05-Mar-2021 | Market Research Store
The Global Retail Analytics Market Is Powered By The Increasing Use Of Data Analytics By Integration Of Retail Analytics Platform With Emerging Technologies Such As Machine Learning (ML) And Artificial Intelligence (AI)
Retail analytics provides insights related to sales, customers, inventory, and other crucial aspects that are important for the decision-making process. It uses analytical tools to analyze business trends, performance, and patterns in the retail industry. Retail analytics tools can help to improve the operational performance hence improving the customer experience. It is used to leverage data to optimize the customer experience, streamline relationships between data and people, gain a 360-degree view of customer needs, deliver self-service, and have real-time access to data.
In 2019, demand for the retail analytics market was projected at around USD 4.1 billion, and current and expected developments by 2026 would reach an estimated USD 15.8 billion. Companies and experts predict around 21.2% growth in the worldwide retail analytics market in terms of CAGR. The growing utilization of retail analytics in the micro and small enterprise and mid-sized enterprise sectors is anticipated to fuel the growth of retail analytics in the upcoming years.
Some of the leading and top companies in the retail analytics market are Oracle Corporation, Information Builders, SAP SE, Adobe Systems Incorporated, Qlik Technologies, Inc., Bridgei2i, HCL, Domo, FLIR Systems, RetailNext, IBM, SAS Institute, Inc., Tableau Software, Inc., Microsoft Corporation, Microstrategy Incorporated, Manthan, Teradata, Fujitsu, Google, Capillary, and WNS among others. New products and solutions are introduced in the market through collaborations and joint ventures. In June 2020, Microsoft announced a partnership with SAS Institute. Based on this partnership, SAS institute’s industry solutions and analytical products would be migrated to Microsoft Azure, one of the preferred SAS cloud providers. The partnership is focused to provide customers with cloud-based SAS industry products.
The increasing use of data analytics by the integration of retail analytics platforms with emerging technologies such as Machine Learning (ML) And Artificial Intelligence (AI) is anticipated to drive the retail analytics market. Data analytics is used in the retail analytics industry as it helps to analyze the essence of the information required and the related channels. Integration of analytical platforms with machine learning and artificial intelligence platform is useful in processing big data and gaining insights from it to enhance customer experience and improve business operations. Artificial intelligence can help to optimize the supply chain, rectify inventory distortion, and help in the development of the product. Hence in the forecast period, retail platforms based on artificial intelligence are anticipated to drive the market.
The retail analytics market is segmented as business function, solution, service, organization size, deployment model, and region. By business function segment, the market is segmented into strategy and planning, merchandising and in-store analytics, marketing and customer analytics, and supply chain analytics. By solution segment, the market is segmented into data management software, reporting and visualization tools, mobile applications, and analytics tools. Based on service, the market is segmented into consulting and system integration, and support and maintenance service. By organization size, the market is bifurcated into large enterprises, and small and medium-sized enterprises (SMEs). Based on the deployment model, the market is bifurcated into on-premises, and cloud.
Browse the full “Retail Analytics Market Business Function (Supply Chain Analytics, Merchandizing and In-Store Analytics, Marketing and Customer Analytics, Strategy and Planning), Solution (Reporting And Visualization Tools, Analytics Tools, Data Management Software, Mobile Applications), Service (Support and Maintenance Service, Consulting and System Integration), Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), Deployment Model (Cloud, On-Premises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/market-insights/global-retail-analytics-market-828541
Global Retail Analytics Market
By Business Function
By Organization Size
By Deployment Model
Regional Segment Analysis
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