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Data-Driven Retail Solution Market Outlook

The data-driven retail solution market revenue totalled US$ 20,433.2 Million in 2022. The data-driven retail solution market is expected to reach US$ 61,427.8 Million by 2033, growing at a CAGR of 11.8% for 2023 to 2033.

Attributes Details
Estimated Year (2023) Market Value US$ 22,517.4 Million
Projected Year (2033) Market Value US$ 68,900.9 Million
CAGR% (2023 to 2033) 11.8%
Top 5 Vendor Market Share Around 35%

Data-driven retail solutions are those that measure everything in the company to evaluate the competitive landscape, improve operations, and create retail strategies that are both efficient and effective. For precise data analytics and channel selection optimization, data-driven retail solutions are utilized.

Market growth will be primarily driven by rising retail adoption of industry 4.0 and rising demand from the fast-moving consumer goods industry.

The market value will get a boost by the increasing use of cutting-edge technologies like artificial intelligence (AI), machine learning (ML), and augmented reality (AR), the widespread industrialization of the world, the increased use of data-driven retail solutions by retailers to personalize the experience of their customers, and the benefits of cloud computing and intelligent solutions.

The market’s expansion will be further facilitated by rising research and development expenditures and retailer awareness of the advantages of intelligent solutions and cloud computing.

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2018 to 2022 Data-driven Retail Solution Market Demand Outlook Compared to 2023 to 2033 forecast

Due to the increasing awareness of cloud computing & intelligent solutions, retailers are becoming more aware of the operational advantages of implementing smart solutions for retail processes and maintaining a cloud consumer base, two essential features of major data-driven retail solutions, the growth rate for the data-driven retail solution is estimated to be 11.8% for the forecast period.

The demand for retail solutions backed by associated and analysed data is being fuelled by the rapid improvements in tracing information from stored data is also major factor for increasing growth in the data-driven retail solutions.

Regional Analysis

North America had the largest market share for data-driven retail solutions market for the year 2022, with a market share of 23.3% which approximates to about US$ 47,609.5 Million. While South Asia and Pacific is expected to be the fastest growing region with a CAGR of 12.2%.

Due to the increase of the internet uses and rising retail transactions in the United States and Canada, the current state of data-driven retail solutions in these regions suggests that North America is likely to leading on the global market.

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Sudip Saha

Principal Consultant

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Country wise insights

Increasing Integration in Advance Technology in Data-Driven Retail Solution in USA Allows It to Be the Largest Market for Data-Driven Retail Solution Market

The United States has the largest retail chain in the nation, it is assumed that the retail sector is one of the largest in the country. As a result, retailers are adopting and implementing cutting-edge technology in the data-driven retail solution due to the variety of features it offers, such as a competitive advantage to use analytical data for greater business intelligence, a user-friendly interface, and advanced security and safety compliance for retailer’s data.

Due to these factors US held the largest market share of 14.3%.

Rising Digitization in India is Helping the Growth of Data-Driven Retail Solution.

Companies and small retail businesses in India were encouraged to implement data-driven retail solutions that enhance the customer experience and engage them for a longer period of time as a result of the changing demands of consumers and the growing competition among retailers for customer loyalty.

This was made possible by the rapid digitization of retail and other industries in India. Therefore, India has the highest growth rate for data-driven retail solution of 13.4% in adoption and implementation.

Japan has many Data-Driven Retail Solution Vendors Which Allow It to Be the A Large Market for Data-Driven Retail Solutions.

There are several superior companies in Japan which provide data-driven retail solutions and services for building the cloud platform for data storage and customized CRM (Customer relationship management) software for businesses, retail industry and this software are cost effective as compared to other software build by other venders, so market in data-driven retail solutions.

Category wise Insights

Why is Customer Relationship Management Estimated to be the fastest Growing for Data-Driven Retail Solution Market?

A technology for managing a company's interactions with customers and potential customers is customer relationship management (CRM). It enhances business relationships for business growth and retailers are more likely to adopt and implement CRM software because it helps businesses stay connected to customers, streamline processes, and boost profitability.

As a result, this market segment is estimated to grow at the fastest CAGR of 15.7% over the forecast period.

Why is Cloud-Based dominant Deployment for Data-Driven Retail Solution?

