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In-store Analytics Market Size

Report ID: GMI11844
Published Date: Oct 2024
Report Format: PDF

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In-store Analytics Market Size

The global in-store analytics market was valued at USD 3.3 billion in 2023 and is projected to grow at a CAGR of 21.3% between 2024 and 2032. The rise of Internet of Things (IoT) devices and connected technologies in retail is driving market growth. Smart shelves, RFID tags, beacons, and video analytics cameras provide retailers with real-time insights into store operations and customer behavior. These devices generate vast data volumes, requiring advanced analytics for processing and interpretation.

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Efficient inventory management is crucial, propelling the in-store analytics market. Retailers face pressure to optimize inventory levels, reduce costs, minimize waste, and ensure product availability. In-store analytics offer real-time insights into stock levels, product movement, and demand trends, enabling data-driven inventory decisions. Retail analytics tools improve demand forecasting, identify slow-moving items, and streamline restocking. With significant cost-saving potential and challenges from supply chain disruptions and changing consumer behaviors, retailers increasingly invest in advanced analytics tools for inventory management.

In-store Analytics Market Report Attributes
Report Attribute	Details
Base Year:	2023
In-store Analytics Market Size in 2023:	USD 3.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	21.3%
2032 Value Projection:	USD 18.2 Billion
Historical Data for:	2021 – 2023
No. of Pages:	180
Tables, Charts & Figures:	200
Segments covered:	Component, Deployment Mode, Organization Size, Application, End Use
Growth Drivers:	Rising demand for enhanced customer experience Growth of connected devices in the retail sector Increasing focus on inventory optimization Growing competition from E-commerce platforms
Pitfalls & Challenges:	High initial implementation costs Integration complexity with legacy systems

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Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The global market for in-store analytics was crossed USD 3.3 billion in 2023 and is projected to grow at a CAGR of 21.3% from 2024 to 2032, propelled by the rise of IoT devices and connected technologies in retail.

The software segment accounted for over 70% of the market share in 2023 and is expected to exceed USD 12 billion by 2032, due to its seamless integration with existing retail management systems.

The cloud-based deployment segment is expected to exceed USD 13 billion by 2032, driven by its scalability and cost-efficiency.

The U.S. in-store analytics market accounted for over 75% of the revenue share in 2023, with retailers increasingly adopting AI-driven predictive analytics for inventory management.

Major players in the in-store analytics market include Capillary Technologies, Happiest Minds, Kepler Analytics, Mindtree, Microsoft, RetailNext, Sensormatic Solutions (Johnson Controls), Trax Retail, Walkbase, and Zebra Technologies.