Retail Analytics Software And Services market size, share, revenue, trends and drivers for 2024-2033

Retail Analytics Software And Services Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 24, 2024 /EINPresswire.com/ -- The retail analytics software and services market has experienced robust growth in recent years, expanding from $1.77 billion in 2023 to $2.08 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to the expansion of E-commerce, data explosion, demand for personalization, competition, supply chain optimization, and omnichannel retailing.

Strong Future Growth Anticipated
The retail analytics software and services market is projected to continue its strong growth, reaching to $4 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to a shift towards cloud-based solutions, artificial intelligence and machine learning, Internet of Things (IoT), augmented reality (AR) and virtual reality (VR), blockchain, and voice commerce.

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Growth driver of the retail analytics software and services market
The rise in the retail and e-commerce sectors is expected to propel the growth of the retail analytics software and services market going forward. The retail and e-commerce sectors refer to businesses that sell goods and services directly to consumers through physical stores or online platforms, facilitating transactions and the distribution of products. The rise in retail and e-commerce can be attributed to increased convenience and accessibility for consumers, alongside technological advancements facilitating seamless online transactions and personalized shopping experiences. Retail analytics software and services empower retailers and e-commerce businesses to optimize operations, enhance customer experiences, and drive sales through data-driven insights and decision-making.

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Major Players and Market Trends
Key players in the retail analytics software and services market include Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Infosys Limited, Square Inc., Wipro Limited.

Major companies operating in the retail analytics software and services market are developing innovative technologies such as smart store analytics, to advance the retail offering and solution. Smart Store Analytics is a data platform that enables retailers to deploy autonomous shopping technology cost-effectively.

Segments:
1) By Component: Solutions, Services
2) By Application: Merchandising Analysis, Pricing Analysis, Customer Analytics, Promotional Analysis And Planning, Yield Analysis, Inventory Analysis, Other Applications
3) By Distribution Channel: Online, Offline
4) By Organization Size: Large Enterprises, Small And Medium Enterprises
5) By Business Function: Finance, Marketing And Sales, Human Resources, Operations

Geographical Insights: North America Leading the Market
North America was the largest region in the retail analytics software and services market in 2023. It is driven by expanding healthcare facilities and increasing awareness of the benefits of retail analytics software and services.

Retail Analytics Software And Services Market Definition
Retail analytics software and services refer to tools and solutions used by retail companies to collect, analyze, and interpret data related to their sales, inventory, customers, and market trends. These tools help retailers make informed decisions to optimize their strategies, improve sales performance, and enhance customer experiences. The goal of retail analytics is to improve business performance by identifying areas of the business that can be optimized, predicting future outcomes, and identifying opportunities for growth and expansion.

Retail Analytics Software And Services Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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