The growth rate in cloud-based deployment is higher because it makes it easier for businesses and retailers to access, manage, and share data flawlessly, provides more personalized customer understandings, improves supply chains, and enables data-driven retailing decisions, It holds maximum CAGR of 13.5%.

Why is the Implementation Service the Fastest Growing Market for Data-Driven Retail Solution?

Implementation services hold the highest CAGR of 12.2%, because the driving force behind the growth of online retail services is implementing data-driven solutions. A retailer driven by data examines the effectiveness of each marketing channel and business function. Because areas that aren't performing well can be improved, changed, or eliminated, this can help cut costs; this is the major factor for rapid implementation of data-driven retail solutions.

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Competitive Landscape

Some major players in data-driven retail solutions market are planning to build new software for shifting their storage servers from systematic server to cloud-based server, for faster accessibility of the data to their client without any technical disruptions.

  • In October 2021, ActionIQ announced that ActionIQ real-time customer experiences (RTCX) is now available to all customers. B2B and B2C brands can now orchestrate more intelligent experiences in real time by leveraging the entire customer profile with the addition of RTCX to ActionIQ's proprietary CDP technology. This increases customer loyalty, retention, and lifetime value.
  • In November 2022, IBM has announced new software to help businesses break down data and analytics silos so they can quickly make decisions based on data-driven and deal with irregularity.

Scope of report

Attribute Details
Market value in 2022 US$ 20,433.2 Million
Market CAGR 2023 to 2033 11.8%
Share of top 5 players Around 35%
Forecast Period 2023 to 2033
Historical Data Available for 2018 to 2022
Market Analysis USD Million for Value
Key Regions Covered North America, Latin America, Europe, South Asia & Pacific, East Asia and the Middle East & Africa
Key Countries Covered USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey and South Africa
Key Segments Covered Deployment Mode, Solution, Vertical and Region
Key Companies Profiled
  • ActionIQ, Inc.
  • Data Driven Solutions (DDS)
  • Solix Technologies, Inc.
  • Hitachi Vantara Corporation
  • Sisense Inc.
  • DecisionMines
  • Data Axle
  • Neustar, Inc.
  • Infogroup
  • Oracle Corporation
  • Tata Consultancy Services Limited
  • Microsoft Corporation
  • Silentale
  • Wipro Limited
  • IBM Corporation
Report Coverage Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing Available upon Request

Data-Driven Retail Solution by Category

Deployment Mode:

  • On-Premise
  • Cloud-Based

By Solution:

  • Retail customer intelligence
  • Customer relationship management
  • Collaboration tools
  • Others

By Vertical:

  • Consulting
  • Implementation Service
  • Integration

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa (MEA)

Frequently Asked Questions

Which are some leading companies which offer Data-Driven Retail Solution?

Some leading companies that offer the solution are IBM Corporation, Microsoft Corporation, Tata Consultancy Services Limited, Wipro Limited, etc.

Which region is expected to showcase high growth in Data-Driven Retail Solution demand?

South Asia and Pacific region is expected to showcase the highest growth of 12.2% over the forecast period.

What are the driving demands for implementing Data-Driven Retail Solutions?

Due to the benefits in enhancing business operations, data-driven retail solutions that incorporate big data and its statistical analysis are seeing a noticeable growth in implementation of data driven retail solution market.

Which Vertical has the largest market share for the Data-Driven Retail Solution?

Consulting vertical has the largest market share for the data-driven retail solution of 28.4%.

Which Deployment Mode has the highest CAGR for the Data-Driven Retail Solution?

Cloud-Based has the highest CAGR for the data-driven retail solution of 13.5%.

Which are the top five countries for Data-Driven Retail Solution market?

U.S.A, UK, India, China and Japan.

What is the market share and value for the South Asia and Pacific region for the year 2022?

The market share of South Asia and Pacific for the year 2022 was 17.3%.

What are the major trends for the Data-Driven Retail Solution market?

Customer relationship management and cloud-based deployment are gaining popularity.

Which country has the highest CAGR for the forecast period?

India has the highest CAGR for the forecast period, which is 13.4%.

What was the CAGR for the forecast period 2018-2022 for Data-Driven Retail Solution market?

The CAGR for the forecast period 2018-2022 for data-driven retail solution was 7.7%.

Which East Asian Country had the largest market share for Data-Driven Retail Solution for the year 2021?

China had the largest market share in East Asia in 2021, for data-driven retail solution market.

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