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Retail Analytics Market Size To Hit USD 7 Billion at a 17% CAGR by 2030 – Report by Market Research Future (MRFR)

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New York, US, March 08, 2023 (GLOBE NEWSWIRE) — Market Analysis

According to a comprehensive research report by Market Research Future (MRFR), ” Retail Analytics Market: By Component, By Organization, By Application – Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 17% to attain a valuation of around USD 7 Billion by the end of 2030.

Key Players

Eminent industry players profiled in the global retail analytics market report include Microsoft Corporation (U.S.), IBM Corporation (U.S.), Salesforce.com, Inc. (U.S.), SAP SE (Germany), HCL Technologies Limited (India), SAS Institute, Inc. (U.S.), Qlik (U.S.), Manthan Software Services Pvt. Ltd. (India), BRIDGEi2i Analytics Solutions (India), MicroStrategy Incorporated (U.S.), Teradata (U.S.), Amazon Web Services (U.S.), Fujitsu (Japan), Oracle Corporation (U.S.), Domo, Inc. (U.S.), and Tableau Software, Inc. (U.S.)., among others.

The retail analytics market is fragmented and competitive as a result of the presence of numerous national and international industry players. These players have used a range of innovative strategies, including agreements, partnerships, joint ventures, collaborations, the launch of new products, geographic expansions, and more, in order to accommodate the growing client need while still being on the cutting edge. They also support numerous research and development initiatives.

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Retail Analytics Market Report Scope

Report Metrics Details
Retail Analytics Market Size by 2030 USD 7 Billion
Retail Analytics Market CAGR 17%
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Drivers Digitalizing to enhance customer experience and retail operations

Drivers

Rising Adoption of ML and AI to Boost Market Growth

A crucial component in digitalization of retail establishments is artificial intelligence (AI). By personalizing the shopping experience, it aids the company in developing compelling customer interactions. Additionally, cutting-edge technologies like AI & machine learning help businesses in the retail sector create successful business plans by identifying the most recent trends in customer purchasing patterns. Growing use of AI by businesses in operations is predicted to fuel market expansion over the forecast period.

Opportunities

Trend of Ominichannel Retailing to offer Robust Opportunities

One of the most important trends within the retail sector is the expanding omnichannel retailing trend. As a result, companies are using online marketplaces to advertise their products rather than traditional brick-and-mortar stores. This trend has become especially apparent in the fashion industry. Many fashion retailers today provide their wares online in addition to having physical locations. By doing so, they may be able to reach a wider audience and reduce the high costs associated with maintaining a physical facility.

Browse In-depth Market Research Report (100 Pages) on Retail Analytics Market:
https://www.marketresearchfuture.com/reports/retail-analytics-market-3075

Restraints and Challenges

Legal Concerns to act as Market Restraint

The dearth of technology adoption via the unorganized retail sector, data privacy issues, legal concerns, and changing consumer demands may act as market restraints over the forecast period.

Market Segmentation

The retail analytics market is bifurcated based on component, organization size, and application.

By component, software will lead the market over the forecast period.

By organization size, large enterprises will dominate the market over the forecast period.

By application, marketing & price optimization will spearhead the market over the forecast period.

COVID-19 Analysis

The COVID-19 epidemic has had a negative impact on a number of economies worldwide. However, the technology market in the data analytics sector in fact has not been significantly impacted, and as a result, the retail analytics market is anticipated to quickly rebound following the COVID-19 pandemic. Companies were physically unable to operate with the available resources because to COVID-19 countermeasures like lockdowns and quarantines. As a result, businesses are adopting different IT services to explore new ways to access their assets, clients, resources, and necessary data remotely. As a result, more people are using retail analytics services and solutions because they work well with the company’s valuable customer, client, and employee data. Some retailers used retail analytics extensively throughout the pandemic to visualize and evaluate the effects of the pandemic. The adoption of e-commerce and contactless delivery methods substantially altered consumer behavior, creating a new retail environment. Consumer preferences were primarily centered on pro-actively stocking up on healthy goods, pantry essentials, and everyday necessities. To better analyze consumer behavior and boost earnings, this led to a demand for tailored retail analytics solutions.

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Regional Analysis

North America to Head Retail Analytics Market

In 2021, it was predicted that North America would hold the biggest market share. The U.S. is amid the most significant markets since it was a pioneer in embracing new technology and because major firms heavily invest in it to stay competitive. The development of cutting-edge smart stores is receiving increased funding from a number of key companies, which is expected to stimulate market expansion in this sector. As an illustration, Amazon has begun opening Amazon Go grocery and convenience stores across the country. Growing adoption of retail analytics to improve corporate processes and rising demand for customized retail analytics solutions for predicting and comprehending customer insights are projected to fuel market expansion in the North American region.

