Retail Analytics Market Trends

Growth Drivers

• Increasing Volume of Data – It is becoming necessary to capture and analyze the data, and then operationalize insights across every channel, so that retailers can reach a potential customer or supplier. For instance, it was observed that approximately 74 zettabytes of the total data created across the globe in 2021 was unstructured.
• Upsurge in the Retailer Spending on Artificial Intelligence (AI)– As retail analytics provides an intelligent insight about the costumers buying behavior, preferences and lot more. According to estimates, by 2022, the global retailer’s spending on AI is expected to be more than USD 7 billion per annum, rise from a forecasted USD 2 billion in 2018.
• Growing Emphasis on Inventory Management – According to data over 70% of retailers surveyed plan to provide, or are currently providing, item-level radio-frequency identification (RFID) technology. 
• Growing Number of Internet of Things (IoT) connected devices – As per the data, by the end of 2022, anapproximately 18 billion IoT connected devices are expected worldwide.

Challenges

• Compliance With Data Protection Standards and Laws
• Concern about Data Accuracy
• Huge Cost Involved in the Adoption of Latest Technology