Published: Mar-2021 | Format: PDF | Market Research Store | Number of pages: 120 | Code: MRS - 828541
According to the report published by Market Research Store, global demand for the retail analytics market was estimated at approximately USD 4,100.0 Million in 2019 and is anticipated to generate revenue of around USD 15,800.0 Million by end of 2026, growing at a CAGR of around 21.2% between 2020 and 2026.
In recent years, the big data analytics industry has exploded because of its expanded use in different fields. It also aided the company's positive growth by assisting in the perception of industry dynamics and consumer tastes. The big data analytics industry includes the retail analytics market. Retail analytics aids in the collection of evidence and evaluation of knowledge across the entire supply chain. Understanding and responding to consumer needs is the primary goal of retail analytics.
The retail analytics industry has strengthened overall companies by fostering positive consumer interactions that have proven to be beneficial and competitive. Big data's massive scale, range, and velocity are projected to have a big impact on the retail analytics industry. Increased internet shopping, use of social media, a steady rise in big data, and the prevalence of smartphones, all of which have made online shopping easier for consumers, are the primary factors influencing consumer growth. The cloud-based retail analytics solutions are expected to gain traction quickly over the forecast period. The increase in demand for retail analytics in consumer buying control and inventory tracking and planning are two key factors driving market growth. The development of the retail analytics sector is also aided by technical advances in the industry. High analytics costs and a lack of capacity to consider customers' offline market behaviour are two reasons that are limiting the development of the retail analytics market.
The retail analytics market is worldwide segmented into business function, solution, service, organization size, deployment type, and regions. On the basis of business function, the retail analytics market is categorized into supply chain analytics, marketing and customer analytics, strategy and planning, and merchandising and in-store analytics. On the basis of solution, the market is segmented into reporting and visualization tools, analytics tools, data management software and mobile applications. By service, the market is classified as consulting and system integration and support and maintenance service. On the basis of organization size, the market is divided into small and medium-sized enterprises (SMEs), and large enterprises. On the basis of deployment model, the market is divided into cloud, and on-premises. Geographically, the retail analytics market is segmented into North America, Asia-Pacific, Europe, Middle East and Africa, and Latin America.
North America is the prominent region in the retail analytics market in 2019. The factor that is contributing to this growth is the high implementation of retail analytics solutions in different businesses. The implementation of retail analytics is also growing in the Europe and Asia Pacific region. The growth in the Asia-Pacific region is owing to the rise in the penetration of social media and the growth in e-commerce. The Asia Pacific is projected to post the highest CAGR during the forecast period, as it is home to many developing and emerging economies, which offer significant opportunities for the growth of retail stores and technology advancement. China, Japan, and India in particular are concentrating on the management of data to make data-based business decisions and optimize business processes in the retail industry.
The key market players in the retail analytics market include International Business Machines Corporation (IBM), Information Builders, SAS Institute, Inc., Oracle Corporation, Tableau Software, Inc., SAP SE, Microsoft Corporation, Adobe Systems Incorporated, Microstrategy Incorporated, Qlik Technologies, Inc., Manthan, Bridgei2i, Teradata, HCL, Fujitsu, Domo, Google, FLIR Systems, Capillary, RetailNext, and WNS, among others.