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North America In-Store Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The North America In-Store Analytics Market was valued at USD 772. 82 million in 2021, and it is expected to reach a value of USD 2,516. 69 million by 2027, registering a CAGR of 22% during the forecast period (2022-2027).
New York, June 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America In-Store Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06283181/?utm_source=GNW
Key Highlights
In the hyper-competitive retail market, in-store analytics is gaining traction. In-store analytics has the potential to transform the store layout and improve customer experience across different business segments. In the North American region, retailers use smart carts with location beacons, pin-sized cameras installed near shelves, or the store’s wi-fi network to see how many shoppers entered the store, how they moved around once inside, and what key areas they visited. This process can even provide basic demographic data, such as gender and age group.
The retail market in North America is one of the biggest. Wal-Mart, Costco, Kroger, The Home Depot, and Target have their origins in this region. The rapidly growing data volume across in-store operations drives the market’s growth. With increasing sales value, the volume of data is increasing. With growing data volume, it has become difficult to track every customer’s record, behaviors, footfall, etc., without the implementation of analytics.
A player such as Euclid Analytics, a spatial analytics platform, provides a lucrative analytics solution for brick-and-mortar retailers. It helps retailers in tracking shopper traffic, loyalty, and other metrics around customer visits. Euclid’s solution involves pre-configured sensors that connect with the network-connected switch. These sensors can detect customers’ phones that have their wi-fi switched on.
The United States Bureau of Labour Statistics estimated the demand for skilled and knowledgeable data scientists to boost by 2026, leading to a 27.9% rise in employment. However, this huge demand would also bring a significant shortage of qualified professionals. Further, another challenge to the market growth is that marketers might need to find new ways of executing their strategies in 2022 and beyond to satisfy the consumer thirst for convenience. New data privacy regulations like the California Consumer Privacy Act and Virginia’s Consumer Data Privacy Act set in motion a chain of events that will heavily impact retail marketers. The third-party data that once enabled specific user targeting will no longer be available on ad platforms such as Google and Facebook. Retailers would need to explore new ways to use the first-party data in their digital marketing strategies.
Due to the COVID-19 pandemic, the retail industry has seen significant technology adoption to manage store occupancy and screen temperatures, maintain social distancing and streamline the use of facilities. Some of these adoptions are mandated by law, and others were made to ensure customer safety and limit store closures. Many of these technologies provided retailers with significant advantages for in-store analytics, and a much better return on investment is seen as long-term strategic investments rather than temporary protective measures.
Key Market Trends
Store Operation Management to Exhibit Good Growth Over the Forecast Period
Store operation management entails a set of activities for running and monitoring all the operations inside a store. Some of the significant responsibilities of store management include working closely with staff, creating work schedules, communicating with suppliers to ensure the availability of products, and dealing with customer complaints.
There are several companies within the North American region, especially in the United States, with many stores in the country. For instance, Dollar General has more than 17,000 stores in 46 states, while CVS Health had 9,939 stores in the United States in 2021. 7-Eleven also has over 9 thousand stores in the country.
As the adoption rate of digital technologies is high in the North American region compared to other parts of the world, the demand for in-store analytics is expected to witness an upward trend during the forecast period.
The favorable market scenario has attracted several local and global software providers to develop analytics software to cater to the growing demand. For instance, IBM’s Sterling Store Engagement solution provides a real-time view of the store inventory and customer and order data through an intuitive user interface that a store operator can access from sales counters and mobile devices.
Similarly, SCOPIX Store Operations Analytics, which offers a cost-effective foundation for continuous monitoring of store operations, uses network-based IP video surveillance technology. The solution captures and analyzes live in-store conditions against specific benchmarks. Furthermore, it transforms video footage into actionable business intelligence that benefits store management, marketing teams, operations managers, and merchandisers.
Furthermore, according to US Labor Department, grocery retailers around the United States are suffering from a labor crunch. As this shortage is not expected to go away soon, there is a growing interest in digital technology and automation among the retails.
United States is Expected to Hold a Significant Market Share
The United States is one of the top retail markets globally and was impacted by covid-19. However, returning on track with increasing numbers and bolstering the growth to maintain the boost requires advanced technology to analyze data at that scale. As per the National Retail Federation (NRF), Retail is the nation’s largest private-sector employer, contributing USD 3.9 trillion to annual GDP and supporting one in four United States jobs – 52 million working Americans.
As per the US Census Bureau, overall retail sales in March 2022 were up 0.5 percent seasonally adjusted from February and up 6.9 percent year over year. Compared with increases of 0.8 percent month over month and 18.2 percent year over year in February.
The post-pandemic United States retail market has been trying to overcome obstacles using Data Analytics technology as a solution that will be shaped by several factors contributing significantly to how retailers function. Retail analytics solutions for the United States retail industry will focus on dealing with challenges that arise from heightened complexities and help to improve the market share. Their ability to offer actionable insights by analyzing multiple data sets will help their retail clients identify the right strategies for recovering lost sales and boost market share by addressing the dynamic needs of their customers.
With the market reopening and letting go of lockdown, consumers are shifting to a Hybrid shopping structure, for this omnichannel data is of great significance. A smart omnichannel data and tracking strategy are essential to understanding customers’ behavior. Brands with a robust omnichannel business rely on analytics to know how to take advantage of the opportunity possible by acustomers’ustomconsumers’onsumers’ behaviors towards the market.
Competitive Landscape
North America In-Store Analytics Market is highly competitive owing to the presence of numerous software systems providers and technological innovation in the industry for retail. The players in the market are regularly involved in altering their pricing schemes, which creates pricing pressure on other companies, thereby augmenting the competition in the market.
March 2022 - Cogniac Corporation and Cisco Meraki entered into a partnership to deliver AI-powered vision applications. The strategic alliance with Cogniac supports the new custom computer vision capabilities and provides customers with the tools, data, and insights to optimize their business operations.
January 2022 - RetailNext Inc. announced the release of several potential platform innovations to solve a variety of retail issues in 2022 and beyond. The features included are growing tech sophistication, deeper analysis and shopper behaviors, more than just video, privacy, driving store performance, safer in-store experiences, data on the go, and cloud migration.
August 2021 - Cloud4Wi announced the availability of Cloud4Wi in the Microsoft Azure Marketplace, an online store that was providing applications and services for use on Azure. Cloud4Wi clients can utilize the productive Azure cloud platform with streamlined deployment and management.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06283181/?utm_source=GNW
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