Report Id: SNS/ICT/2622 | July 2022 | Region: Global | 134 Pages
Report Scope & Overview:
The In-Store Analytics Market size was valued at USD 2.80 Bn in 2022 and is expected to reach USD 15.92 Bn by 2030, and grow at a CAGR of 24.23% over the forecast period 2023-2030.
In-store analytics is the process of evaluating and extracting useful insights from a store's consumer behavioral data. This research focuses on several consumer behaviors that may be measured during a retail visit. It is aimed at improving retail performance and is commonly utilized by store owners to improve both the customer experience and sales. It provides merchants with a real-time view of what customers do when they visit a shop, allowing for a better knowledge of customers and assisting retail management in making better business decisions. Understanding consumer demand, marketing attribution, and tailored in-store experience are some of the primary benefits. These benefits are projected to propel the in-store analytics industry forward. In-store analytics may assist in changing the way a physical shop operates, from the standard functionality to marketing techniques.
Ecommerce Players' Increased Competition.
Improved Customer Service and Shopping Experience.
Increasing Data Volume in Relation to In-Store Operations.
New Advanced Technologies Raise Data Security and Privacy Concerns.
Inadequate Skilled Personnel.
The Arrival of Cloud-Based Analytics.
Emerging Economies Have a High Growth Potential.
IMPACT OF COVID-19:
Due to lockdowns, travel bans, and commercial shutdowns, COVID-19 has had an impact on economies and businesses in a number of nations. The closure of numerous facilities and factories has disrupted worldwide supply chains, severely impacting manufacturing, delivery schedules, and product sales in the global market. Few corporations have already acknowledged anticipated delays in product deliveries and a drop in future product sales. Furthermore, worldwide travel prohibitions enforced by nations in Europe, Asia-Pacific, and North America are impacting commercial cooperation and partnerships.
During the projected period 2022-2028, the software segment is predicted to increase substantially. This is because to increased software use. Stores can utilize in-store analytics software to measure sales in order to better understand customer preferences and adjust company strategies. By spotting patterns and irregularities early, stores can foresee threats such as shoplifting and out-of-stock situations. Furthermore, emerging technologies like as artificial intelligence (AI) and the integration capabilities of in-store analytics software have enabled real-time customer demand forecasting. During the projected period 2022-2028, the services segment is predicted to increase quickly. Consulting services typically concentrate on critical challenges and opportunities in strategy, marketing, operations, technology, mergers and acquisitions, and finance, resulting in better effectiveness, improved performance, lower costs, and higher resilience. Retail shops, retail planners, and merchandisers all require consulting services to better their strategic view, increase performance efficiency, and transform their retail-related company operations into more efficient and cost-effective operations.
The market is divided into four applications: customer management, marketing management, merchandising analysis, store operations management, risk and compliance management, and others. By 2028, the Customer Management sector is predicted to have the biggest market share. Other variables, such as rapidly changing demographics and uncertain economic recovery, present merchants with additional challenges in addition to growing sales. As a result, merchants attempt to determine which goods, services, and offers are most enticing to customers, emphasizing the need for an in-store analytics platform and the necessity for retailer consumer interaction analytics. Furthermore, AI-based video analytics saves organizations time and money while also delivering non-security-related information. Using security cameras with analytics in the retail industry, store owners may detect shoplifters.
The on-premises solution gives enterprises complete control over the platform, applications, systems, and data, which can be handled and maintained by the organization's in-house IT personnel. The rise of the on-premises deployment strategy is mostly due to the ability to customize the software to meet the changing needs of a company. The business that handles customer credentials prefers the on-premises deployment strategy since the systems may be overseen by the organization's employees. On-premises implementation is typically used in retail businesses where data security and privacy are of primary concern.
KEY MARKET SEGMENTS:
On The Basis of Component
On The Basis of Deployment Mode
On The Basis of Organization Size
Small & Medium Enterprises
On The Basis of Application
Store Operations Management
Risk and Compliance Management
During the forecast period 2022-2028, North America will lead the Global In-store Analytics market. By 2028, North America is predicted to have the greatest market share. North America is predicted to have the highest adoption of in-store analytics solutions when compared to other areas. This is attributable to the presence of numerous industrialized economies, including Canada and the United States, as well as the increased emphasis on R&D and technological breakthroughs. The US retail sector is one of the largest in the world, thanks to the presence of retail global behemoths. During the projection period 2022-2028, Asia Pacific is predicted to develop fast at a CAGR. This is because in-store analytics solutions for retail restructuring are becoming more popular. Emerging markets, particularly India, China, and Japan, are focusing on data management in order to make data-driven business choices and optimize retail operations.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are SAP SE, Celect Inc., Capillary Technologies, Inpixon, Scanalytics Inc., Dor Technologies Inc., SEMSEYE, RETAILNEXT, INC., Mindtree Ltd, and Happiest Minds
|Market Size in 2022||US$ 2.80 Billion|
|Market Size by 2030||US$ 15.92 Billion|
|CAGR||CAGR of 24.23% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Component (Software and Services)
• by Deployment Mode (On-premise and Cloud)
• by Organization Size (Large Enterprises and Small & Medium Enterprises)
• by Application (Customer Management, Marketing Management, Merchandising Analysis, Store Operations Management, Risk and Compliance Management, and Other)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||SAP SE, Celect Inc., Capillary Technologies, Inpixon, Scanalytics Inc., Dor Technologies Inc., SEMSEYE, RETAILNEXT, INC., Mindtree Ltd, and Happiest Minds|
|Key Drivers||•New Advanced Technologies Raise Data Security and Privacy Concerns.
•Inadequate Skilled Personnel.
|RESTRAINTS||•Inadequate awareness and excessive service costs.
•There are no comprehensive IT asset disposition procedures in place.
Frequently Asked Questions (FAQ) :
Ans: - The estimated market size for the In-Store Analytics market for the year 2028 is USD 10.33 Bn.
Ans: - Ecommerce Players' Increased Competition and Improved Customer Service and Shopping Experience.
Ans: - The segments covered in the In-Store Analytics Market report for study are on the basis of Component, Deployment Mode, Organization Size, and Application.
Ans. The primary growth tactics of In-Store Analytics market participants include merger and acquisition, business expansion, and product launch.
Ans: - Manufacturers, Research Institutes, university libraries, suppliers, and distributors of the product.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
22.214.171.124 United Kingdom
126.96.36.199 South Korea
188.8.131.52 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. In-Store Analytics Market Segmentation, by Component
9. In-Store Analytics Market Segmentation, by Deployment Mode
10. In-Store Analytics Market Segmentation, by Organization Size
10.1 Large Enterprises
10.2 Small & Medium Enterprises
11. In-Store Analytics Market Segmentation, by Application
11.1 Customer Management
11.2 Marketing Management
11.3 Merchandising Analysis
11.4 Store Operations Management
11.5 Risk and Compliance Management
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 SAP SE
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Celect Inc.
13.3 Capillary Technologies
13.5 Scanalytics Inc.
13.6 Dor Technologies Inc.
13.8 RETAILNEXT, INC.
13.9 Mindtree Ltd
13.10 Happiest Minds
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
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