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Sep 09, 2022, 07:30 ET
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WILMINGTON, Del., Sept. 9, 2022 /PRNewswire/ — A research report by Transparency Market Research (TMR) projects the global retail analytics market to reach a value of US$ 122.08 Bn by the end of 2031. Furthermore, business intelligence in retail industry offered by TMR notes that the market is expected to develop at a CAGR of 34.7% during the forecast period, from 2022 to 2031.
The report by TMR provides detailed analysis of major factors influencing the growth curve of the global retail analytics market. Hence, readers gain access to the study of the growth drivers, challenges, opportunities, R&Ds, recent developments, and retail analytics statistics.
The adoption of next-gen technologies such as machine learning, artificial intelligence, 5G, IoT, and big data is being increasing in the recent years. This factor is expected to fuel the expansion of the retail analytics market during the forecast period. Moreover, the rising understanding on the profitability using assortment planning (AP) process is being rising globally. This factor, in turn, is propelling the retail analytics market, note analysts at TMR.
Major retail analytics companies are focusing on R&Ds in order to develop innovative technologies. Such efforts are helping enterprises in the expansion of their product portfolios. Moreover, leading players are using several strategies such as mergers and acquisitions in order to maintain their dominance in the market for retail analytics. Such factors are anticipated to lead to rapid expansion of the market during the forecast period.
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Retail Analytics Market: Key Findings
The concept of retail analytics is gaining impetus in the recent years as it helps businesses in order to find, gather, and analyze retail data. Data analytics in the retail industry is being increasingly adopted owing to its ability to offer thorough customer insights. In addition, the technology provides companies information on business and processes with scope and areas of improvements, notes a TMR study on the retail analytics market.
Different types of retail analytics tools are being increasingly gaining traction owing to their ability to offer users with in-depth data analysis on important performance metrics. Moreover, the services provided by retail data analytics companies are being utilized in the recent years as these services assist retailers in varied activities including monitoring the sales volume, transactions, and profitability. Moreover, these services also allow retailers to collect important business insights. Owing to these factors, the global retail analytics market is expected to expand at notable pace during the forecast period.
Retail Analytics Market: Growth Boosters
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Retail Analytics Market: Regional Analysis
Retail Analytics Market: Key Players
Some of the key players profiled in the report are:
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Retail Analytics Market Segmentation
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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Retail Analytics Market to Reach Value of US$ 122.08 Bn by 2031, States TMR Analysis – PR Newswire
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