Growing data volume around in-store operations is expected to drive the in-store analytics Market
The global in-store analytics market size is expected to surpass USD 4,500 million by 2025, at a CAGR of ~25 %. The retail industry has always been an essential factor in the world’s economy and with the increasing globalization, it is becoming one of the strong pillars for any economy. Technologies have the prospective to be implemented to a range of retailer business goals, such as supplier management, optimized revenue generation, customer value, and more. The advancements in technologies such as machine learning and big data analytics have significantly influenced the in-store analytics industry growth past few years. Integration of these technologies within the in-store analytics enable retailers to create and identify prize optimization, client profiles and produce customer loyalty programs based on the client information.
Factors such as rising data volume around the in-store tasks have increased challenges from e-commerce companies to the brick and mortar retail shop owners. Thus, the need for an improved shopping background as well as client administration is anticipated to fuel the growth of in-store analytics management and programming. Moreover, infiltration of the internet and cell phones, approach of cloud-based analytics, and high development prospects are estimated to make substantial scope for in-store analytics solution providers in the coming years. However, due to legacy in-store systems, the initial setup costs rise which is anticipated to hamper the market growth. Also, the lack of a skilled workforce is impeding the overall market growth. Furthermore, the advent of cloud-based analytics is anticipated to provide major growth opportunities for the market in the forthcoming years.
The report also highlights numerous aspects of the global in-store analytics industry by evaluating the market through value chain analysis. Besides, the report covers numerous qualitative aspects of the in-store analytics industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a complete assessment of the market rivalry along with company profiling of local as well as global vendors.
The in-store analytics market has strong competition among the well-established as well as new emerging players. Also, the in-store analytics industry players are targeting prospective markets to capture a competitive advantage over the other industry players by forming agreements, mergers & acquisitions, acquiring new startups & other companies, forming collaboration and partnerships, and expanding their business presence.
Based on the organization size segment, the market is bifurcated into two sub-segments that are Large Enterprises and SMEs. In 2019, the large enterprise's segment is having the highest market revenue and it is anticipated to dominate the in-store analytics market throughout the forecast period. The growth of this segment is mainly attributed to increasing demand for analytics software among in-store retailers to make better business decisions and efficiently manage store and supply chain operations. On the contrary, the services segment is projected to gather the highest CAGR during the forecast period.
Asia-Pacific region is expected to hold the highest CAGR during the forecast period 2020–2025. The growing use of smartphones and mobile devices, as well as broad deployment of internet services, are some of the key factors responsible for the industry growth within the region. Retailers from Japan, India, China, and other developing nations are taking interests in implementing in-store analytics to endure the market competition and facilitate novelty services to the consumers
The major players of the global in-store analytics market are RetailNext, SAP, Thinkinside, Mindtree, Happiest Minds, Celect, Capillary Technologies. Moreover, the other potential players in the in-store analytics market are Scanalytics, Dor Technologies, Retail Solutions, and Inpixon. The In-store analytics market is fragmented with the existence of well-known global and domestic players across the globe. Besides, recognized companies are coming up with innovative and new in-store analytics technologies and solutions. For instance, In January 2019, a global in-store analytics solution provider, RetailNext announced the launch of its innovative in-store analytics software, partner ecosystem advancements, and hardware. These solutions are expected to assist in-store retailers in delivering an enhanced experience to shoppers.
Segment Overview of Global In-store Analytics Market
By Solution, 2018-2025 (USD Billion)
- Customer Management
- Marketing Management
- Merchandising Analysis
- Store Operations Management
- Risk and Compliance Management
By Organization, 2018-2025 (USD Billion)
- Large Enterprises
By Deployment, 2018-2025 (USD Billion)
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America