Research Nester published a report titled “Retail Analytics Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers a detailed overview of the global retail analytics market in terms of market segmentation by type, solution, deployment model, functions, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.
The global retail analytics market is anticipated to grow with a CAGR of ~20% during the forecast period, i.e., 2023-2033. The market is segmented by deployment model into on-premises, cloud and hybrid. Out of these segments, the cloud segment is anticipated to garner the largest market share over the forecast period, owing to the increasing expansion of the cloud industry. In addition, the surge in spending on cloud services infrastructure is also expected to boost the growth of the segment in the coming years.
The global retail analytics market is estimated to garner moderate revenue by the end of 2033, backed by rising retail sales worldwide. Various features provided by retail analytics, including data on key performance indicators, units per customer, and volume of sales are also projected to boost sales of these tools in the coming years. Moreover, increasing emphasis on inventory management as well as a rising number of IoT-connected devices is also projected to propel the growth of the market during the forecast period.
Geographically, the global retail analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these, the market in North America is estimated to garner the largest market share over the forecast period, owing to the rising number of retail establishments.
Apart from this, the market in Europe is anticipated to register significant growth in the coming years.
The research is global in nature and covers a detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Adoption of AI Technology in Retail to Drive the Market Growth
According to the data, the global retailer spending on AI will be over USD 7 billion per annum by the end of 2022.
The adoption of AI technology is expected to accelerate market growth in the coming years, as AI technology helps empower actionable and effective business insights. which further improves the performance across diverse retail segments. Moreover, the increasing technological advancements as well as the increasing amount of data created are also expected to drive the growth of the global retail analytics market during the forecast period.
However, complying with the data protection standards and laws as well as the huge cost involved in the adoption of latest technology are expected to operate as key restraints to the growth of the global retail analytics market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the of global retail analytics market which includes company profiling of Adobe Inc., Altair Engineering, Inc. (ANGOSS Software Corporation), HCL Technologies Limited, IBM Corporation, Information Builders, Inc., Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, Bedrock Analytics Corporation, SAP. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments.
On the whole, the report depicts a detailed overview of the of global retail analytics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.