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The global retail analytics market reached a value of about USD 10.68 billion in 2023. The industry is further expected to grow at a CAGR of about 23.7% in the forecast period of 2024-2032 to reach a value of around USD 72.70 billion by 2032.
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Retail analytics is the intelligence solution that focuses on providing analytical modelling on various crucial processes in the retail industry. It aids in the decision-making process of the retailers by providing consumer insights and scope of product marketing and procurement. The increase in the number of social media users enables retailers to understand the demographic data and design their promotional and market growth strategies.
The increasing adoption of digitalisation, online shopping, and the proliferation of smartphones are major factors driving the retail analytics market expansion. The rise of e-commerce and social commerce has led to the generation of vast amounts of customer data, which retailers are leveraging to gain meaningful business insights and improve their operations. Retailers are increasingly adopting advanced technologies like artificial intelligence, machine learning, and big data analytics to extract insights, automate decision-making, enhance customer experiences, and optimise inventory and supply chain management. Additionally, the growing focus on improving customer relationships through personalised marketing, loyalty programs, and targeted promotions is further propelling the demand for retail analytics solutions.
Adoption of AI and ML in retail analytics, focus on shelf space allocation, and shift towards data-driven decision making have resulted in retail analytics market development
April 2024
The Estée Lauder Companies (ELC) and Microsoft are expanding their global strategic relationship by creating an AI Innovation Lab. Microsoft's generative AI tools and expertise will help ELC leverage its data to create more personalised experiences, faster insights, and better consumer connections.
April 2024
Oracle Corporation Japan plans to invest over USD 8 billion in cloud computing and AI infrastructure in Japan over the next decade. This strategic move underscores Oracle's commitment to meeting the evolving demands of the Japanese market and strengthening its position in cloud computing services.
January 2024
IBM and SAP partnered to create innovative AI solutions for the FMCG and retail industries, focusing on supply chain, finance, sales, and services enhancements using generative AI. This collaboration integrates IBM WatsonX and AI assistants into SAP solutions for product portfolio management.
November 2023
IBM collaborated with AWS to introduce a new cloud database offering, merging IBM Db2 database with Amazon RDS. This collaboration aims to assist businesses in managing data with flexibility, security, and scalability to optimise data management for AI workloads.
Integration of artificial intelligence and machine learning
By using AI and ML, retailers can analyse the vast amounts of data generated by them. This integration enables retailers to gain deeper insights into customer behaviour, optimise operations, personalise marketing campaigns, and enhance the overall customer experience.
Focus on product inventory management and shelf space allocation
Retail analytics tools are being utilised to ensure that products are placed strategically, in the right quantity, and at the right location to meet customer demand effectively. This trend aids retailers in minimising inventory costs, reducing out-of-stock situations, and optimising store layouts.
Increased adoption of industry 4.0 technologies
The adoption of Industry 4.0 technologies, such as Internet of Things (IoT) and automation, in the retail sector is a notable trend shaping the global retail analytics market outlook. A leading retailer, IKEA, has implemented IoT-enabled smart shelves to monitor inventory levels and optimise stock replenishment in its stores.
Rising demand for personalised marketing campaigns
Retailers are increasingly leveraging retail analytics to create personalised marketing campaigns based on customer preferences and behaviour patterns. A popular e-commerce platform, Amazon, uses AI-powered algorithms to offer product recommendations to its customers based on their purchasing history.
Trends like efficient inventory management and shelf space allocation contribute to better profit margins and enhanced customer satisfaction. A leading fashion retailer, Zara, uses data analytics to optimise its inventory levels and shelf space allocation, allowing it to quickly respond to changing fashion trends.
The adoption of AI and ML in retail analytics is expected to drive retail analytics market growth by improving decision-making processes and operational efficiency. Walmart, a leading retail giant, has successfully implemented AI-powered chatbots to improve customer service and reduce wait times in its stores. Similarly, Target, another prominent retailer, has leveraged AI-driven analytics to optimise its inventory management and reduce stockouts.
Moreover, by utilising data analytics, retailers can identify customers interested in specific products, tailor marketing strategies accordingly, and enhance customer engagement. A leading beauty retailer, Sephora, uses data analytics to create personalised product recommendations and loyalty programs, resulting in increased customer loyalty and sales.
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The EMR’s report titled “Retail Analytics Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Solution
Market Breakup by Deployment Mode
Market Breakup by Function
Market Breakup by Region
Cloud models are high in demand due to its capacity of storing large amount of data and records
Cloud deployment models simplify scalability, allowing businesses to quickly increase the number of servers they use, thereby enhancing future growth and simplifying data organisation, cleanup, and analysis. The availability of cloud solutions for mass users is likely to create significant opportunities for retail analytics market growth, especially in regions where cloud adoption is on the rise.
In contrast, on-premises solutions offer organisations more flexibility and control over customising their IT infrastructure, reducing dependency on the internet, and safeguarding critical company data from theft and fraud. This solution is preferred by organisations in the BFSI industry due to increased concerns about frauds like new account fraud and account takeovers, as on-premises solutions are less vulnerable to such frauds.
Customer management segment leads the market as retail analytics help determine customer preferences and enhance revenue
Customer management is expected to capture the maximum share in retail analytics market as retailers are increasingly implementing analytical tools to understand customer preferences and market trends, which is a key to driving sales and revenue. Such software helps measure customer loyalty, identify purchasing patterns, forecast demand, and optimise store layouts.
