PUBLISHER: The Business Research Company | PRODUCT CODE: 1499923
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499923
Retail intelligence software comprises specialized tools for collecting, analyzing, and interpreting data pertaining to retail operations, consumer behavior, and market trends. Retailers utilize this software to gain insights into business performance, optimize operations, and make data-driven decisions aimed at enhancing the customer experience and increasing profitability.
The primary types of retail intelligence software include cloud-based and on-premises solutions. Cloud-based retail intelligence software is hosted on remote servers and accessed via the Internet, offering flexibility and scalability. These solutions are distributed through both online and offline sales channels and find applications across various industries, catering to both large enterprises and small and medium-sized enterprises. End-users encompass a diverse range of retail sectors including grocery stores, convenience stores, apparel and footwear, mass merchants, specialty retailers, e-commerce platforms, among others.
The retail intelligence software market research report is one of a series of new reports from The Business Research Company that provides retail intelligence software market statistics, including the retail intelligence software industry global market size, regional shares, competitors with retail intelligence software market share, detailed retail intelligence software market segments, market trends, and opportunities, and any further data you may need to thrive in the retail intelligence software industry. This retail intelligence software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The retail intelligence software market size has grown rapidly in recent years. It will grow from $7.10 billion in 2023 to $8.31 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The expansion observed in the historical period can be attributed to several factors, including the rise in e-commerce activity, the proliferation of big data volumes, consumer demand for personalized experiences, increased adoption of mobile technology, and heightened competitive pressures within the retail industry.
The retail intelligence software market size is expected to see rapid growth in the next few years. It will grow to $15.72 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The projected growth in the forecast period can be attributed to several factors, including the increasing adoption of artificial intelligence (AI), the growing demand for real-time data processing capabilities, the rising importance of omnichannel strategies in retail, the expanding influence of social commerce platforms, and the increasing focus on safeguarding customer privacy. Significant trends anticipated in the forecast period encompass the widespread adoption of AI technologies, the integration of Internet of Things (IoT) devices to enhance retail operations, the adoption of blockchain technology for improved transparency and security, ongoing product innovations aimed at meeting evolving consumer needs, and continuous technological advancements driving innovation within the retail sector.
The surge in e-commerce is anticipated to drive the expansion of the retail intelligence software market in the future. E-commerce involves the online buying and selling of goods and services through electronic networks, such as the Internet. The increasing adoption of e-commerce is attributed to various factors, including rising internet accessibility, changing consumer preferences favoring online shopping, convenience, and advancements in logistics and payment systems. Retail intelligence software plays a crucial role in enhancing e-commerce activity by collecting, analyzing, and interpreting data related to customer behavior, sales performance, inventory management, pricing strategies, and market trends. For example, data from the United States Census Bureau in February 2024 revealed that total U.S. retail e-commerce sales amounted to $1,831.4 billion in the fourth quarter of 2023, marking a 0.4% increase compared to the third quarter of the same year. Consequently, the escalating e-commerce activity is fueling the growth of the retail intelligence software market.
Key players in the retail intelligence software market are offering advanced solutions leveraging IoT (Internet of Things) technologies, such as Bluetooth-LE (BLE)-based retail IoT protocols, to gain a competitive advantage. The Bluetooth-LE-based retail IoT protocol refers to a standardized communication framework tailored for IoT devices used in retail environments. For instance, in December 2023, VusionGroup, a retail technology company based in France, introduced VusionOX, an innovative Bluetooth-LE-based protocol designed to expedite the digitalization of physical commerce. This state-of-the-art connectivity solution seamlessly integrates retail IoT devices with products and individuals, creating a cohesive retail ecosystem. VusionOX, in conjunction with VusionCloud, enables precise geolocation, personalized in-store navigation, guided fulfillment, and contextual shopper interactions. Furthermore, it offers continuous over-the-air feature deployment and battery optimization, contributing to sustainability initiatives.
In March 2022, NielsenIQ, a U.S.-based consumer intelligence firm, acquired ciValue for an undisclosed sum. Through this acquisition, NielsenIQ aims to strengthen its capabilities in delivering comprehensive, data-driven solutions for retailers. ciValue is an Israeli software company specializing in providing retail organizations with customer data and analytics solutions.
Major companies operating in the retail intelligence software market are Supplypike LLC, Rakuten Group, SPS Commerce Inc., Numerator, Kinaxis Inc., Quotient Technology Inc., Trax Retail LTD, AFS Technologies Inc., ThoughtSpot Inc., Sensormatic Solutions, Wiser Solutions Inc., Retail Solutions Inc., Mi9 Retail, DataWeave, Upstream Commerce, ShopperTrak, Premise Data Corporation, TC Group Solutions, Dor Technologies, Intelligence Node, Springboard, Glew.io, Stackline, Omnilytics, Streetspotr GmbH
North America was the largest region in the retail intelligence software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail intelligence software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the retail intelligence software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The retail intelligence software market includes revenues earned by entities providing services such as inventory management, sales performance tracking, and data analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Retail Intelligence Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on retail intelligence software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for retail intelligence software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The retail intelligence software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.