Digitalization as well as Centralization of Retail Operations, Drive the Demand for Retail Analytics Market

Nowadays, Retailers are engaged in making business processes centralized and digitized. Digitalization is the process of converting physical data into digital information through several data handling tools, software and devices. Thus, centralization and digitization has an impact on the whole retail industry, allowing new and enhanced business models. Retailers need to centralize and digitize their services to withstand in the digitally evolving market to offer better experience for the customers, thus acting as a major factor for the market growth in the upcoming years.

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Data Bridge Market Research analyses that the retail analytics market is expected to reach USD 28,098.88 million by 2028 from USD 6,751.14 million in 2020 growing with the healthy CAGR of 20.8% in the forecast period of 2021 to 2028. The emergence of technologies such as machine learning (ML), augmented reality (AR), artificial intelligence (AI) because it offers retailers data insights that can create sales with enhanced consumer experience. This is one of the major which is expected to provide potential opportunities for the retail analytics market growth in the forecast period.

Growing usage of internet of things (IOT) is expected to drive the market's growth rate

Increasing usage of internet of things (IOT) in retail processes upsurges the efficiency and productivity of the retailing and generating demand for retail analytics tools. Internet of things (IOT) refers efficient and to faster logistics, inventory management In-store buyer behavior tracking and supply chain management, smart warehouses and others. The Internet of things (IOT) has allowed retailers to connect with customers and businesses. For customers today, the Internet of Things is very significant due to such connected technologies has the potential to become ubiquitous. These technologies have the ability to data handling productivity and minimize manual errors that fosters retail analytics growth.

 Report Scope and Market Segmentation

Segment Analysis:

The retail analytics market is segmented on the basis of offering, deployment model, organization size, business functionality, application and end user.

• On the basis of offering, the retail analytics market is segmented into software and services.

In 2021, the software segment of offering segment is anticipated to dominate the retail analytics market

Software segment is expected to dominate the global retail analytics market with 68.35% market share due to increasing adoption of retail analytics software for numerous application areas such as promotion, loyalty management, point-of-sale and others. This software also offers several advantages to retailers such as enhance customer experience, anticipate demand, optimized in-store operations, gathering insights pertaining to customer behavior and others.

• On the basis of deployment model, the retail analytics market is segmented cloud and on-premises. In 2021, cloud segment is expected to dominate the global retail analytics market with 63.95% market share due to huge cloud deployment storage capacity, which further enables interpretation of data in real-time.
• On the basis of organization size, the retail analytics market is segmented into large enterprises and small and medium enterprises (SMES).

 In 2021, the large enterprises segment of organization size segment is anticipated to dominate the retail analytics market

Large enterprises segment is expected to dominate the global retail analytics market with 78.50% market share owing to high need for retail analytics software by large organizations for several purposes including inventory analysis, improved shopping experience and sales forecasting among others.

• On the basis of business functionality, the retail analytics market is segmented into finance, human resource, operations, supply chain, sales and marketing and procurement. In 2021, sales and marketing segment is expected to dominate the global retail analytics market with 32.46% market share due to actionable insights offered by retail analytics software which further helps in improved decision making and increased the sales for the company.
• On the basis of application, the retail analytics market is segmented into customer management, inventory analysis, yield analysis, order and fulfilment management, merchandising analysis, performance analysis, pricing analysis, cluster planning and transportation management and others. In 2021, customer management segment is expected to dominate the global retail analytics market with 22.62% market share owing to converting demographic data and the transaction into valuable insights for retailers to efficiently manage interaction with potential customers.
• On the basis of end user, the retail analytics market is segmented into offline and online (e-commerce). In 2021, offline segment is expected to dominate the global retail analytics market with 60.64% market share due to factors such as growing demand for tracking of product sales, personalized shopping, increasing adoption of streamline operations and digital media.

Major Players

Data Bridge Market Research recognizes the following companies as the major retail analytics market players in retail analytics market IBM (U.S.), Oracle (U.S.), Microsoft (U.S.), HCL Technologies Limited (India), Salesforce, Inc. (U.S.), SAP SE (Germany), Wipro Limited (India), SAS Institute Inc. (U.S.), QlikTech International AB (U.K.), Teradata (U.S.), Retail Solutions, Inc. (U.S.), TABLEAU SOFTWARE, LLC (U.S.).

Market Development

• In September 2020, HCL Technologies Limited launched a new analytics solution, MINTVIZOR. This solution offers analytics of shop-floor data and real-time monitoring which drives the decision making for higher throughput, improved product quality and reduced downtime. This has helped the company to better meet customers demand and improve their product portfolio.
• In August 2020, QlikTech International AB has declared acquisition of the assets and IP of Knarr Analytics to complement analytics platform and cloud data. This acquisition will aid the company to improve their data exploration experience and cloud platform Insight Advisor experience.
• In May 2020, RetailNext, Inc. entered into partnership with sensalytics and YOOBIC to increase department store shopping experiences. The partnership with YOOBIC would help retail stores optimize security efforts and improve customer service. Whereas the company’s partnership with sensalytics will enable retailers to communicate in-store occupancy analytics with customers and employees. This has helped the company to grow in the market.

Regional Analysis

Geographically, the countries covered in the retail analytics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in retail analytics market during the forecast period 2022 - 2029

North America dominates the retail analytics market due to the presence of large retail companies and increasing focus on utilization of advance technologies, Furthermore, The U.S. witnessed for maximum share in the North America retail analytics market, owing to changing consumer behavior, and growing investment in retail analytics which is expected to further enhance the market's growth rate in this region. 

Asia-Pacific is estimated to be the fastest growing region in retail analytics market the forecast period 2022 - 2029

Asia-Pacific is expected to grow during the forecast period of 2021-2028 due to the large number of retail stores and the growing requirement to study consumer behavior. Furthermore, China held largest share in the Asia -Pacific retail analytics market due to surging focus toward personalized and online shopping, improve customer experience and analyze consumer purchasing patterns. These are some major factors that will further propel the growth of the retail analytics market in upcoming years in this region.

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