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

  • Report ID: 4361
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

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.


retail-analytics-market
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Retail Analytics Sector: 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

Retail Analytics Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

20%

Base Year Market Size (2022)

USD 6 Billion

Forecast Year Market Size (2033)

USD 22 Billion

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Retail Analytics Segmentation

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:

        By Type

  • Descriptive Analytics
  • Diagnostic Analytics
  • Predictive Analytics
  • Prescriptive Analytics

         By Solution

  • Software
  • Services

         By Deployment Model

  • On-Premises
  • Cloud
  • Hybrid

 

 

           By Functions

  • Supply Chain Management
  • Customer Management
  • Inventory Management
  • Merchandising
  • Strategy & Planning
  • In-Store Operations

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Retail Analytics Industry - 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.

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Companies Dominating the Retail Analytics Landscape

top-features-companies
    • 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

In-the-news

In The News

  • 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


  • Report ID: 4361
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing retail sales with rise in retail e-commerce as well as increasing number of retail establishments along with surge in the retail spending on AI are some of the major factors anticipated to drive the growth of the market.

The market is anticipated to attain a CAGR of 20% over the forecast period, i.e., 2023-2033.

Complying with the data protection standards and laws as well as huge cost involved in the adoption of latest technologyare some of the factors estimated to hamper the market growth.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market areAdobe Inc., Altair Engineering, Inc. (ANGOSS Software Corporation), HCL Technologies Limited, IBM Corporation, Information Builders, Inc.,Microsoft Corporation, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, solution, deployment model, functions and by region.

The cloud segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Retail Analytics Market Report Scope
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