Retail Analytics Market to Reach Value of US$ 122.08 Bn by 2031, States TMR Analysis

• The retail analytics market is projected to expand at a CAGR of 34.7% during 2022 to 2031
• Rising need for better customer experience is driving the sales of retail analytics solutions
• The early adoption of technological advancements and presence of many retail companies in North America make it leading market region

WILMINGTON, Del., Sept. 9, 2022 /PRNewswire/ -- A research report by Transparency Market Research (TMR) projects the global retail analytics market to reach a value of US$ 122.08 Bn by the end of 2031. Furthermore, business intelligence in retail industry offered by TMR notes that the market is expected to develop at a CAGR of 34.7% during the forecast period, from 2022 to 2031.

The report by TMR provides detailed analysis of major factors influencing the growth curve of the global retail analytics market. Hence, readers gain access to the study of the growth drivers, challenges, opportunities, R&Ds, recent developments, and retail analytics statistics.

The adoption of next-gen technologies such as machine learning, artificial intelligence, 5G, IoT, and big data is being increasing in the recent years. This factor is expected to fuel the expansion of the retail analytics market during the forecast period. Moreover, the rising understanding on the profitability using assortment planning (AP) process is being rising globally. This factor, in turn, is propelling the retail analytics market, note analysts at TMR.

Major retail analytics companies are focusing on R&Ds in order to develop innovative technologies. Such efforts are helping enterprises in the expansion of their product portfolios. Moreover, leading players are using several strategies such as mergers and acquisitions in order to maintain their dominance in the market for retail analytics. Such factors are anticipated to lead to rapid expansion of the market during the forecast period.

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Retail Analytics Market: Key Findings

The concept of retail analytics is gaining impetus in the recent years as it helps businesses in order to find, gather, and analyze retail data. Data analytics in the retail industry is being increasingly adopted owing to its ability to offer thorough customer insights. In addition, the technology provides companies information on business and processes with scope and areas of improvements, notes a TMR study on the retail analytics market.

Different types of retail analytics tools are being increasingly gaining traction owing to their ability to offer users with in-depth data analysis on important performance metrics. Moreover, the services provided by retail data analytics companies are being utilized in the recent years as these services assist retailers in varied activities including monitoring the sales volume, transactions, and profitability. Moreover, these services also allow retailers to collect important business insights. Owing to these factors, the global retail analytics market is expected to expand at notable pace during the forecast period.

Retail Analytics Market: Growth Boosters

• Surge in the demand for improved customer experience is fueling the business opportunities in the global retail analytics market
• Increase in the adoption of machine technologies and artificial intelligence for data analysis is driving the sales prospects in the retail analytics market

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Retail Analytics Market: Regional Analysis

• The retail analytics market is North America is prognosticated to maintain prominent position during the forecast period owing to rise in the adoption of next-gen technologies integrated with retail analytics and the presence of many leading retail companies in the region
• The Europe retail analytics market is projected to expand at notable pace during the forecast period owing to increase in the use of retail analytics in order to match the international standards

Retail Analytics Market: Key Players

Some of the key players profiled in the report are:

• Microsoft Corporation
• IBM Corporation
• Qlik
• Oracle Corporation
• SAS Institute Inc.
• SAP SE
• RetailNext, Inc.
• Hewlett Packard Enterprise Development LP
• Manthan Software Services Pvt. Ltd
• Fractal Analytics Inc.
• TIBCO Software
• HCL Technologies

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Retail Analytics Market Segmentation

• Component
• Software
• Services
• Professional
• Managed
• Deployment
• Cloud
• On-premise
• Application
• Merchandising analysis
• Pricing analysis
• Customer analytics
• Inventory analysis
• Supply chain analysis
• Others
• Regions Covered
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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