According to a new report, published by KBV research, The Global Retail Analytics Market size is expected to reach $39 billion by 2031, rising at a market growth of 24.5% CAGR during the forecast period.
The On-demand segment is leading the Global Retail Analytics Market by Deployment Mode in 2023; thereby, achieving a market value of $28.3 billion by 2031. On-demand retail analytics solutions offer flexibility in terms of usage and deployment. Retailers can choose from various analytics services based on their needs and priorities, such as demand forecasting, inventory optimization, or customer segmentation. They can also access analytics capabilities remotely through cloud-based platforms, allowing seamless integration and collaboration across the organization.
The Services segment is anticipating a CAGR of 25.6% during (2024 - 2031). Service providers offer consulting and advisory services to help retailers assess their analytics needs, define strategic objectives, and develop a roadmap for analytics implementation. Consultants provide expertise in data analytics, industry best practices, and technology trends, guiding retailers through the complexities of analytics adoption and ensuring alignment with business goals.
The Professional services segment will dominate the Global Retail Analytics Market by Services Type in 2023; thereby, achieving a market value of $6.9 billion by 2031. Professionals assist retailers in managing and preparing their data for analytics purposes. They help retailers clean, normalize, and enrich their data to ensure accuracy, consistency, and relevance for analysis. Data specialists employ advanced techniques and tools to handle complex data sets, identify data quality issues, and optimize data pipelines, enabling retailers to derive meaningful insights from their data.
The Sales & Marketing segment would register a CAGR of 24.1% during (2024 - 2031). Retail analytics solutions in the sales & marketing segment provide retailers with valuable insights into customer behavior, preferences, and buying patterns. By analyzing sales data, customer interactions, and demographic information, retailers can better understand their target audience and tailor their marketing strategies to meet customer needs effectively.
The Large Enterprise segment dominated the Global Retail Analytics Market by Enterprise Size in 2023; thereby, achieving a market value of $25.9 billion by 2031. Large enterprises prioritize customer-centric strategies to enhance customer experiences and drive loyalty. Retail analytics enables large enterprises to analyze customer data, segment audiences, and personalize interactions across various touchpoints.
The Yield Analysis segment shows a CAGR of 25.2% during (2024 - 2031). Yield analysis helps retailers maximize revenue from their inventory by analyzing inventory turnover rates, product margins, and sales velocity. Retailers can maximize revenue by identifying high-margin products and optimizing pricing and promotional strategies while minimizing inventory holding costs.
Full Report: https://www.kbvresearch.com/retail-analytics-market/
The North America region dominated the Global Retail Analytics Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $13.3 billion by 2031. The Europe region is experiencing a CAGR of 24% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 25.3% during (2024 - 2031).
By Deployment Mode
By Component
By Business Function
By Enterprise Size
By Application
Unique Offerings 
