Increasing industry complexity coupled with large volumes of customer specific data requirement including customer behaviour and product surfing patterns are driving the global in-store analytics market growth
The global in-store analytics market size is estimated to scale up to USD 5,784.6 million by year 2028. The estimated market growth reflects a CAGR of 23.5% through 2021 to 2028. In-store analytics is a system that is capable of analyzing and acquiring meaningful insights from the data set that particularly focuses on customers’ behaviour. The analytical system is focused on examining customer behaviour when visiting stores. The services and solutions offered through in-store analytics ultimately achieves complete optimization of overall store performance. It is an effective solution adopted widely by large as well as small retail store owners with a view of enhancing customer experience along with sales output. In-store application has high potential with applications across supermarkets, hypermarkets as well as retail stores. With rapidly digitizing management spaces, the retail sector is expected to modernize with the applications of advanced retail analytics systems to manage the operation activities.
The global in-store analytics market growth is outlined displaying the scales and patterns of the market as a part of the current market dynamics followed by the future trends. The in-store analytics market is expected to grow exponentially owing to the increasing retail infrastructure and technological aid streamlining the store activities. The demand for in-store analytics services and solutions is on the rise as the disposable incomes across various economies continues to strengthen followed by product serial affluence and transforming consumption tendencies. Cost-effectiveness is one of the most appealing characteristics of the analytical solutions as they help save significantly on human resources. In-store analytics also is very beneficial as it offers affordable pricing models which allow enterprises to pay for the specific services they need. In addition, the system also facilitates multi-tenancy which refers to the use of services by multiple customers simultaneously within and individual and secure environment.
Adroit Market Research report on the global in-store analytics market offers a thorough and conclusive research deliverables of the market from 2021 to 2028. The study incorporates qualitative analysis including the market drivers and restrains, trends, opportunities and challenges. The research study compiles market analysis of various aspects through the historic years 2019 to 2020 and the base year of the market evaluation is 2020. The study provides future forecast from 2021 to 2028. The report provides a clear demarcation of the in-store analytics market status within the current scenario and the future market trends assessed at national and international or global level. In addition, the study delivers key findings derived from Five Porter’s analysis. Positioning of the key players is based on several parameters including revenue generated, geographic significance and footprint and the product portfolio. Prominent players within the in-store analytics market placed globally are studied in-depth.
The global in-store analytics market portrays a strong competitive landscape with diversely positioned players including well-established players with an aggressive market identity along with the young entrants. The key players of the in-store analytics market are reaching out to prospective markets expanding the portfolio capabilities in order to achieve a competitive advantage against its peers. Players are extending company status through mergers and acquisitions seeking agreements and taking hold of new start-ups expanding business avenue.
Based on the type, the in-store analytics market is categorized into six classes. In the year 2020, the marketing management segment accounted for majority of share likely to project the same trends through the forecast years 2021-2028. Owing to the formerly mentioned factors and the increasing competition, the marketing segment is expected to witness surge in demand as the operational activity is paramount in capturing customers’ attention supporting retailers in the fierce competitive environment.
North America has dominated the market largely in 2020 anticipated to hold on to the leading position through the forecast period. Adoption of cloud-based in-store analytics solutions is anticipated escalated significantly by 2028. As the region is a home to developed economies such as the U.S. and Canada the market infrastructure has the potential to grow in future. In addition, the regions are increasingly focused on R&D coupled with technology-based developments driving digitization and modernization of the otherwise traditional retail models. With prevalence of retail titans, the U.S. retail market is acknowledged as one of the largest retail spaces in the world as a result proposing optimum growth of the in-store analytics market.
The major players of the global in-store analytics market are Thinkinside, RetailNext, Mindtree, SAS, Capillary Technologies, SEMSEYE, Inpixon, Sisense Inc., Capgemini, Celect, IBM, SAP, SAS and Happiest Minds. The global in-store analytics market showcases a balance of local as well as international players competing to benchmark service market. The key players of the market compete aggressively based on the unique range of products & services offered gaining a competitive advantage along with other factors such as locations and geographic footprint, product differentiation and product quality.
Key Segments of the Global In-Store Analytics Market
Solution Overview, 2021-2028 (USD Million)
- Marketing Management
- Store Operations Management
- Merchandising Analysis
- Customer Management
- Risk and Compliance Management
Enterprise Size Overview, 2021-2028 (USD Million)
- Large Enterprises
- Small and Medium Sized Enterprises
Deployment Model, 2021-2028 (USD Million)
Regional Overview, 2021-2028 (USD Million)
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Europe
- Rest of Latin America
Middle East & Africa