In-Store Analytics Market to Grow at Robust CAGR in the COVID-19 Lockdown Scenario (2018-2025)
Overview of the Global In-store Analytics Market
According to Infoholic Research, the global in-store analytics market will grow at a rate of over 21% during the forecast period 2019–2025 and will be valued more than $3 billion by 2025. The market for in-store analytics is driven by the increasing adoption of advanced technologies such as cloud-based analytics for decision-making. For instance, in April 2019, Walmart, an American retail corporation deployed AI technology to monitor retail stores in real-time. The company is digitizing its stores with an objective to enhance the customer’s buying experience.
According to the global in-store analytics market analysis, North America accounted for the largest share of the global in-store analytics market in 2018. With the presence of the highest number of technology innovators and increasing adoption of in-store analytics by the retail corporations to enhance customer’s buying experience this region is expected to dominate the market during the forecast period. The Asia Pacific region is expected to witness the fastest growth rate due to rising adoption of in-store analytics solutions for reforming the retail landscape during the forecast period.
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In-store Analytics Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global in-store analytics market. Major vendors across different verticals are increasingly developing products and investments in this market, and as a result the in-store analytics market is expected to grow at a good pace in the coming years. The key players in the in-store analytics market are adopting various organic as well as inorganic growth strategies such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to gain a competitive advantage in the market.
Few of the Key Vendors in the In-store Analytics Market
- SAP
- Mindtree
- Happiest Minds
- Capillary Technologies
- Celect
- Capgemini
- RetailNext
- Sisense
- Thinkinside
These companies are providing in-store analytics solutions across areas. There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
In-store Analytics Market Segmentation By Deployment
- On-premises
- Cloud-based
On the basis of deployment mode, the global in-store analytics market is segmented to on-premises and cloud-based. Cloud-based subsegment is expected to grow significantly owing to low-cost availability and user-friendly deployment mode.
In-store Analytics Market Segmentation By Application
- Customer Management
- Competitive Intelligence
- Merchandising
- Operations
- Sales and Marketing
- Others
Based on application, the market is segmented into Customer Management, Competitive Intelligence, Merchandising, Operations, Sales and Marketing, and Others. Customer Management and Merchandising are expected to contribute significantly during the forecast period 2019–2025 predominately due to the growing adoption of AI and analytics to gain customer insights.
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In-store Analytics Market Segmentation By Component
- Solutions
- Services
On the basis of component, the market is segmented into solutions and services. The solutions segment in the in-store analytics market will register strong growth since these solutions are enabling retail stores to effectively identify customer preferences and build a strategy based on insights.
In-store Analytics Market Research Benefits
The report provides an in-depth analysis of the in-store analytics market. In-store analytics provides retailers an opportunity to understand customer demand in real-time through open management of products and resources. The technology enhances data sharing and analyzing capabilities resulting in the growth of in-store analytics market across the globe. The growing adoption of new-age technologies such as AI and their integration with various software solutions is rapidly being adopted among brick and mortar retailers for an omnichannel retail approach. This adoption is resulting in enhanced customer in-store experience as well as predicting customer demand in real-time. Sephora, a beauty retailer introduced the omnichannel expansion of its new bricks-and-mortar connected boutique in the US facilitated with mobile-enabled experiences such as browsing products on in-store iPad stations and providing customized digital makeover suggestions over emails to customers.
Europe will witness significant growth in the in-store analytics market during the forecast period. Retailers across the region are shifting towards advanced concepts of retail from brick and mortar. Rapid embracement of technological advances such as AI, cloud, and others are driving the demand for in-store analytics. Additionally, business expansion by retailers is also boosting the adoption of in-store analytics solutions. Amazon is planning to expand its grocery store business in the UK by bringing a cashier-less shopping experience.
Currently, several in-store analytics players are offering several solutions that are being used across retail players globally. The report discusses the market in terms of deployment, application, component, and regions. Further, the report provides details about the major challenges and drivers impacting market growth.
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