Retail Analytics Market Size & Share, by Type (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, Prescriptive Analytics); Solution (Software, Services); Deployment Model (On-Premise, Cloudand Hybrid); Function (Supply Chain Management, Customer Management, Inventory Management, Merchandising, Strategy & Planning, In-Store Operations) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

 Global Retail Analytics Market Highlights Over 2023 - 2033

The global retail analytics market is estimated to garner a revenue of ~USD 22 billion by the end of 2033 by growing at a CAGR of ~20% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 6 billion in the year 2022. The growth of the market can primarily be attributed to the growing retail sales worldwide. For instance, the total global retail sales reached more than USD 23 trillion in 2020.

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Retail data analytics is the process of collecting and studying retail data (like sales, inventory, pricing, etc.) to discover trends, predict outcomes, and make better business decisions. Done well, data analytics allows retailers to get more insight into the performance of their stores, products, customers, and vendors—and use that insight to grow profits. In other words, it is the process of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc. that is crucial for making marketing and procurement decisions. With the recent advancements in data analytics as well as retail analytics, the demand for retail analytics is on the rise amongst retail e-commerce, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global retail analytics market during the forecast period. For instance, it is found that retail e-commerce sales will touch a value of more than USD 5 trillion by the end of 2022 worldwide.

Global Retail Analytics Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Volume of Data – It is becoming necessary to capture and analyze the data, and then operationalize insights across every channel, so that retailers can reach a potential customer or supplier. For instance, it was observed that approximately 74 zettabytes of the total data created across the globe in 2021 was unstructured.

• Upsurge in the Retailer Spending on Artificial Intelligence (AI)– As retail analytics provides an intelligent insight about the costumers buying behavior, preferences and lot more. According to estimates, by 2022, the global retailer’s spending on AI is expected to be more than USD 7 billion per annum, rise from a forecasted USD 2 billion in 2018.

• Growing Emphasis on Inventory Management – According to data over 70% of retailers surveyed plan to provide, or are currently providing, item-level radio-frequency identification (RFID) technology. 
• Growing Number of Internet of Things (IoT) connected devices – As per the data, by the end of 2022, anapproximately 18 billion IoT connected devices are expected worldwide.

Challenges

• Compliance With Data Protection Standards and Laws
• Concern about Data Accuracy
• Huge Cost Involved in the Adoption of Latest Technology

The globalretail analytics market is segmented and analyzed for demand and supply by deployment model segment into on-premise cloudand hybrid. Amongst these segments, the cloud segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing use of cloud services along with the surge in the spending on cloud services infrastructureworldwide. For instance,in 2021, more than USD 41 billion were spent on cloud services infrastructure globally.

Major Macro-Economic Indicators Impacting the Market Growth

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global Retail Analytics Market Regional Synopsis

Regionally, the global retail analytics market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2033, backed by the rising number of retail establishments in the region. As per The National Retail Federation report on The Economic Impact of the US Retail Industry, in 2018, there were ~4.2 million retail establishments (inclusive of food services & drinking places) in the United States.

The global retail analytics market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global retail analytics market includes the following segments:

Top Featured Companies Dominating the Global Retail Analytics Market

• Adobe Inc.
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Altair Engineering, Inc.(ANGOSS Software Corporation)
• HCL Technologies Limited
• IBM Corporation
• Information Builders, Inc.,
• Microsoft Corporation
• MicroStrategy Incorporated
• Oracle Corporation
• Bedrock Analytics Corporation
• SAP