RetailNext (US) and Mindtree (India) are leading players in In-store Analytics Market
The global in-store analytics market is expected to grow from USD 1.1 billion in 2018 to USD 3.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period. Factors that drive the market growth are increased competition from eCommerce players, need for better customer service and enhanced shopping experience, and rising data volume around in-store operations.
The in-store analytics market comprises major solution providers, such as RetailNext (US), SAP (Germany), Thinkinside (Italy), Mindtree (India), Happiest Minds (India), Celect (US), Capillary Technologies (Singapore), Scanalytics (US), Inpixon (US), Retail Solutions (US), Dor Technologies (US), SEMSEYE (Lithuania), InvenSense (US), Walkbase (Finland), and Amoobi (Belgium). The study includes an in-depth competitive analysis of these key players in the in-store analytics market with their company profiles, recent developments, and key market strategies. The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations, have been the most dominating strategies adopted by the major players from 2016 to 2019, which helped them innovate on their offerings and broaden their customer base.
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RetailNext is among the leaders in the in-store analytics market with a prominent geographic presence. It adopts a balanced approach of organic and inorganic growth strategies and continues to enhance its expertise in retail through constant product enhancements, technology acquisitions, collaborations, and partnerships. For instance, RetailNext acquired Nearbuy Systems in 2013, followed by Pikato in 2015 to strengthen its in-store analytics product offerings. Acquisitions, partnerships, and strategic alliances help the company innovate and pioneer the future of the retail technology with new technology and expertise additions.
Mindtree has a strong foothold in the in-store analytics market with its standalone in-store analytics platform named Flooresense. It also has a robust partner network, and strategic alliances with renowned companies such as Adobe, AWS, Hortonworks, IBM, and Microsoft. Furthermore, it has expanded its business footprint by opening new offices in North America. In September 2017, it established an innovation hub in the US, Digital Pumpkin, which aims at fulfilling the needs of its US clients and promoting innovation in the digital space.
Related Reports:
In-store Analytics Market by Application (Marketing Management, Customer Management, Merchandising Analysis, Store Operations Management, and Risk and Compliance Management), Component, Deployment, Organization Size, and Region - Global Forecast to 2023
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