The global in-store analytics market is expected to post a CAGR of more than 22% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global in-store analytics market from 2019-2023. (Graphic: Business Wire)
Customer behavior insights derived from in-store analytics solutions allow retailers to offer personalized customer experiences and increase customer loyalty. Thus, the growing demand for analyzing customer insights in the retail industry will drive the in-store analytics market during the forecast period.
As per Technavio, the emergence of big data in the retail sector will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global in-store analytics market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global In-store Analytics Market: Emergence of Big Data in Retail Sector
The volume of data generated across various industry verticals is increasing at a significant rate, owing to the ongoing trend of digitalization. Thus, retailers are increasingly focusing on deploying big data solutions integrated with in-store analytics to store and analyze data content. Big data analytics solutions can process large data sets to drive meaningful insights and provide a seamless shopping experience to customers. Thus, the emergence of big data in the retail sector is expected to be a key in-store analytics market trends during the forecast period.
“Apart from the emergence of big data in the retail sector, other factors such as the integration of blockchain technology, and the increasing penetration of retail sector in emerging markets will have a significant impact on the growth of the in-store analytics market value during the forecast period,” says a senior analyst at Technavio.
Global In-store analytics Market: Segmentation Analysis
This market research report segments the global in-store analytics market by application (customer management, merchandising analysis, in-store operations, supply chain management, and strategy and planning), and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the in-store analytics market in 2018, followed by Europe, APAC, South America, and MEA, respectively. The dominance of North America can be attributed to factors such as the presence of advanced economies and the high focus on R&D and technology development in the region.
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