Retail analytics relies on data and transforms that data into information that can be used for making market decisions. It is a flexible and cost effective solution to optimize market decisions. It is a part of big data analytics. Retailers receive huge amount of data related to customer needs and preferences which needs to be analyzed. Retail analytics helps in understanding customer analytics and businesses better.
As there is major growth in availability of data, there is requirement of analytical solutions to make efficient use of that data. The increasing availability of data is one of the major factors driving the market share globally. Another major factor driving the growth of the market is the Retail Analytics Market provides personalization as per the individual’s needs. This helps in optimization of business procedures.
The retail analytics market has been segmented on the basis of business function, deployment model, solutions and services. Based on business function, the supply chain analytics is expected to contribute the largest market share whereas, merchandising and in-store analytics is expected to gain maximum popularity during the forecast period.
The global retail analytics market is expected to grow at approx. USD 7 Billion by 2023, at 17% of CAGR between 2017 and 2023.
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The prominent players in retail analytics market are – IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Adobe Systems Incorporated (U.S.), SAS Institute Inc. (U.S.), HCL Technologies Ltd. (India), Cisco Systems Inc. (U.S.), MicroStrategy, Inc. (U.S.) and Tableau Software, Inc. (U.S.) among others.
Retail analytics market can be segmented on the basis of following:
By Business Function
- Consumer Analytics
- Marketing Analytics
- Supply Chain Analytics
- Merchandising and In-Store Analytics
- Analytical Tools
- Reporting and Visualization Tools
- Mobile Applications
- Data Management Software
- System Integration
- Support and Maintenance
The regional analysis of retail analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in retail analytics market in North America attributes to the technical advancements and increasing use of mobiles and tablets in that region.
Study Objectives of Retail Analytics Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the retail analytics market.
- To provide insights about factors affecting the market growth.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
- To provide country level analysis of the market with respect to the current market size and future perspective.
- To provide country level analysis of the market for segmentation on the basis of
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for retail analytics
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the retail analytics
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- Technology investors
- Integrated device manufacturers (IDMs)
- Original equipment manufacturers (OEMs)
- Research/Consultancy firms
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