Retail Analytics Market 2023-2032; Growth Forecast & Industry Share Report

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Retail Analytics Market 2023-2032 Growth
Forecast Industry Share Report
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• Industry Insights

• As per a recent research report, Global Retail
  Analytics Market share is likely to surpass USD
  90 billion valuation by 2032.
• Retail Analytics Market size is forecast to
  expand meteorically through 2032 driven by the
  thriving e-commerce industry in Latin America.
  Increasing penetration of smartphones and
  internet access, along with paradigm shift in
  buying habits of consumers in the region has
  surged the use of e-commerce. As per
  International Trade Administration statistics,
  the number of online consumers in Brazil, in 2020
  alone, rose by more than 40.
• Growing awareness regarding importance of data
  analytics amongst retailers in the Asia Pacific
  economies would further propel the market
  prospects between 2023-2032. Hong Kong malls and
  retailers are using AI analytics to gain more
  insights about the shopping habits and
  preferences of customers, which would eventually
  help them revive sales after years of industry
  slump.

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• The global retail analytics market is projected
  to face challenges on grounds of dearth in
  technical expertise. Use of retail analytics
  tools and data thus derived needs skilled
  professionals to convert it into usable insights.
  A survey conducted in 2020 reported that about
  35 of companies cited having difficulty in
  finding appropriate skillsets for data science
  roles. Such factors are likely to impede the
  market growth curve.
• However, launch of new training programs
  constructed by public and private organizations
  to enhance the data analytics skills for
  retailers would offer lucrative growth
  opportunities for retail analytics market
  players.
• The overall industry is segregated in terms of
  function, solution, service, enterprise size,
  deployment mode, crowdsourcing, and regions.
• On the basis of function, the retail analytics
  market growth is characterized by merchandizing.
  In 2022, the segment captured a revenue share of
  more than 22.5 and is estimated to grow notably
  through 2032. Merchandizing analytics tools allow
  retail organization to enhance their
  merchandising strategies in tandem with effective
  planning, assortment, and negotiations.

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• Regional Analysis

Middle East and Africa retail analytics market
would expand profusely through 2032. The regional
market is expected to acquire a business share of
10 by 2032 end. The growth can be credited to
the increasing presence of leading retail
analytics companies in the MEA economies. These
enterprises are focusing on digitization with the
adoption of advanced technology solutions to gain
a niche in the marketplace.

• Competitive Analysis

• SAP SE, Microsoft Corporation, IBM Corporation,
  SAS Institute, Inc., Salesforce (Tableau
  Software), Oracle Corporation, QlikTech
  International AB, Teradata Corporation

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