APAC to Have Admirable Growth in Retail Analytics Market

The quickest growth rate was predicted to occur in Asia-Pacific in 2021. It has excellent chances for both the development of technology and the expansion of retail businesses. Data management is a focus in China, India, & Japan in order to support data-driven corporate choices and improve retail operations. The expansion of big firms’ smart shops within this area is another factor driving the market’s growth. The dominance of e-commerce companies in important Asian nations, the rise in the adoption of data-driven technology by supermarkets and hypermarkets, and the COVID-19 pandemic-related sales migration from traditional to online channels are all contributing factors to the region’s rapid growth.

Ask To Expert:
https://www.marketresearchfuture.com/ask_for_schedule_call/3075

Industry Updates

February 2023- DemandLink, a forecasting & retail analytics company, has been bought by Theta Retail, a South Carolina-based organization that assists business owners in making wise and educated supply chain decisions. The acquisition will enhance Theta Retail’s ability to meet the needs of its clients and is consistent with the broader plan to offer the horticultural sector best-in-class replenishment, analytics, & supply chain forecasting. Theta Retail will expand its current product line and provide a more complete supply chain solution by purchasing DemandLink.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Artificial Intelligence

VIVOTEK Launches Successful Make Tomorrow Easier, Today! Vision During ISC West 2024

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TAIPEI, April 18, 2024 /PRNewswire/ — VIVOTEK (3454-TW), the global leading IP security solution provider, announces that last week’s 2024 ISC West trade show in Las Vegas was a tremendous success as it unveiled the 2024 theme Make Tomorrow Easier, Today! to partners, attendees, and the media. Make Analytics Easier, Make Cloud Easier, Make Search Easier, and Make Integration Easier were the core essential components of the 2024 theme, and both the booth staff and visitors were very busy discussing its vision throughout the show. This also demonstrates that VIVOTEK’s AI security solutions and cloud-based service VORTEX attracted interests by many customers for their rich versatility in applications.

From the outset, it was clear that this year’s ISC West was going to surpass previous editions. There were more engagements, and these engagements lasted longer than the past as attendees and the media were hyper-focused on VORTEX, its new camera solutions, AI integration, re-launch of VIVOTEK Premium Partner Program, additional technology solutions, and the roll-out of the 2024 theme.
AI has quickly become a priority in the security industry, and it was a focal point of VIVOTEK’s strategy during the show as well. During its many sales and marketing meetings at ISC West, discussions primarily revolved around how to integrate AI into the product lines and software platforms, much to the gratification of its partners who are seeing a quickly growing need for this technology to satisfy their customers’ needs.
As many of its customers may know by now, VIVOTEK recently entered into an integration partnership with Kisi, a modern cloud-based access control solution based in Brooklyn, New York. This partnership aims to secure physical spaces dedicated to providing a seamless and efficient user experience, making Kisi ideally suited as a VIVOTEK partner. During ISC West, VIVOTEK provided Kisi with a station in the booth to perform demonstrations, which proved to be very popular during the show.
Throughout the event, VORTEX remained a central focal point and rapidly gained popularity among partners since its launch. This was evident throughout the show as the VORTEX station was continuously used for strategic demonstrations. As for the theme, attendees commended on how much they liked this year’s booth layout, how the message of “Making Tomorrow Easier, Today” was delivered in every stations, how accessible the staff was in meeting with them, and how much they enjoyed the partner reception party.
VIVOTEK’s commitment to innovation and customer-centric solutions shone brightly at ISC West, as evident in the overwhelmingly positive feedbacks it received from partners, end users, media, and even other exhibit manufacturers. VIVOTEK extends heartfelt thanks to everyone who contributed to making this year’s ISC West a tremendous success. We look forward to making next year’s ISC West even better!
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Artificial Intelligence

aiOla’s Speech AI Technology Outperforms OpenAI’s Whisper in Recognizing Jargon

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aiOla’s model automates the creation of customized processes and workflows for conducting reports and inspections across industries such as manufacturing, supply chain and logistics, pharma, and more
TEL AVIV, Israel, April 18, 2024 /PRNewswire/ — aiOla, an AI-powered technology that automates business workflows by capturing spoken data, has announced a major milestone in speech recognition. aiOla’s solution, powered by a novel keyword spotting model, has advanced to match human proficiency in understanding industry-specific jargon. The patented AdaKWS model achieved 95% accuracy in keyword spotting, surpassing OpenAI’s industry-leading Whisper model which reached 88% accuracy.