Retailers are using data analytics in supply chain management to examine the efficiency of marketing campaigns, better manage inventories, and enhance customer service. Analytical platforms offer meaningful insights and interactive dashboards, which can help retailers improve on-ground fleet management and logistics through route and network optimisation.
Market players are focused on expanding their market presence through partnerships and are investing in the development of innovative retail analytics solutions to gain a competitive edge
SAP SE, founded in 1972 and headquartered in Baden-Württemberg, Germany, is a multinational enterprise software company. SAP offers cloud-based retail analytics tools, which enable retailers to manage their operations, inventory, and customer relationships more effectively.
Oracle Corporation, founded in 1977 and headquartered in Texas, United States, is a leading provider of database software and enterprise software solutions. Its offerings help retailers optimise their pricing strategies and improve inventory management through personalised marketing campaigns.
Microsoft Corporation, founded in 1975 and headquartered in Washington, United States, is known for its software, consumer electronics, and personal computers. Microsoft's retail analytics solutions, integrated with its cloud computing platform, Azure, enable retailers to leverage data-driven insights to improve decision-making.
MicroStrategy Incorporated was founded in 1989. The company is headquartered in Virginia, United States. The company provides business intelligence (BI), mobile software, and cloud-based services, including artificial intelligence-powered enterprise analytics software and services.
Other key players in the global retail analytics market include QlikTech International A.B., RetailNext, Inc., Solvoyo, Altair Engineering Inc., SAS Institute Inc., and Teledyne Flir LLC, among others.
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North America to significantly boost the market growth due to its extensive deployment of cloud-based data analytics
The North American region accounts for a major share in the market owing to the large investments made by huge enterprises to deploy advanced technologies and gain a competitive edge in the market. The early adoption of analytical and cloud-based solutions by large enterprises across the region has significantly contributed to the industry growth.
The Asia Pacific region is experiencing significant growth in the retail analytics market share, driven by the rise in the penetration of social media, growth in e-commerce, and the presence of developing and emerging economies offering substantial opportunities for retail stores and technology advancement. The region’s growth is further fuelled by the increasing demand for retail analytics in inventory management, strategic planning, and customer behavior analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Solution |
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Breakup by Deployment Mode |
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Breakup by Function |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Retail Analytics Market Analysis
8.1 Key Industry Highlights
8.2 Global Retail Analytics Historical Market (2018-2023)
8.3 Global Retail Analytics Market Forecast (2024-2032)
8.4 Global Retail Analytics Market by Solution
8.4.1 Software
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Service
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Retail Analytics Market by Deployment Mode
8.5.1 Cloud
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 On-Premise
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Retail Analytics Market by Function
8.6.1 Customer Management
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 In-store Operation
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Supply Chain Management
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Marketing and Merchandising
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Others
8.7 Global Retail Analytics Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.1.3 Breakup by Solution
8.7.1.4 Breakup by Deployment Mode
8.7.1.5 Breakup by Function
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.2.3 Breakup by Solution
8.7.2.4 Breakup by Deployment Mode
8.7.2.5 Breakup by Function
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.3.3 Breakup by Solution
8.7.3.4 Breakup by Deployment Mode
8.7.3.5 Breakup by Function
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.4.3 Breakup by Solution
8.7.4.4 Breakup by Deployment Mode
8.7.4.5 Breakup by Function
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.5.3 Breakup by Solution
8.7.5.4 Breakup by Deployment Mode
8.7.5.5 Breakup by Function
9 North America Retail Analytics Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Retail Analytics Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Retail Analytics Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Retail Analytics Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Retail Analytics Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Microsoft Corp.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 SAP SE
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Oracle Corp.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Teledyne FLIR LLC
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 MicroStrategy Incorporated
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 SAS Institute Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 QlikTech International A.B.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 RetailNext, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Altair Engineering Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Solvoyo
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Retail Analytics Market: Key Industry Highlights, 2018 and 2032
2. Global Retail Analytics Historical Market: Breakup by Solution (USD Billion), 2018-2023
3. Global Retail Analytics Market Forecast: Breakup by Solution (USD Billion), 2024-2032
4. Global Retail Analytics Historical Market: Breakup by Deployment Mode (USD Billion), 2018-2023
5. Global Retail Analytics Market Forecast: Breakup by Deployment Mode (USD Billion), 2024-2032
6. Global Retail Analytics Historical Market: Breakup by Function (USD Billion), 2018-2023
7. Global Retail Analytics Market Forecast: Breakup by Function (USD Billion), 2024-2032
8. Global Retail Analytics Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Retail Analytics Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Retail Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Retail Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Retail Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Retail Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Retail Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Retail Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Retail Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Retail Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Retail Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Retail Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Retail Analytics Market Structure
In 2023, the retail analytics market reached an approximate value of USD 10.68 billion.
The market is expected to grow at a CAGR of 23.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to USD 72.70 billion by 2032.
The growing adoption of innovative and advanced technologies by retailers to leverage consumer insights and store huge data volumes is a major driver of the market.
The key trends in the market are growing penetration of internet and the increasing adoption of cloud-based services.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The different solutions of retail analytics are software and service.
The various segments based on function considered in the market report are customer management, supply chain management, in-store operation, and marketing and merchandising, among others.
Key players in the market are MicroStrategy Incorporated, SAP SE, Oracle Corp, Microsoft Corporation, QlikTech International A.B., RetailNext, Inc., Solvoyo, Altair Engineering Inc., SAS Institute Inc., and Teledyne Flir LLC, among others.
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