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Global Data Analytics in Retails Market Analysis by component, deployment, organization size, application, Region and segments forecast till 2033
Market Overview
The global data analytics in retails market is presently worth USD 5975.27 million and is poised to amplify at a CAGR of 23.1% over 2023-2033, thereby amassing a valuation of USD 38786.47 million by end of the assessment timeline.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 5975.27 million |
Market Forecast in 2033 | USD 38786.47 million |
CAGR % 2023-2033 | 23.1% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Microsoft, IBM Corporation, Oracle, Adobe, SAP SE, Tableau Software LLC, TIBCO Software Inc., 10101Data, Retail Solutions Inc., RetailNext Inc., Alteryx Inc., Teradata Corporation, MicroStrategy Incorporated, SAS Institute Inc., Wipro Limited, HCL Technologies Limited, QlikTech International AB, Flir Systems Inc., Fractal Analytics Inc., and Happiest minds, among others. |
Global Data Analytics in Retails Market- Description
Retail data analytics provide information about customers, sales, inventory, and other critical decision-making factors. This discipline includes a number of fine-grained fields that aid in constructing a broad picture of the state of the retail industry, sales, and other potential strengthening and improvement areas. Retail analytics therefore aid in better business decisions, company operations, and ultimately better customer service analytics.
It's crucial to remember that smaller merchants can benefit from in-store data analysis as much as big-box stores like Target and Walmart. SME retailers can also benefit from this technology and use the data insights to prepare for future store design, workforce management, marketing, and inventory control. This is due to the fact that data can be accessed from practically every point at which consumers and retailers interact, both online and offline. This is due to the fact that data can be accessed from practically every point at which consumers and retailers interact, both online and offline.
The global data analytics in retails market is anticipated to increase during the forecast period as a result of the rapidly expanding retail sector and expanding e-commerce retail platform brought on by the rising penetration of smartphones and internet services. Additional factors that are anticipated to support the development of big data analytics in the retail sector include the incorporation of cutting-edge technologies like IoT, artificial intelligence, and machine learning, a rise in the demand for predictive analytics in retail, and the requirement to provide a customized user experience in order to increase sales.
Additionally, it is anticipated that over the course of the forecast period, the market will experience lucrative growth opportunities due to the growing use of big data analytics tools such as Board BEAM by Board International, Tableau by Tableau Software, Llc, WebFOCUS by International Business Machines Corporation, ThoughtSpot, and Sspotfire by TIBCO Software Inc. for predictive analysis and better decision-making in the business process.
Global Data Analytics in Retails Market- Key trends
Increase usage of internet in retail processes will aid the market
Retail analytics technologies are in demand as the internet of things is being used in retail processes to boost productivity and efficiency. Retail analytics technologies are in high demand because they enable retailers to learn more about crucial data, consumer purchasing patterns, improve customer experience, and give actionable insight to boost all in-store operations. Another significant element driving the market expansion is the growing use of industry 4.0 in the retail sector.
Emergence of technologies will help the market to increase further in the forthcoming years
Artificial intelligence (AI), machine learning (ML), augmented reality (AR), and other emerging technologies are seen as opportunities for market players. It provides retailers with data insights that help boost sales while improving the customer experience. Retailers are given the capacity to consume enormous volumes of data in numerous different formats by integrating retail analytics with AI. A significant barrier to the growth of the global retail analytics industry is the high cost of implementation. Software licence fees, materials and connection charges, travel expenses, installation fees, and various technical labor costs are all part of the upfront expenditures for establishing a retail analytics plan.
Global Data Analytics in Retails Market- Segmental assessment
By component
Software
Services
Others
The software segment is poised to amass notable gains over the stipulated timeline owing to their ease of use and affordability.
By deployment
On-premise
Cloud
Others
By organization size
Large enterprise
Small and medium enterprise
Other
By application
Sales and marketing analytics
Supply chain operations management
Merchandising analytics
Customer analytics
Others
Global Data Analytics in Retails Market- Geographical landscape
The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, North America is projected to capture a substantial revenue share over 2023-2033. Focus is being placed on utilizing cutting-edge technologies, altering consumer behavior, and rising investment in retail analytics due to the existence of huge retail corporations.
Global Data Analytics in Retails Market: Recent Developments
In August 2021, AWS announced the launch of AWS Retail Analytics, a new set of data analytics tools designed specifically for the retail industry. The tools include pre-built dashboards and machine learning models to help retailers analyze their data and improve business outcomes.
In June 2021, IBM announced a new partnership with Adobe to help retailers leverage customer data and deliver personalized experiences across all channels. The partnership combines Adobe's Experience Cloud with IBM's Watson Customer Experience Analytics.
In May 2021, Salesforce announced the acquisition of the data analytics company, Tableau. The acquisition aims to strengthen Salesforce's data analytics capabilities for retailers, enabling them to make more informed business decisions.
In June 2021, SAP announced the launch of SAP Upscale Commerce, a new cloud-based e-commerce platform that includes built-in data analytics capabilities. The platform is designed to help retailers improve their online customer experience and increase sales.
Global Data Analytics in Retails Market: Key Companies
Microsoft
IBM Corporation
Oracle
Adobe
SAP SE
Tableau Software LLC
TIBCO Software Inc.
10101Data
Retail Solutions Inc.
RetailNext Inc.
Alteryx Inc.
Teradata Corporation
MicroStrategy Incorporated
SAS Institute Inc.
Wipro Limited
HCL Technologies Limited
QlikTech International AB
Flir Systems Inc.
Fractal Analytics Inc.
Happiest minds
Others
Global Data Analytics in Retails Market: Regional Scope
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
South Africa
Rest of Middle East and Africa
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