Keyword spotting is an essential aspect of speech recognition that tackles the problem of identifying jargon by detecting predefined words and phrases. “Think about a courier delivery where your package arrives damaged. The courier needs to file a report using specific codes and acronyms that describe the situation — those codes and acronyms are keywords. Industry jargon is everywhere and in many fields, it dominates communication, comprising up to half of workers’ speech,” said aiOla’s CEO and co-founder, Amir Haramaty. “The ability to spot keywords enables automation of everyday processes across a wide range of industries, from filing a parcel damage report to completing a safety inspection in a food manufacturing plant, transforming speech into actions.”
aiOla’s process automation applications can accurately understand speech, jargon and acronyms across over 100 languages, regardless of accents and background noises. aiOla achieves this by combining its state-of-the-art keyword spotting model with a speech recognition model. The onboarding process takes mere hours: clients provide examples of their checklists or forms, and aiOla automatically generates custom language models for the use case. Workers are then able to complete their operations verbally using the aiOla app while keeping their eyes and hands on the equipment. aiOla’s exceptional ability to spot rare industry terms with high accuracy allows the platform to easily distinguish between speech related to work processes and everyday conversation.
The app leverages a proprietary model that was developed by aiOla’s team of scientists to recognize a predefined list of keywords within speech. This enables aiOla’s solution to be instantly adapted to the jargon of any industry without needing to retrain its AI model. On a benchmark of keyword and jargon detection that includes 16 languages, Whisper’s largest model yields 88% accuracy compared to aiOla’s model achieving 95% accuracy. Additionally, in a recent benchmark which is composed of hard-to-detect keywords taken from English language audiobooks, the CED model from a team of Apple researchers yields 92.7% whereas aiOla’s AdaKWS reaches 95.1% accuracy.
“Keyword spotting poses significant challenges due to the scarcity of training data, especially across diverse languages and dialects. It typically requires industry-specific fine-tuning to enable models to recognize jargon not commonly found in everyday speech,” said aiOla’s Chief Scientist, Professor Joseph Keshet. “Our model consistently surpassed the OpenAI Whisper baselines by a significant margin, achieving a substantial improvement compared to the top-performing baseline. Furthermore, our model is far more efficient, using 15x fewer parameters.”
To learn more about aiOla’s technology visit: https://aiola.com
Explore aiOla’s keyword spotting research: https://arxiv.org/pdf/2309.08561.pdf
About aiOla:
aiOla’s patented technology comprehends over 100 languages, and discerns jargon, abbreviations and acronyms, demonstrating a low error rate even in noisy environments. aiOla’s technology converts manual processes in critical industries into data-driven, paperless, AI-powered workflows through cutting-edge speech recognition.

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AMN utilises SpaceX’s Starlink Constellation to Connect Rural Villages in Nigeria

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LONDON, April 18, 2024 /PRNewswire/ — AMN is pleased to announce that the first AMN base station is now live using LEO backhaul from SpaceX’s Starlink. In 2023, AMN announced a commercial agreement to use Starlink, SpaceX’s constellation of satellites in low Earth orbit, to connect AMN’s mobile network base stations with high-speed, low-latency broadband services.

By utilising Starlink terminals to provide low-latency satellite backhaul, we are able to deliver the full capability of AMN’s unique multi-carrier radio access node (the ARN) with 3G and 4G as well as 2G, with ever-increasing amounts of bandwidth and data volumes demanded by subscribers whilst remaining economically sustainable. The LEO backhaul also paves the way for AMN to deliver 5G services, targeted before the end of 2024.
AMN began rolling out rural base stations in Nigeria in 2018, and the company now owns and operates 1600 base stations across the country. Yebu was the first rural community to be connected using AMN’s ubiquitous solar powered base station. The village is located approximately 80km from Abuja, but can take four hours to reach due to road conditions. Yebu is predominantly an agricultural community, with a market offering local farmers the opportunity to sell their goods.
Since connecting the community in November 2018, AMN has processed more than 9 million voice minutes in Yebu, with significant growth in 2022 and 2023 following the BTS upgrade to AMN’s own radio node (ARN). AMN became an OEM for RAN equipment in 2020 following the acquisition of Range Networks, and now operates more than 1200 ARN across Africa and Latin America. The impact of this strategic move is clear in Yebu. In 2023, the site processed almost three times the amount of traffic than it did in 2020.
“Yebu community was left behind and blind but the coming of Africa Mobile Networks in 2018 has made us to achieve a lot of things like police division station, 24 hours solar light and steady communication all over the world. Before then there was nothing like those things listed.” – Salihu, on behalf of the Yebu community
AMN believes that all communities of any significant size should have access to telecommunication services to benefit the population educationally, economically and socially. AMN has deployed over 4000 base stations across Africa and Latin America. Installation of new sites continues throughout 2024 in Nigeria, DRC, Cameroon, Madagascar, Ivory Coast, Benin and Rwanda. At AMN, we appreciate that any solution to close the digital divide must be economically sustainable and offer a service of the same quality as in urban areas. From designing and manufacturing our own BTS, uniquely developed for the solar-powered rural site, to offering cutting-edge backhaul solutions, we are committed to bringing high quality connectivity to those living in rural and ultra-rural areas.
CONTACT: Jennifer Darcy, [email protected], +44 1908 394482
 

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