In-Store Analytics Market to Reach $27 Billion by 2032 at 25.3% CAGR: Allied Market Research

Strengthening customer experience drives the growth of the global In-store analytics market.

NEW CASTLE, Del., Jan. 23, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "In-Store Analytics Market by Component (Software and Services), Deployment Mode (On-premise and Cloud), and Enterprise size (Large Enterprise and Small and Medium-sized Enterprise), Application(Customer Management, Marketing Management, Merchandising Analysis, Store Operations Management, Risk and Compliance Management, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032" According to the report, the global generated $2.9 billion in 2022 and is estimated to reach $27 billion by 2032, exhibiting a CAGR of 25.3% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities

Strengthening the customer experience and escalation of operational efficiency drive the market growth. In addition, rise in omnichannel integration, primarily drives the growth of the market. However, rise in security concerns and complexity of implementation are expected to hamper the growth of the market. Furthermore, customized marketing strategies are expected to create lucrative growth opportunities for the market.

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The Software segment to dominate the market during the forecast period

By component, the software segment accounted for nearly three-fourth of the global in-store analytics market share in 2022, and is expected to dominate the market by 2032, owing to the necessity for retailers to improve consumer experiences and the growing demand for data-driven decision-making, which propels the market growth significantly. The services segment is expected to display the fastest CAGR of 27.4% during the forecast period, owing to rise in use of in-store analytics solutions by retailers and increase in demand for professional help in maximizing the potential of these solutions.

The Cloud segment to dominate the market during the forecast period

By deployment, the on-premise segment accounted for nearly two-third of the global in-store analytics market share in 2022, and is expected to dominate the market by2032, as it offers company access to real-time data about sales success, retail operations, and customer behavior without depending on cloud-based services, which propels the market growth significantly. The cloud segment is expected to attain the fastest CAGR of 27.1% during the forecast period, owing to scalability and flexibility of cloud-based solutions and cost savings, which enable companies to manage massive data volumes and adjust to changing demands.

The Large Enterprise security segment to dominate the market during the forecast period

By enterprise size, the large enterprise segment accounted for nearly two-third of the global in-store analytics market share in 2022, and is expected to dominate the market by 2032, owing to need to improve overall business performance by using these insights to promote sales growth throughout their retail network, improve customer experiences, and personalize marketing campaigns, which propels the market growth significantly. The small and medium-sized enterprise segment is expected to attain the fastest CAGR of 27.6% during the forecast period, owing to increase sales and improve customer experiences by optimizing shop layouts, streamlining operations, and personalizing marketing campaigns with the use of in-store data.

The Risk and Compliance Management segment to dominate the market during the forecast period

By application, the customer management segment accounted for nearly one-fourth of the global in-store analytics market share in 2022, and is expected to dominate the market by 2032, owing to enhanced customer satisfaction, personalizec marketing efforts, and optimized product placement by analyzing data on consumer interactions, purchase history, and preferences, which propels the market growth significantly. The risk and compliance management segment is expected to attain the fastest CAGR of 30.0% during the forecast period, owing to the necessity for concentrating on establishing strong security measures in operation to safeguard consumer data as concerns about data privacy and security grow.

Asia-Pacific is expected to garner the major share in 2032

By region, North America garnered the highest share in 2022, with nearly two-fifth of the global in-store analytics market revenue in 2022, and is projected to retain its dominance by 2032, owing to increase in need of retailers to improve customer experience and boost sales, coupled with the growing use of cutting-edge technology aiding the growth of the in-store analytics market. However, the Asia-Pacific region is expected to attain the fastest CAGR of 28.9% during the forecast period, owing to the expanding retail industry and rise in use of cutting-edge technology.

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Leading Market Players-

• SAP SE
• AMOOBI
• RETAILNEXT, INC.
• Capillary Technologies
• SEMSEYE
• Capgemini
• HoxtonAi
• Trax Image Recognition
• Teralytics Inc.
• V-Count

The report analyzes these key players in the global in-store analytics market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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