The in-store analytics market size is 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 22.5% during the forecast period. The key factors driving the in-store analytics market include increased competition from eCommerce players, need for better customer service and enhanced shopping experience, and rising data volume around in-store operations.
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.
RetailNext is among the leaders in the in-store analytics market with a prominent geographic presence. It adopts a balanced approach of organic and inorganic growth strategies and continues to enhance its expertise in retail through constant product enhancements, technology acquisitions, collaborations, and partnerships. For instance, RetailNext acquired Nearbuy Systems in 2013, followed by Pikato in 2015 to strengthen its in-store analytics product offerings. Acquisitions, partnerships, and strategic alliances help the company innovate and pioneer the future of the retail technology with new technology and expertise additions.
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.
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.