The in-store analytics market expected to grow from USD 1.1 billion in 2018 to USD 3.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period.
Factors such as a rise in the data volume around in-store operations increased competition from eCommerce players to bricks and mortar retail shops and need for better customer services and shopping experience are expected to drive the adoption of in-store analytics software and services. Moreover, the penetration of smartphones and the Internet, high growth potential in emerging economies, and the advent of cloud-based analytics are expected to create ample opportunities for in-store analytics solution vendors.
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Software segment to hold a larger market size during the forecast period
The in-store analytics market by component covers software and services. The software segment outperforms the services segment and would see growth in the future, due to higher adoption of software. The in-store analytics software enables stores to monitor sales for identifying customer preferences and developing business plans accordingly. Through early identification of trends and anomalies, stores can also predict risks, such as shoplifting and OOS situations. Furthermore, emerging technologies, such as AI, and integration capabilities of in-store analytics software have facilitated prediction of customer demand in real time.
Top Key Players
The in-store analytics market comprises major solution providers, such as RetailNext (US), SAP (Germany), Thinkinside (Italy), Mindtree (India), Happiest Minds (India), Celect (US), Capillary Technologies (Singapore), Scanalytics (US), Inpixon (US), Retail Solutions (US), Dor Technologies (US), SEMSEYE (Lithuania), InvenSense (US), Walkbase (Finland), and Amoobi (Belgium). The study includes the in-depth competitive analysis of these key players in the in-store analytics market with their company profiles, recent developments, and key market strategies.
The in-store analytics market comprises major solution providers, such as RetailNext (US), SAP (Germany), Thinkinside (Italy), Mindtree (India), Happiest Minds (India), Celect (US), Capillary Technologies (Singapore), Scanalytics (US), Inpixon (US), Retail Solutions (US), Dor Technologies (US), SEMSEYE (Lithuania), InvenSense (US), Walkbase (Finland), and Amoobi (Belgium). The study includes the in-depth competitive analysis of these key players in the in-store analytics market with their company profiles, recent developments, and key market strategies.
Merchandising analysis application segment to grow at the highest CAGR during the forecast period
In today’s competitive scenario, the growing demand for effective analysis of changing customer needs has been a major factor for retailers. In-store analytics software helps retailers to gather analytical insights for building a localized strategy on the basis of strong and weaker-performing stores. It also explores incremental revenue opportunities with flexible ad-hoc analysis. Vendors operating in the in-store analytics market have invested in R&D domains to provide data-driven solutions that better meet the retailer’s requirements and analyze the changing customer preferences.
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Services segment to grow at a higher CAGR during the forecast period
Based on components, the in-store analytics market is segmented into software and services. The services segment is expected to grow at a higher CAGR during the forecast period. Professional services and managed services help enterprises in building successful client relationships by continuously supporting them through business tenure. Support and maintenance services help organizations understand changing business conditions, client insights, market trends, or service inconveniences and helps in the creation of corporate branding and marketing campaigns.
North America to account for the largest market size during the forecast period
North America is expected to account for the largest market size in the overall in-store analytics market during the forecast period. This region houses some of the major vendors, such as RetailNext, Celect, Scanalytics, and Dor Technologies. These players have their headquarters and direct sales offices in the region.
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