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Retail Analytics Market size was valued at USD 7.2 billion in 2022 and is poised to grow from USD 8.41 billion in 2023 to USD 29.13 billion by 2031, growing at a CAGR of 16.80% during the forecast period (2024-2031).

The retail analytics market is highly competitive and fragmented, with the presence of a large number of players operating in the market. The market players are focused on expanding their market presence through partnerships, collaborations, and mergers and acquisitions. Additionally, companies are also investing in the development of innovative retail analytics solutions to gain a competitive edge. Furthermore, players are also focusing on offering customized retail analytics solutions to meet the specific needs of their clients. The intense competition in the market is expected to drive innovation and the development of advanced retail analytics solutions in the coming years. '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)'

One major driver of the retail analytics market is the increasing adoption of digitalization and the proliferation of smartphones, which has made shopping easier for customers. With the rise of online shopping, retailers are leveraging retail analytics solutions to gain insights into customer behavior, preferences, and purchase patterns. This enables retailers to personalize the shopping experience for customers and offer targeted marketing campaigns. As a result, the demand for retail analytics solutions is expected to increase, driving the growth of the market in the coming years.

One key market trend in the retail analytics market is the increasing use of artificial intelligence (AI) and machine learning (ML) to analyze vast amounts of data generated by retailers. AI and ML enable retailers to gain real-time insights into customer behavior and preferences, which can be used to personalize the shopping experience for customers. Additionally, the use of AI and ML can also help retailers to forecast demand, optimize inventory management, and reduce costs. The integration of AI and ML technologies with retail analytics solutions is expected to drive the growth of the market in the coming years.

North America's prominence in the market arises from the presence of numerous established providers of retail analytics solutions and the widespread adoption of such solutions within the region. The United States, in particular, stands out as the primary market for retail analytics solutions in North America. This dominance is poised to persist throughout the projected period, driven by a surging demand for advanced retail analytics solutions aimed at refining inventory management, boosting sales, and elevating the overall customer experience. The region's substantial working capital and early embrace of digitalization are anticipated to be key drivers propelling the growth of the retail analytics market in North America.

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Global Retail Analytics Market

Product ID: SQMIG45C2048