Asia-Pacific Retail Analytics Market, By Offering (Software and Services), Deployment Model (Cloud and On Premises), Organization Size (Large Enterprises and Small and Medium Enterprises (SMES)), Business Functionality (Sales and Marketing, Supply Chain, Finance, Operations, Procurement, Human Resource), Application (Customer Management, Merchandising Analysis, Inventory Analysis, Performance Analysis, Pricing Analysis, Yield Analysis, Order and Fulfilment Management, Cluster Planning and Transportation Management, and Others), End User (Offline and Online (E-Commerce)), Country (China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines and Rest of Asia-Pacific) Industry Trends and Forecast to 2028
Market Analysis and Insights: Asia-Pacific Retail Analytics Market
Asia-Pacific retail analytics market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with the CAGR of 22.5% in the forecast period of 2021 to 2028 and expected to reach USD 4,930.52 million by 2028.
Retail analytics is the process of providing analytical tools in the retail industry to provide analysis of business trends, patterns and performance. Retail business analytics allow retailers to leverage data-driven insight from business and customers to improve the consumer experience, increase sales and optimize business operation. Retail analytics is the tool for providing analytical data on inventory levels, consumer demand, supply chain movement, sales and others which are crucial for taking marketing and procurement decisions. This analytics on demand and supply data is used for maintaining procurement level.
Retail analytics market is on growth phase rapidly due to growing use of internet of things and increasing adoption of analytics tools amongst retailers. The companies are even launching new products so as to gain larger market share.
The growth of the market has been highly boosted by rising adoption of industry 4.0 in retail sector. Growing number of smartphones and increasing use of m-commerce is boosting the growth of the retail analytics market. The retail analytics tools requires high capital requirement for installation, maintenance, testing, licensing and other technical labor costs which acts as major restraint factor for the retail analytics market.
This retail analytics market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Asia-Pacific Retail Analytics Market Scope and Market Size
Retail analytics market is segmented on the basis of offering, deployment model, organization size, business functionality, application, and end user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of offering, the retail analytics market is segmented into software and services. In 2021, software category held larger share in the retail analytics market due to surging demand for retail analytics software for purposes areas such as inventory analysis, customer management, point of sale, and others.
- On the basis of deployment model, the retail analytics market is segmented into cloud and on premises. In 2021, cloud category held larger share and is also registering faster growth. This is mainly attributed to shift toward digital transformation and growing demand for huge storage capacity.
- On the basis of organization size, the retail analytics market is segmented into large enterprises and small and medium enterprises (SMES). In 2021, large enterprises category has accounted for maximum market size due to increasing adoption of analytics software by large organizations for several application areas such as merchandising analysis, sales forecasting, and 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 held the largest share in the market is mainly attributed to actionable insights provided by the retail analytics software, which further supports in increased sales for the company and improved decision making.
- 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 category has accounted for maximum market size due to effectively manage interaction with past and potential customers and gaining valuable insights for enhanced customer experience.
- On the basis of end user, the retail analytics market is segmented into offline and online (e-commerce). In 2021, offline category held larger market share owing to factors such as increasing demand for personalized shopping, tracking of product sales, surging adoption of digital media and streamline operations.
Asia-Pacific Retail Analytics Market Country Level Analysis
Retail analytics market is analysed and market size information is provided by country, offering, deployment model, organization size, business functionality, application, and end user as referenced above.
China accounted for maximum share in the retail analytics market, due to changing consumer requirements, growing investment in retail analytics by online companies, rapid focus toward utilization of advance technologies, and extensive emphasis toward increased sales.
The country section of the retail analytics market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Diffusion of Big Data in Retail Industry
Retail analytics market also provides you with detailed market analysis for every country growth in installed base of different kind of products, impact of technology using life line curves and changes regulatory scenarios and their impact on the retail analytics market. The data is available for historic year 2019.
Competitive Landscape and Retail Analytics Market Share Analysis
Retail analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to retail analytics market.
Some of the major players operating in the retail analytics market are Microsoft, IBM Corporation, Oracle, Adobe, SAP SE, Tableau Software LLC, TIBCO Software Inc., Retail Solutions Inc., RetailNext Inc., Alteryx Inc., Teradata Corporation, MICROSTRATEGY INCORPORATED, SAS Institute Inc., Wipro Limited, HCL Technologies Limited, QlikTech International AB, FLIR Systems, Inc., Fractal Analytics Inc., and Happiest Minds among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of retail analytics market.
For instance,
- In October 2020, HCL Technologies Limited collaborated with IBM Corporation to help customers accelerate digital transformation in industries such as financial services, telecommunications, life sciences & healthcare and energy & utilities and retail. Under this collaboration HCL will offer a wide range of services and solutions by leveraging IBM Cloud, data & analytics, artificial intelligence, machine learning capabilities. This has helped the company to enhance their offerings and to grow in the market.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for retail analytics market.
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