Retail Analytics Market Worth $63.1 Billion by 2034, at a CAGR of 21.4% _ BIS Research

1. Retail Analytics Market Worth $63.1 Billion by 2034, at a CAGR of 21.4% | BIS Research The global retail analytics market was valued at $9.1 billion in 2024 and is expected to reach $63.1 billion by 2034, with a CAGR of 21.4% during the forecast period 2024-2034. According to a research report “Retail Analytics Market by Application (Order Fulfillment and Returns Management, Customer Relationship Management, Price Recommendation and Optimization, Merchandise Planning, Supply Chain Management, Fraud Detection and Prevention, and Others), Business Function (Finance and Accounting, Sales and Marketing, Operations and Supply Chain, and Others), Offering (Software, and Services) and Region – Forecast to 2033″ published by BIS Research, The global retail analytics market is

2. undergoing significant growth, fueled by various key factors and market drivers. In an optimistic projection, the market is expected to reach a valuation of $9.1 billion by 2024, with a projected compound annual growth rate (CAGR) of 21.4% to reach $63.1 billion by 2034. Browse in-depth TOC on “Retail Analytics Market Focus on Application, Offering, Business Function, and Region - Analysis and Forecast, 2024-2034″ Click here to download free Sample Report The rising awareness of the significance of data-driven decision-making and the adoption of advanced analytics solutions acts as a significant driver for the global retail analytics market. Retailers are increasingly investing in analytics platforms and solutions to gain actionable insights into customer behavior, market trends, and operational performance. The integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics presents lucrative opportunities for the expansion of the retail analytics market, enabling retailers to unlock new sources of value and drive innovation in retail operations. Key Drivers of the Retail Analytics Market Growing Adoption of E-commerce: The rapid growth of online shopping has generated vast amounts of data that can be analyzed to understand consumer behavior, preferences, and purchasing patterns. Retailers are using this data to tailor their offerings, optimize pricing strategies, and improve customer experiences. Advancements in Artificial Intelligence and Machine Learning: AI and ML technologies are revolutionizing retail analytics by enabling predictive analytics, personalized recommendations, and automated decision-making. These technologies allow retailers to analyze large datasets in real-time, providing insights that were previously impossible to obtain. Demand for Personalized Customer Experiences: Today’s consumers expect personalized shopping experiences, whether they are shopping online or in-store. Retail analytics helps businesses understand individual customer preferences, enabling them to offer personalized promotions, product recommendations, and marketing messages. Omnichannel Retailing: The integration of online and offline channels is becoming increasingly important. Retail analytics helps businesses create a seamless omnichannel experience by providing insights into customer interactions across different touchpoints. This ensures that customers receive a consistent experience regardless of where they shop. Inventory Optimization: Efficient inventory management is critical for retail success. Retail analytics provides insights into demand patterns, enabling retailers to optimize stock levels, reduce carrying costs, and minimize stockouts or overstock situations.

3. Future Trends in Retail Analytics The retail analytics market is continuously evolving, with new trends emerging that will shape the future of the industry: Real-Time Analytics: The demand for real-time insights is growing, enabling retailers to respond quickly to changing market conditions and customer needs. Augmented Reality (AR) and Virtual Reality (VR): These technologies are being integrated with retail analytics to create immersive shopping experiences and provide customers with virtual product try-ons and in-store navigation. IoT and Smart Stores: The Internet of Things (IoT) is enabling the creation of smart stores that use sensors and connected devices to collect data on customer behavior and store operations, providing valuable insights for optimizing the shopping experience. Predictive Analytics: Predictive analytics will become increasingly important as retailers seek to anticipate customer needs, optimize pricing, and forecast demand more accurately. Ethical and Responsible Data Use: As data privacy concerns grow, retailers will need to adopt ethical and responsible data practices, ensuring transparency and compliance with regulations. Key Market Players and Competition Synopsis The companies that are profiled have been selected based on thorough secondary research, which includes analyzing company coverage, product portfolio, market penetration, and insights gathered from primary experts. Some of the prominent companies in this market are: • Microsoft Corporation • IBM Corporation • Oracle • SAP • Salesforce • SAS Institute Inc. Conclusion

4. The retail analytics market is at the forefront of transforming the retail industry. By harnessing the power of data, retailers can gain valuable insights that drive growth, improve customer experiences, and enhance operational efficiency. As technology continues to advance, the role of retail analytics will only become more critical, shaping the future of retail and providing businesses with the tools they need to thrive in an increasingly competitive landscape.