', 'Angoss Software (Canada)', 'Fujitsu Limited (Japan)', 'Tata Consultancy Services (India)', 'Zoho Corporation (India)'
E-commerce platforms' explosive growth drives the need for retail analytics. Retailers use analytics for creating personalized retail shopping experiences, improving inventory management, and understanding consumer preferences. Retail analytics would certainly support making decisions based on data and emerging with an advantage in the market because of increasing online purchases through better mobile connections and digital payment methods.
Rise in Omnichannel Retailing: Through integration with physical locations, internet platforms, and mobile applications, retailers are increasingly adopting omnichannel strategies. Retail analytics is important because it enables companies to track and analyze customer behavior at different touchpoints. These analytics can help retailers maximize operational efficiency, optimize inventory, and enhance personalization. Omnichannel retailing methods have become more crucial as such methods can serve customers in uniform, personalized experience across the channels.
As a result of the fast adoption of e-commerce services in the region, North America maintained the highest market share of retail analytics. Sophisticated retail analytics solutions are increasingly being adopted by companies within countries such as the U.S. and Canada to enhance consumer, operations, and data-driven decision-making experiences. The technologies enable retailers to predict customer behavior, detect new trends, and tailor products to gain a competitive advantage in the market. The strong IT infrastructure of the region also supports the implementation of advanced analytics solutions. Retail analytics will surely dominate the entire industry in North America because of their increased focus on productivity and profitability.
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Report ID: SQMIG45C2048