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Retail Analytics Market Size

Report ID: GMI319
Published Date: Nov 2022
Report Format: PDF

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Retail Analytics Market Size

Retail Analytics Market size surpassed USD 10 billion in 2022 and is anticipated to expand at over 24% CAGR between 2023 and 2032. Rapid urbanization and expanding e-commerce sector in developing countries will drive the industry demand. Innovation, digitization, and the development of next-generation analytics tools in developed economies will further accelerate the use of big data analytics in retail.

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Companies are leveraging retail analytics to offer personalized shopping experiences via customer recommendations based on prior purchases to provide better customer services. Big data analytics allows e-commerce firms to understand buying patterns of customers to interpret and act on decisive data insights. Tech giants are launching advanced retail analytical tools to address the growing need for digital solutions

Data privacy concerns may impede the adoption of retail analytics. The advent of big data analytics has resulted in a rise in sophisticated privacy breaches. However, several companies are using data masking to tackle privacy issues and customer data safe. Large IT firms are focusing on the development of resources and guidance pertaining to retail analytics solutions for the improvement of data privacy.

Retail Analytics Market Report Attributes
Report Attribute	Details
Base Year:	2022
Retail Analytics Market Size in 2022:	10 Billion (USD)
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	24%
2032 Value Projection:	90 Billion (USD)
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	377
Segments covered:	Function, Solution, Deployment Model, Enterprise Size, Field Crowdsourcing, and Region
Growth Drivers:	Growing e-commerce industry in China and India Increasing penetration of big data in the retail industry in the U.S.. Growing proliferation of smartphones in Asia Pacific Increasing competition among retailers and increasing need for differentiation in North America New generation of highly informed and demanding customers in Europe Growing need for analytics maturity in Asia Pacific Growing adoption of e-commerce in Latin America Expanding retail sector in Middle East & Africa
Pitfalls & Challenges:	Lack of technical expertise Data privacy concerns

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The global market value for retail analytics surpassed USD 10 billion in 2022 and is anticipated to expand at over 24% CAGR between 2023 and 2032.

Europe market size is poised to grow at a CAGR of 23% during the forecast period, owing to changing customer preferences and rapid digitization.

The customer management segment is projected to exhibit around 25% growth rate through 2032, as analytics-based CRM helps improve customer experience.

SAP SE, Microsoft Corporation, IBM Corporation, Oracle Corporation, Teradata Corporation, and Microstrategy Incorporated are some of the leading providers of retail analytics.