$25 Billion Retail Analytics Market by Offerings (Software, Services) and Business Functions (Sales & Marketing, Finance & Accounting)

Global Retail Analytics Market

DUBLIN, May 9, 2024 (GLOBE NEWSWIRE) — A separate 'world' of offerings (software, services), business functions (sales and marketing, finance and accounting), applications (order fulfillment and returns management, merchandising planning) 'Retail Analytics Market' End Users and Regions – Forecast to 2029' report added ResearchAndMarkets.com Recruitment.

The retail analytics market is projected to grow from USD 8.5 billion in 2024 to USD 25 billion by 2029, at a compound annual growth rate (CAGR) of 24.0% during the forecast period.

The Retail Analytics Market research study included a wide range of secondary sources, directories, journals, and paid databases. Primary sources were primarily industry experts in core and related industries, preferred retail analytics providers, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews were conducted with various key respondents, including key industry players and subject matter experts, to obtain and verify key qualitative and quantitative information and assess market prospects. I did.

This market is expected to grow due to the rapid growth of e-commerce platforms and increasing adoption of omnichannel retail strategies. The proliferation of data generated through diverse channels forms the fundamental driving force of the retail analytics market. Major vendors providing retail analytics solutions and services worldwide include IBM (IBM), Microsoft Corporation (Microsoft), Salesforce Inc (Salesforce), Google LLC (Google), and SAP (SAP).

North America is expected to record the largest market size during the forecast period. North American market trends indicate a shift towards integrated, scalable retail analytics solutions that serve the diverse needs of retailers. North American companies are at the forefront of advances in retail analytics. Leading technology companies such as IBM, Microsoft, and Oracle all offer comprehensive analytics solutions tailored to the retail industry. 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 the second fastest CAGR growth during the forecast period.

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

By application, order processing and returns management will witness the largest market size during the forecast period.

Order fulfillment and returns management serve as the backbone of retail operations, ensuring a smooth and efficient process from purchase to after-sales service. Seamlessly integrate with inventory management systems to optimize order processing, inventory tracking, shipping logistics, and ultimately improve customer satisfaction. Additionally, the application plays a vital role in returns management, streamlining the often complex process of handling product returns and exchanges. Leverage advanced analytics capabilities to provide retailers with valuable insights into customer behavior, preferences, and trends to enhance data-driven decision-making to drive growth and profitability.

This report provides insight into the following guidelines:

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• Analysis of key drivers (rapid growth of e-commerce platforms, proliferation of data generated through diverse channels, increasing adoption of omnichannel retail strategies), constraints (diverse data sources, cybersecurity threats and data increasing integration challenges with legacy systems; breaches erode trust in analytics solutions; high upfront investments create a barrier to deploying robust analytics infrastructure); opportunities (integrating AI and ML with retail analytics); This creates new opportunities for innovation, effective fraud detection and prevention through retail analytics, and supply optimization (chain management) and challenges (assortment complexity, data silos, quality concerns).

• Product Development/Innovation: Detailed insights into upcoming technologies, research and development activities, and new product and service launches in the Retail Analytics market.

• Market Development: Comprehensive information on the profitable market – The report analyzes the Retail Analytics market across various regions.

• Market Diversification: Thorough information about new products and services, untapped regions, recent developments, and investments in the Retail Analytics Market.

Key attributes:

Featured companies

• microsoft

• IBM

• SAP

• oracle

• sales force

• micro strategy

• Sas Institute

• ah

• Qlik

• Teradata

• Wns

• Hcl

• lightspeed commerce

• retail next

• mansan systems

• fit analysis

• tracks

• sort spot

• relex solution

• Tredens

• creation

• Sorvoyo

• datapine

• Sisense

• Edited

• retail zip line

• symphoniai

• sinking side

• doll technologies

• triple whale

• flame analysis

• Alloy.AI Technologies

• Condula

• Kibos Insight

• Pygmario

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

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