Retail Analytics Market Growth Statistics, Trends Analysis, Revenue and Forecast to 2032

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Retail Analytics Market Growth Statistics, Trends
Analysis, Revenue and Forecast to 2032
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• Industry Insights

• 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.
• 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.

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• 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.
• With regards to service, managed services segment
  across retail analytics market would expand at
  more than 27 growth rate between 2023-2032.
  These services enable enterprises to leverage the
  benefits of easy-to-grasp dashboards and reports
  without the need for hefty investments in time
  and financial resources.
• Based on the enterprise size, SMEs are projected
  to generate high demands for retail analytics
  given the rising investments of these enterprises
  in data analytics for managing ad campaigns,
  determining pricing strategies, and making
  data-driven business decisions. The segment is
  anticipated to depict over 25.5 CAGR over
  2023-2032.

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• Regional Analysis

• Regionally, the 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

• Some of the key players in the global retail
  analytics market are SAP SE, Microsoft
  Corporation, IBM Corporation, SAS Institute,
  Inc., Salesforce (Tableau Software), Oracle
  Corporation, QlikTech International AB, Teradata
  Corporation, and Microstrategy Incorporated.
  These participants are focusing on the
  development of novel analytics solutions.

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