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Retail Analytics Market, By Component (Software, Service, and General), Deployment Model (On-Premise

Published Date: April 2020 | Report Code : IT2063095

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Retail Analytics Market, By Component (Software, Service, and General), Deployment Model (On-Premise, Cloud), Application (Supply Chain Management, Merchandizing Intelligence, Customer Analysis, Data Management and others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting to 2028

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Report Code : IT2063095

Status : Published April 2020

The global retail analytics market size was valued at USD 3.94 billion in 2019 and is anticipated to grow at a CAGR of 18.9% during the forecast period. Retail analytics are integrated with superior technologies like information mining and massive data analytics to analyze the big dataset and conclude meaningful commercial enterprise insights that can be implemented by means of the companies to reinforce their market position. Retail analytics has boosted the e-commerce business such as giant customer database, greater searched objects, and items delivered to cart, the wide variety of purchased objects are effortlessly accessible. Through establishing strong customer relationships that have proven beneficial and gained competitive advantages, the retail analytics industry has strengthened the overall business. Big data bulk volume, variety, and velocity are expected to have a significant impact on the retail analytics market. The prime factors influencing the growth of the market include growing online shopping, the use of Social networking, the steady rise in big data and the proliferation of smartphones which have made online shopping easy for customers. The other factors that drive the market growth are growing demand for retail analytics in the tracking of consumer transactions and management and preparation of inventories. Also contributing to business growth are the technological advancements made on the retail analytics business. The factors that hinder market growth include the high cost of analytics and the lack of ability to understand customers ' offline business behavior.

Considering the current market scenario, the global retail analytics market is primarily being driven by the early beginning of different maturing impacts on a larger part of individuals everywhere throughout the globe. Substantial technological advancements in this market area are expected to increase the perceived value for retail analytics. The solutions provided can be utilized to track down customer purchasing behavior and in return give a satisfactory shopping experience to the customer, which can spur retail analytics market. Traditional brick-and-mortar retailers are expected to benefit from retail analytics in several areas such as optimization and planning, inventory management, and cluster planning. High analytics cost coupled with the inability to comprehend offline market behavior of consumers can severely hamper the market. Digitalization has contributed to the technological awareness within customers to go for easy purchase with a variety of options, while saving sufficient time consolidating retail sector. Thus, bulk volume, velocity, and variety of big data are expected to have a significant impact on the market. Major factors driving the market are increasing online shopping, consecutive increase in big data, utilization of social media, and proliferation of smart phones, which have made shopping easy for customers. Prominent retailers have successfully managed to harness the benefits offered by several social media platforms such as Facebook, which have resulted in better understanding of customers’ needs, brand perception, loyalty and feedback.

Key Factors Impacting the Growth of Retail Analytics Market:

  • Growing internet penetration.
  • Advancement in technologies such as machine learning, AI, and augmented reality.
  • Increased use of data-intensive platforms and rapid adoption of social media.

The retail analytics market segmentation is based on Component, Deployment Model, Application and region.

Component Outlook:

Based on component, the market has been segmented into software, service, and general. The software segment is expected to dominate the market in 2019 and further anticipated to lead the market during the forecast period owing to increase in demand for software advancement to enhance the retail functionality at limited time frame.

Deployment Model Outlook:

Based on deployment model, the market is segmented into on-premise and cloud. The on-premise segment is expected to lead the retail analytics market in the coming years owing to high availability of product at limited cost compared to cloud segment. 

Regional Outlook:

Based on the region, the global retail analytics market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. North America governs the worldwide retail analytics market in 2019. Asia Pacific is expected to dominate the market due to rising digitalization and growing internet penetration in the APAC region has resulted in an increasing number of e-commerce retailers. In addition, rapid growth in faster Internet connectivity coupled with increased usage of mobile devices creates tough competition in the region's retail analytics industry. The area is seeing ever-increasing demand for cloud-based analytics solutions.

Competitive Landscape

The dominated players in the retail analytics market include International Business Machines Corporation, SAS Institute, Inc., Information Builders, Tableau Software, Inc., Oracle Corporation, Microsoft Corporation, SAP SE, Adobe Systems Incorporated, Microstrategy Incorporated and Qlik Technologies, Inc. The growth in product development and increase in the count of retail stores such as hypermarket and supermarket across the globe are expected to play a key factors for the development of retail analytics from the manufacturers.

This report also includes the profiles of key Retail Analytics market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in Retail Analytics Market:

  • In March 2017, Oracle launched the Oracle Retail Merchandising solution on the Oracle cloud platform. The cloud-based retail merchandising offerings optimize mobility, improve customer engagement, and enhance the user experience, thereby improving Oracle’s competitive position in the market.
  • In January 2017, Fujitsu launched a new version of Retail Engagement Analytics 2.0, a cloud-based solution that uses RFID and IoT technologies to monitor and analyze real-time customer behavior, and provide actionable insights to maximize sales conversion rates.

What Does This Report Provide?

This report provides a detailed understanding of the global retail analytics market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Component

  • Software
  • Service
  • General

By Deployment Model

  • On-Premise
  • Cloud

By Application

  • Supply Chain Management
  • Merchandizing Intelligence
  • Customer Analysis
  • Data Management
  • Others

By Region:

  • North America Retail Analytics Market
    • By Country (US, Canada, Mexico)
    • By Component
    • By Deployment Model
    • By Application
  • Western Europe Retail Analytics Market
    • By Country (Germany, UK, France, Italy, Spain, Rest of  Europe)
    • By Component
    • By Deployment Model
    • By Application
  • Eastern Europe Retail Analytics Market
    • By Country (Russia, Turkey, Rest of Europe)
    • By Component
    • By Deployment Model
    • By Application
  • Asia Pacific Retail Analytics Market
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Component
    • By Deployment Model
    • By Application
  • Middle East
    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East Africa)
    • By Component
    • By Deployment Model
    • By Application
  • Rest of the World
    • By Region (South America, Africa)
    • By Component
    • By Deployment Model
    • By Application

Reasons to Buy This Report:

  • Market size estimation of the retail analytics market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

For more information, contact: [email protected]

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