Retail Analytics Market size is expected to cross USD 22 Billion by the end of 2033, growing at a CAGR of 20% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of retail analytics was over USD 6 Billion. 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.
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 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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
20% |
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Base Year Market Size (2022) |
USD 6 Billion |
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Forecast Year Market Size (2033) |
USD 22 Billion |
Deployment Model (On-Premise, Cloudand Hybrid)
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.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Solution |
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By Deployment Model |
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By Functions |
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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.
Adobe Inc., - launched new services in Adobe Analytics, which can efficiently deliver a single workspace for brands to unify data and insights across all media types, now including the metaverse and streaming media. Brands can drive true omnichannel analysis through Customer Journey Analytics, for deeper insights on new consumer behaviors.
Altair Engineering, Inc., - acquired World Programming, a UK-based technology company specializing in data analytics software used by many of the world’s leading companies including financial services and insurance organizations. The acquisition of World Programming will strengthen Altair’s foothold in several industries including financial services, insurance, healthcare, manufacturing, asset management, telecommunications, retail, energy, and consumer products. It will provide better insights and effective planning and decision making by the consumers.
Author Credits: Abhishek Verma, Hetal Singh
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