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In-store Analytics Market Trends

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

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In-store Analytics Market Trends

The market is shifting towards AI and machine learning solutions along with automation in the retail sector. Retailers are heavily investing in advanced algorithms to process large volumes of customer data and generate real-time insights. This trend is driven by increased computing power and sophisticated analytics platforms. AI integration allows retailers to predict customer behavior, optimize inventory, and personalize shopping experiences more effectively. The market is growing due to the proven ROI of these systems, with early adopters reporting significant improvements in conversion rates and customer satisfaction, encouraging other retailers to adopt these technologies to stay competitive.

Implementing in-store analytics solutions requires a substantial upfront investment, posing a significant barrier for small and medium-sized retailers. Costs include hardware like sensors, cameras, and beacons, as well as advanced software platforms, data storage, and analytics tools. Additional expenses involve staff training, system integration, and potential store renovations. The extended ROI period makes it challenging for many retailers to justify the investment, especially as online retail grows, and physical store margins shrink.

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.