Global 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 (U.S., Canada, Mexico, U.K., Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Belgium, Turkey, Rest of Europe, China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, Rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Israel, Egypt, Rest of Middle East and Africa, Brazil, Argentina, Rest of South America) Industry Trends and Forecast to 2028
Market Analysis and Insights: Global Retail Analytics Market
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 20.8% in the forecast period of 2021 to 2028 and is expected to reach USD 28,098.88 million by 2028.
Increasing use of internet of things in retail processes increases the productivity and efficiency of the retailing is creating demand for retail analytics tools. It helps retailers to gain insights about important data, customer buying behavior, enhance customer experience, and delivers practical insight to improve all in-store operations which is creating a huge demand for the retail analytics tools. Rising adoption of industry 4.0 in retail sector, is another major factor boosting the market growth. Under retail 4.0, many processes and operations in retail industry such as customer service, inventory management, customer accounts, merchandising management and supply chain management activities became automated and digitized.
Emergence of technologies such as artificial intelligence (AI), machine learning (ML), augmented reality (AR), and others are observed as an opportunity for market players. It offers retailers data insights that can generate sales with enhanced consumer experience. Integrating retail analytics with AI helps retailers to gain the ability to ingest huge volumes of data in various different formats. High implementation costs acts as a major restraint for the global retail analytics market. The initial cost for implementing a retail analytics plan includes the cost for software licenses, cost of materials and connections, travel cost, installation cost and various costs of technical labours. The actual cost of retail analytics can be a lot more complicated based on the features needed and business operations and sometimes the budget may also exceed than the proposed ones.
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.
Global 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. Software held largest share in the market in 2021. This is mainly 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. Cloud held larger share in the market in 2021. 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 sized enterprises. Large enterprises held larger share in the market in 2021. This is mainly 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 sales and marketing, supply chain, finance, operations, procurement, and human resource. Sales and marketing held largest share in the global retail analytics market in 2021. This 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, merchandising analysis, inventory analysis, performance analysis, pricing analysis, yield analysis, order and fulfilment management, cluster planning and transportation management, and others. Customer management held largest share in the market in 2021. This is mainly 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.
Global 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.
The U.S. accounted for maximum share in the retail analytics market, due to presence of large retail companies, focus on utilization of advance technologies, changing consumer behaviour, and increasing investment in retail analytics. Germany accounted for largest share, owing to implementation of big data in retail industry, presence of large number of retail stores, and increasing need to study consumer behaviour. Further, China held largest share in the retail analytics market, attributed to surging focus toward online and personalized shopping, analyse consumer purchasing patterns, and improve customer experience.
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 2010-2019.
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., 10101Data, 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, SAP SE announced that it has been named a leader for retail planning in The Forrester Wave. Under this SAP SE named as a leader based on their Omni channel planning solutions. This will help the company to introduce new innovations 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.
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