The retail analytics market globally is projected to witness rise to USD 9.68 billion by 2027 from USD 5.19 billion in 2019, registering at a Compound Annual Growth Rate (CAGR) of 21.7%. Owing to its potential of evaluating the large data volumes flooding the retail industry, retail analytics market is getting driven globally. Current retail environment is way more competitive as compared to few years back. For staying beforehand in the competition, retailers are facing restraints. Several retailers have initiated thinking of advanced ways to serve the customers’ needs because of enhanced customer preferences and requirement for one-click solutions. Thus, retail analytics has initiated in acquiring relevant traction among retailers to furnish actionable observation from customers’ data. In every perspective of the retail space, analysis has been introduced.
The grasped value for retail analytics is anticipated to be enhanced due to significant technological improvements in this market area. Observing the customer purchasing behaviour and in return giving a adequate shopping experience to the customer are the aid attributed by the solutions, which can boost retail analytics market. Various areas of traditional brick-and-mortar retailers include optimization and planning, inventory management, and cluster planning are anticipated to gain from retail analytics. The retail analytics market can be severely impacted by high analytics cost along with the incompetence to assimilate offline market behaviour of consumers.
The classification of retail analytics market can be done on the basis of analytics software, solutions, services, business functions, deployments, data management software, visualizing tools, and mobile applications. Solutions can further be sub-segmented as altered as per the clients’ need and available in market in their generic form. The market is segmented into professional services, support and maintenance services on the grounds of services. The market can be divided into on-demand deployment, cloud deployment, and on-premise deployment on the basis of deployment.
The retail analytics market is driven by top players such as Adobe System, Oracle, IBM, SAS Institute, and SAP AG. Solutions comprising of a plethora of business functions like merchandizing, marketing, customer analytics, supply chain management and store analytics, supply chain management, in-store analytics, strategy, and planning are attributed by these key players.
With the high execution rate of retail analytics solutions on account of sophisticated systems and presence of high working capital at the disposal of various retailers in the region, North America is forecasted to dominate as the key regional market. In regions like Europe, Asia Pacific, and rest of the world, the acceptance rate of retail analytics is growing because of enhanced awareness associated with digitalization. During the projected term, Asia Pacific is estimated to account high growth.
Scope of the Retail Analytics Market Report
• Merchandising Analysis
• Pricing Analysis
• Customer Management
• Performance Analysis
• Yield Analysis
• Inventory Analysis
• Others (order management, transportation management, assortment and cluster planning, and real-estate planning)
By Business Function:
• Supply Chain
• Store Operation
Retail Analytics Market By Component:
o Professional Services
o Implementation and Consulting Services
o Training and Support
o Managed Services
By Deployment Model:
Retail Analytics Market By Organization Size:
• Large Enterprises
Retail Analytics Market By Region:
• North America
• Latin America
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Abstract Market Research
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