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The in-store analytics market size is forecast to increase by USD 7,503.37 million, at a CAGR of 24.26% between 2023 and 2028. The growth rate of the market depends on several factors, including growing data volume and complexity in the retail industry, growing e-commerce industry, and increasing focus on providing better customer service. In-store analytics is known as the science of collecting, analyzing, and interpreting data related to various aspects of in-store operations to gain insights and make informed decisions that drive business growth and optimization. It involves the use of advanced technologies and statistical techniques to extract meaningful patterns and trends from data generated within the in-store sector.
The report includes a comprehensive outlook on the In-Store Analytics, offering forecasts for the industry segmented by Component, which comprises software and services. Additionally, it categorizes Deployment into on-premises and cloud and covers Regions, including North America, Europe, APAC, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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The growing data volume and complexity in the retail industry are notably driving market growth. The retail industry generates vast amounts of data from various sources, including online and offline transactions, customer interactions, supply chains, social media, and more. These data hold valuable insights that can be harnessed through advanced analytics, providing market players with a competitive edge.
Furthermore, retailers can use data to optimize their supply chains, streamline inventory management, and improve logistics. Data-driven insights help in making more informed decisions, reducing costs, and improving overall operational efficiency. Hence, all of the abovementioned factors will fuel the market growth during the forecast period.
The increasing adoption of AI in the retail sector is an emerging trend in the market. AI-driven in-store analytics enable market players to analyze vast amounts of customer data, including purchase history, browsing behavior, and preferences. These data are used to create personalized shopping experiences, tailor product recommendations, and deliver targeted marketing campaigns.
Moreover, AI is used to analyze customer movements and behaviors within physical stores. These data help retailers optimize store layouts, improve product placements, and enhance the overall in-store experience. AI algorithms identify patterns of fraudulent transactions, helping retailers detect and prevent fraud in real-time. Hence, the abovementioned factors will fuel the market growth during the forecast period.
The privacy and security concerns of customers are major challenges impeding market growth. As end-users collect and analyze increasing amounts of customer data to improve their operations and enhance customer experiences, they must address concerns to build trust and maintain compliance with data protection regulations. End-users dealing with sensitive customer information are susceptible to data breaches and cyberattacks.
Furthermore, If customer data are compromised, it can lead to financial losses, reputational damage, and legal consequences. If market players operate across different regions, they need to manage cross-border data transfers while complying with the data protection laws of each jurisdiction. Hence, the privacy and security concerns of customers are expected to negatively affect the growth of the global in-store analytics market during the forecast period.
The market share growth by the software segment will be significant during the forecast period. The software segment of the global in-store analytics market refers to software solutions for marketing management, customer management, merchandising analysis, in-store operations management, sales forecasting, and other applications. In addition, the in-store analytics software enables market players to manage and monitor sales to identify potential customer preferences and provide business insights accordingly.
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The software segment showed a gradual increase in the market share of USD 858.92 million in 2018. Moreover, the analytics software analyzes trends and challenges in the industry, which, in turn, can be useful for end-users such as supermarkets and retailers to plan their business strategies. Early forecasting of customer demand, which can have a beneficial effect on end-users, is expected to be enhanced by the increasing adoption of technologies such as artificial intelligence (AI) and integration capabilities of in-store analytics software. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
On-premises deployment of analytics software and services is considered highly secure as it is managed and maintained by the enterprises that are using it. This type of deployment solution is mainly adopted by retail, supermarkets, hypermarkets, e-commerce, specialty stores, and others. Enterprises have complete control over their on-premises solutions owing to monitored and restricted access. In addition, for operating on-premises analytics solutions, market players must buy software licenses, maintain IT staff to manage the software, regularly upgrade the software, and install data protection solutions.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth is due to the presence of developed economies in the region. The region has a well-developed retail industry with a strong presence of both brick-and-mortar and e-commerce market players.
In addition, this developed infrastructure drives the demand for sophisticated in-store analytics solutions to optimize operations and enhance customer experiences. North American consumers are accustomed to personalized shopping experiences and expect retailers to understand their preferences. In-store analytics enable retailers to meet these expectations by tailoring offerings and marketing strategies. Thus, such factors will boost the regional market growth during the forecast period.
The In-store Analytics Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global In-store Analytics Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The in-store analytics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2022
In-store Analytics Market Scope |
|
Report Coverage |
Details |
Page number |
97 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 24.26% |
Market Growth 2024-2028 |
USD 7,503.37 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
23.45 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., Amazon.com Inc., Amoobi, Capgemini Service SAS, Capillary Technologies, Circana, Dor Technologies Inc., Happiest Minds Technologies Ltd., Inpixon, International Business Machines Corp., Larsen and Toubro Ltd., Microsoft Corp., Nike Inc., Oracle Corp., Salesforce Inc., SAP SE, SAS Institute Inc., Scanalytics Inc., SEMSEYE, STRATACACHE, TDK Corp., and Thinkin |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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