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 at over $3 billion by 2025. In-store analytics is driven by the growing adoption of advanced technologies such as cloud-based analytics for decision making. For example, in April 2019, Walmart, an American retail company, deployed AI technology to monitor retail stores in real time. The company is digitizing its stores with the aim of improving the customer’s shopping 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 the growing adoption of in-store analytics by retail companies to improve the shopping experience of customers, this region is expected to lead the market over the forecast period. The Asia-Pacific region is expected to witness the fastest growth rate owing to the increasing adoption of in-store analytics solutions to reform the retail landscape over the forecast period.
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In-Store Analytics Market Research Competitive Analysis and Major Vendors
The report covers and analyzes the global in-store analytics market. Leading vendors across different verticals are developing more and more products and investments in this market, and hence, the in-store analytics market is expected to grow at a good pace in the coming years. The major players in the in-store analytics market are adopting various organic and inorganic growth strategies such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to gain a competitive advantage in the market.
Few key vendors in the in-store analytics market
- SAP
- Mindtree
- The happiest minds
- Hair technologies
- Celect
- Capgemini
- TradeNext
- Sisens
- think inside
These companies provide in-store analytics solutions across the board. Many other vendors were studied based on portfolio, geographic presence, marketing and distribution channels, revenue generation, and significant R&D investments for the analysis of the entire ecosystem.
In-store analytics market segmentation by deployment
Based on mode of deployment, the global in-store analytics market is segmented on-premises and cloud-based. The cloud-based sub-segment is expected to witness significant growth owing to low-cost availability and user-friendly mode of deployment.
In-Store Analytics Market Segment 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, mainly due to the growing adoption of AI and analytics to derive customer insights.
In-Store Analytics Market Segmentation By Component
On the basis of components, the market is segmented into solutions and services. The solutions segment in the in-store analytics market will witness strong growth as these solutions enable retail stores to effectively identify customer preferences and build an insight-based strategy.
Benefits of in-store market analysis
The report provides an in-depth analysis of the in-store analytics market. In-store analytics offers retailers the ability to understand real-time customer demand through open product and resource management. The technology is enhancing data sharing and analytics capabilities, which is driving the growth of the 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 embraced by brick-and-mortar retailers for an omnichannel retail approach. This adoption translates into an improved in-store customer experience as well as real-time customer demand forecasting. Sephora, a beauty retailer, showcased the omnichannel expansion of its new connected store in the US, facilitated by mobile experiences such as browsing products on in-store iPad stations and providing makeover suggestions digital personalized by e-mail to the customers.
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Europe will witness significant growth in the in-store analytics market over the forecast period. Retailers in the region are moving towards advanced brick-and-mortar retail concepts. The rapid adoption of technological advancements such as AI, cloud and others is driving the demand for in-store analytics. Additionally, the business expansion of retailers is also driving the adoption of in-store analytics solutions. Amazon plans to expand its grocery business in the UK by offering a cashier-less shopping experience.
Currently, several in-store analytics players offer multiple solutions that are used by retail players globally. The report discusses the market in terms of deployment, application, component and regions. Additionally, the report provides details of the major challenges and drivers impacting the growth of the market.
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