Global In-store Analytics Market was valued at US$ 915.3 Mn in 2017 and is expected to reach US$ 4521.2 Mn by 2026, at a CAGR of 22.1 % during a forecast period.
The in-store analytics market is increasing rapidly with the growing competition of brick-and-mortar retailers from e-commerce players, rising need for better consumer service and enhanced shopping experience, and increasing data volume around in-store operations. However, the reluctance of traditional retailers to adopt newer technologies would limit the growth of the in-store analytics market.
In-Store analysis market is witnessing a positive growth owing to the adoption of analytics solutions by the retail industry in order to help gain competitive advantage, reduce operational costs, and increase profitability. This factor is expected to drive the retail analytics market growth throughout the forecast period. Big data analytics offers several advantages like enhanced customer experience, data management in large scale retail industries, etc.
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Service segment is expected to hold the largest market share during the forecast period in the in-store analytics market globally. Professional services and managed services help enterprises in building successful client relationships by always supporting them through business tenure. Support and maintenance services aid organizations understand changing business conditions, client insights, market trends, or service inconveniences and helps in the making of corporate branding and marketing campaigns.
The on-premises deployment model is leading segment in the global in-store analytics market. The growth of the on-premises deployment model is mostly attributed to the flexibility for customizing the software as per an organization’s dynamic requirements. The store that handles consumers’ credentials would prefer the on-premises deployment model, as the systems can be controlled by the organization’s staff themselves.
North America is dominating the market for in-store analytics market because of the presence of numerous developed economies, for instance, Canada and U.S, and the growing focus on innovations obtained from R&D and technology. The retail market in the U.S is one of the largest with the presence of retail giants. North America, especially The U.S, will still play an important role which cannot be ignored. Any changes from the U.S might affect the development trend of In-store Analytics.
In January 2019, key development in global in-store analytics market is Thinkinside added a new advance module, Funnel Analysis, in its in-store analytics platform, RetailerIN. This module allows supermarket and grocery stores to fully analyze the complete shopping funnel by integrating sales data.
Various players are operating in the global market for in-store analytics. One of the leading players is RetailNext, Inc. The company provides real-time analytics that assists retailers, shopping centres, and manufacturers to collect, analyze, & visualize in-store data. The company’s SaaS platform integrates with many store data sources, including promotional calendars, staffing systems, and weather services to analyze how several factors impact shopping behavior. It serves consumers in the U.S and globally.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global In-store Analytics Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global In-store Analytics Market.
Scope of the Global In-store Analytics Market
Global In-store Analytics Market, By Component
o Professional Services
Support and Maintenance Services
• Managed Services
o Customer Footfall Analysis
o Customer Behavioral Analysis
o Customer Service
• Marketing Management
o Campaign Management
o Loyalty Management
o Cross-Sell and Upsell and Point of Sale
o Market Basket Analysis
• Merchandising Analysis
o Space Planning and Optimization
o Product Category Analysis
o Store Layout Analysis
• Store Operations Management
o Workforce Optimization
o Top-Performing Categories and Product Identification
o Inventory Management
• Risk and Compliance Management
o Fraud Detection
• Large Enterprises
• Asia Pacific
• Middle East and Africa
• South America
• Happiest Minds
• Capillary Technologies
• Retail Solutions
• Dor Technologies
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