Retail Analytics Market to Reach USD 31.08 Billion by 2032; Rising Focus on Shelf Space Allocation and Product Inventory Management to Boost Market Growth

The global retail analytics market size touched USD 7.56 billion in 2023 and is predicted to reach USD 8.75 billion in 2024. The market is anticipated to touch USD 31.08 billion by 2032, recording a CAGR of 17.2% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Retail Analytics Market Size, Share & COVID-19 Impact Analysis, By Deployment (On-Premise, and Cloud), By Retail Store Type (Hypermarkets and Supermarkets, and Retail Chains), By Function (Customer Management, Supply Chain, Merchandising, Strategy and Planning, and In-store Operations), and Regional Forecast, 2024-2032”.

Retail analytics solutions make use of advanced technologies, such as data mining and big data to help retailers get valuable insights on the changes in customer purchase patterns. These solutions can also help companies develop numerous strategies based on customer behavior. They can also assist retailers in the evaluation of massive datasets, making it easier for businesses to make important strategic decisions. These aspects are anticipated to bolster the retail analytics market growth.

Coresight Research Took Over Alternative Data Analytics to Enhance Portfolio

In September 2022, Coresight Research acquired Alternative Data Analytics, a data insights & strategy firm, to increase its data capabilities and expertise in data-driven research. The acquisition will further enhance Coresight Research’s ability to provide high-quality retail analytics to its clients in the consumer-facing retail technology and real estate sectors, allowing them to make informed business decisions based on data-driven insights.

Growing Incidence of Online Shopping During COVID-19 Fueled Adoption of Retail Analytics Solutions

The COVID-19 pandemic forced many owners of physical retail stores to shift to online stores with the help of mobile applications and e-commerce. The outbreak also enhanced the growth of e-commerce companies as the frequency of online grocery shopping increased during this period. The growing trend of online shopping bolstered the demand for customer-centric analytics solutions. Also, since the logistics services were limited and there was a rise in demand for online solutions, many retailers used innovative solutions to track inventory and supply chains.

Governments across the globe asked citizens to stay at home and enforced social distancing protocols, further augmenting the popularity of online shopping. This scenario drastically boosted the demand for retail analytics solutions.

Rising Focus on Shelf Space Allocation and Product Inventory Management to Boost Market Growth

A retailer’s key resources include shelf space allocation and product inventory management. Retail analytics refers to using analytics to offer customers the right products at the right place in the right quantity. The trend of adopting these analytics solutions will continue to grow in the retail sector in the coming years as they can help improve assortment planning micro-level analysis. The demand for efficient allocation of shelf spaces is rising to address the specific preferences of customers who visit retail stores. These aspects will help the retail analytics market share grow.

Organizations to Bring Continuous Improvements to Products to Enhance Their Market Positions

The leading players in the market are using advanced technologies, such as blockchain, machine learning, cloud computing, artificial intelligence, and more in retail analytics solutions. They are also focusing on bringing continuous improvements to their products and offering dedicated analytics services to improve the overall experience of their customers.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/retail-analytics-market-101273

Notable Industry Development:

• May 2021 – Nielsen Consumer LLC announced the acquisition of U.S.-based data intelligence in the health and wellness firm Label Insight. Through this acquisition, the company cemented its position as one of the leading data providers to help retail and manufacturing companies in the health & wellness sector.

List of the Companies Profiled in the Report:

• Microsoft Corporation (U.S.)
• HCL Technologies Limited (India)
• FLIR Systems, Inc. (U.S.)
• IBM Corporation (U.S.)
• Oracle Corporation (U.S.)
• SAP SE (Germany)
• QlikTech International A.B. (U.S.)
• Fractal Analytics Inc. (U.S.)
• Wipro Limited (India)
• Nielsen Consumer LLC (U.S.)
• EY (U.K.)

Further Report Findings

• North America is anticipated to account for a dominant market share during the forecast period. Many companies across the region are adopting a wide range of e-commerce solutions and services to improve their performance and offer better customer service.
• The market in Asia Pacific is expected to record remarkable growth in the market during the forecast period.

Table of Segmentation