In-store Analytics Market: Global Industry Analysis And Forecast (2023-2029)

In-store Analytics Market size was valued at US$ 2.57 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 23.9% through 2023 to 2029, reaching nearly US$ 11.55 Bn.
In-store Analytics Market Overview:
In the hyper-competitive retail business, in-store analytics is gaining traction. The process of extracting useful information from consumer behaviour data is known as in-store analytics. To see how many shoppers entered the store, how they moved about while inside, and what critical sections they visited, retailers deploy smart carts with location beacons, pin-sized cameras mounted near shelves, or the store's Wi-Fi network. Basic demographic data, such as gender and age group, can be obtained using this method. In-store analytics may draw the dots between consumer, retail shop, and buyer decisions using this digitally generated data.To know about the Research Methodology :- Request Free Sample Report
Market Dynamics:
The adoption of in-store analytics software and services is expected to be driven by factors such as rising data volume around in-store operations, increased competition from ecommerce players to bricks and mortar retail establishments, and the demand for better customer service and shopping experience. Besides, the widespread use of smartphones and the Internet, as well as the high development potential of emerging economies and the introduction of cloud-based analytics, are expected to open up several prospects for in-store analytics solution providers.

With the rising complexity of the market, the necessity for in-store analytics has grown even more obvious. Additionally, the vast quantity of information available about any specific product or company, as well as the numerous options available to consumers, means that retail businesses are constantly subjected to heightened competition and pressure.

It's all about making sure the right things are available to the right people at the right time and in their chosen shopping environment when it comes to retail. As a result, the more data retailers acquire about their consumers, products, and purchasing habits, the more they will be able to optimise for a positive shopping experience.

The global economy is rapidly growing, and real-time data analytics is opening up new potential for the global in-store analytics market. On the other hand, concerns over data privacy and security are expected to hinder the in-store analytics market's overall growth during the forecast period 2023-2029.
In-store Analytics Market Segment Analysis:
Based on the Component, the market is segmented into Software, and Services. Software segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. This is due to increased software usage. Stores can use in-store analytics software to track sales in order to understand client preferences and adapt business strategy appropriately. Stores can forecast hazards like as stealing and OOS events by identifying trends and abnormalities early. Besides, developing technologies such as artificial intelligence (AI) and the integration capabilities of in-store analytics software have made real-time client demand forecast possible.

Services segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Consulting services primarily focus on essential issues and opportunities in the areas of strategy, marketing, operations, technology, mergers and acquisitions, and finance, resulting in increased effectiveness, improved performance, lower costs, and increased resilience. Retail stores, retail planners, and merchandisers all need consulting services to strengthen their strategic outlook, improve performance efficiencies, and turn their retail-related business operations into more efficient and cost-effective operations.

Based on the Application, the market is segmented into Customer Management, Marketing Management, Merchandising Analysis, Store Operations Management, Risk and Compliance Management, and Others. Customer Management segment is expected hold the largest market share of xx% by 2029. Global retail sales was reached at USD 27.7 trillion in 2022, up USD 1.4 trillion from 2022, according to the US Department of Commerce. Other factors, such as quickly changing demographics and an uncertain economic recovery, also confront retailers with hurdles in addition to increased sales. As a result, merchants try to figure out which items, services, and offers are more appealing to customers, which highlights the relevance of an in-store analytics platform and the need for consumer engagement analytics for retailers.

Decision 6, a Brazilian retail analytics platform developer, focuses on brick and mortar retailers. Their analytics technology tracks the flow of customers into and out of a store using AI and deep learning. This data is utilised to optimise single-store operations and to compare footfall data across multiple stores in order to assess their performance.

Besides, AI-based video analytics saves time and money for enterprises while also providing non-security-related information. Store owners can notice shoplifters utilising surveillance cameras with analytics in the retail market, for example, and alert security officers to intervene in real time. Hotspots, visitor traffic, dwell duration, and product display activity can all be tracked using in-store analytics.

Based on the Deployment Model, the market is segmented into On-premises, and Cloud. On-premises segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Organizations utilising an on-premises solution have complete control over the platform, applications, systems, and data, which can be handled and managed by the organization's own IT staff. The ability to customise software according to an organization's changing needs has fuelled the growth of the on-premises deployment strategy. The retailer that handles client credentials prefers the on-premises deployment strategy since the systems may be managed by the company's employees. On-premises deployment is typically used in retail businesses where data security and privacy are top priorities.
Regional Insights:
North America dominates the Global In-store Analytics market during the forecast period 2023-2029. North America is expected hold the largest market share of xx% by 2029. In comparison to other regions, North America is expected to have the highest adoption of in-store analytics systems. This is due to the presence of several developed economies, such as Canada and the United States, as well as the growing emphasis on R&D and technology-based developments. With the existence of retail global giants, the US retail market is one of the largest in the world.

Asia Pacific is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. This is due to the increased adoption of in-store analytics solutions for retail restructuring. Emerging players such as India, China, and Japan, in particular, are concentrating on data management in order to make data-driven business decisions and improve retail processes.

The objective of the report is to present a comprehensive analysis of the Global In-store Analytics Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global In-store Analytics Market dynamic, structure by analyzing the market segments and project the Global In-store Analytics Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global In-store Analytics Market make the report investor’s guide.
In-store Analytics Market Scope: Inquiry Before Buying



Global In-store Analytics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 2.57 Bn.


Forecast Period 2023 to 2029 CAGR:
23.9%
Market Size in 2029:
US $ 11.55 Bn.


 Segments Covered:
by Components
Software
Services


by Application
Customer Management
Marketing Management
Merchandising Analysis
Store Operations Management
Risk and Compliance Management
Others


by Deployment Model
On-premises
Cloud


by Organization Size
SMEs
Large Enterprises



In-store Analytics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
In-store Analytics Market Key Players
1. Retail Next
2. SAP
3. Thinkinside
4. Mindtree
5. Happiest Minds
6. Celect
7. Capillary Technologies
8. Scanalytics
9. Inpixon
10.Retail Solutions
11.Dor Technologies
12.SEMSEYE
13.InvenSense
14.Walkbase
15.Amoobi

Frequently Asked Questions:

1] What segments are covered in Global In-store Analytics Market report?
Ans. The segments covered in Global In-store Analytics Market report are based on Component, Application, Deployment Model, and Organization Size.

2] Which region is expected to hold the highest share in the Global In-store Analytics Market?
Ans. North America is expected to hold the highest share in the Global In-store Analytics Market.

3] Who are the top key players in the Global In-store Analytics Market?
Ans. RetailNext, SAP, Thinkinside, Mindtree, Happiest Minds, Celect, and Capillary Technologies are the top key players in the Global In-store Analytics Market.

4] Which segment holds the largest market share in the Global In-store Analytics market by 2029?
Ans. Customer Management segment holds the largest market share in the Global In-store Analytics market by 2029.

5] What is the market size of the Global In-store Analytics market by 2029?
Ans. The market size of the Global In-store Analytics market is US $ 11.55 Bn. by 2029.

6] What was the market size of the Global In-store Analytics market in 2022?
Ans. The market size of the Global In-store Analytics market was worth US $ 2.57 Bn. in 2022.