In-Store Analytics Market Predictions 2023 with Major Technology Updates

In-Store Analytics Market

MarketsandMarkets forecasts the In-Store Analytics Market to grow from USD 1.1 billion in 2018 to USD 3.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period.

In-store analytics is the process of finding customer behavior within the retail premises, which helps the business owners build strategies for gaining competitive advantage, reducing operational costs, and increasing profitability. As in-store analytics has eased the understanding of customer behavior, its application has increased in customer management, across the retail and Consumer Packaged Goods (CPG) industry.

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Customer management is projected to grow at the second highest CAGR in the in-store analytics market. In-store analytics has major applications in customer footfall analysis, customer behavioral analysis, and customer service, helping companies to identify various sales opportunities. In-store analytics is an advanced analytics solution, useful for store retailers to examine store operations, evaluate devise effective campaigns, and prevent retail losses.

The cloud-based in-store analytics software is estimated to hold the largest market share in the in-store analytics market during the forecast period. Cloud-based in-store analytics tools are SaaS solutions provided by a service provider hosted within their data centers or other facilities. These solutions are subscription based and are easily customizable. Businesses are interested in cloud-based solutions, owing to its multiple advantages, such as low operational expenses, ease of deployment, improved scalability, and integration.

The geographic analysis of the in-store analytics market is mainly segmented into 5 regions, namely, North America, Europe, APAC, MEA, and Latin America. North America is expected to be the overall leader in the adoption and implementation of in-store analytics software and services, followed by Europe and APAC. Early technological adoption and higher IT spending would drive the market growth for North America and Europe. Rapid economic developments, expanding retail industry, and increasing digitalization in the region with the increasing interest of businesses toward technologies such as Artificial Intelligence (AI) and advanced analytics, are expected to drive the high growth of the in-store analytics market in APAC. The market players are expanding their operations in this region to enhance their market share.

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