$25B retail analytics markets by offering (software, services) and business functions (sales and marketing, finance and accounting)

Global Retail Analytics Market

Dublin, May 09, 2024 (GLOBE NEWSWIRE) — The “Global Retail Analytics Market by Offering (Software, Services), Business Function (Sales and Marketing, Finance and Accounting), Application (Order Fulfillment and Returns Management , Merchandise Planning), The End User and Region – Forecast to 2029” report has been added to ResearchAndMarkets.com’s offer.

The retail analytics market is expected to grow from USD 8.5 billion in 2024 to USD 25.0 billion by 2029, at a compound annual growth rate (CAGR) of 24.0% during the forecast period.

The retail analytics market research study involved extensive secondary sources, directories, journals, and paid databases. Primary sources were primarily industry experts from core and related industries, preferred retail analytics providers, third-party service providers, consulting service providers, end users, and other commercial companies. In-depth interviews were conducted with several primary interviewees, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information and assess market prospects.

The market is anticipated to grow due to the exponential growth of e-commerce platforms and the increasing adoption of omnichannel retail strategies. The proliferation of data generated through diverse channels constitutes a fundamental driver in the retail analytics market. Major vendors offering retail analytics solutions and services around the world include IBM (IBM), Microsoft Corporation (Microsoft), Salesforce Inc (Salesforce), Google LLC (Google), and SAP (SAP).

North America will register for the largest market size during the forecast period. Market trends in North America indicate a shift toward integrated, scalable retail analytics solutions that meet retailers’ diverse needs. North American companies are at the forefront of advances in retail analytics. Big technology players like IBM, Microsoft and Oracle are offering comprehensive analytics solutions tailored to the retail sector. Additionally, there is a thriving ecosystem of startups specializing in niche areas such as in-store analytics, social media listening and customer journey mapping.

By software, the Prescriptive Analytics segment will register at the second fastest growing CAGR during the forecast period.

Prescriptive analytics software uses sophisticated algorithms and predictive models to analyze historical data, current trends, and various influencing factors to recommend optimal actions or strategies. These recommendations can cover a wide range of decisions, including price adjustments, inventory optimization, personalized marketing campaigns, and supply chain management improvements.

By application, Order Fulfillment & Returns Management to witness the largest market size during the forecast period.

Order fulfillment and returns management serve as the backbone of retail operations, ensuring smooth and efficient processes from purchase to after-sales service. By seamlessly integrating with inventory management systems, they optimize order processing, inventory tracking and shipping logistics, ultimately increasing customer satisfaction. Furthermore, this application plays a fundamental role in returns management, streamlining the often complex process of handling product returns and exchanges. Leveraging advanced analytics capabilities, they provide retailers with valuable insights into customer behavior, preferences and trends, empowering data-driven decision-making to drive growth and profitability.

The report provides insights into the following tips:

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• Analysis of key drivers (exponential growth of e-commerce platforms, proliferation of data generated across multiple channels, increased adoption of omnichannel retail strategies), constraints (increased integration challenges with legacy systems due to diverse data sources, threats Increased cybersecurity and data breaches undermine confidence in analytics solutions, high and substantial initial investment represents a barrier to implementing robust analytics infrastructures), opportunities (the integration of AI and ML with retail analytics will create new opportunities innovation, effective fraud detection and prevention with retail analytics, supply chain management optimization) and challenges (assortment complexity in retail analytics, data silos and quality concerns).

• Product Development/Innovation: In-depth insights into future technologies, research and development activities, and new product and service launches in the retail analytics market.

• Market Development: Comprehensive insights into profitable markets – the report analyzes the retail analytics market across multiple regions.

• Market Diversification: Exhaustive information on new products and services, unexplored geographies, recent developments and investments in the retail analytics market.

Attribute Keys:

Featured companies

• Microsoft

• IBM

• SAP

• Oracle

• Sales force

• Microstrategy

• Sas Institute

• Oh,

• Qlik

• Teradata

• To win

• HCl

• Lightspeed Commerce

• Nearby retail

• Manthan Systems

• Fit analysis

• Trax

• Point of thought

• Relex Solutions

• Trend

• Creation

• Solvoyo

• Datapine

• Sisense

• Edited

• Retail Zipline

• Sinfoniai

• Think inside

• Dor Technologies

• Triple Whale

• Flame analysis

• Alloy.AI Technologies

• Conjure

• Information about Kyvos

• Pygmalios

For more information on this report, visit https://www.researchandmarkets.com/r/58qzj0

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