Middle East and Africa 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 and 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.A.E., Saudi Arabia, Israel, Egypt, South Africa and Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights: Middle East and Africa Retail Analytics Market
Middle East and Africa 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 19.6% in the forecast period of 2021 to 2028 and expected to reach USD 2,255.74 million by 2028.
Growing use of IoT, is contributing toward the market growth. Increasing use of internet of things in retail processes increases the productivity and efficiency of the retailing is creating demand for retail analytics tools. Internet of things refers to faster and efficient logistics, supply chain management and inventory management In-store buyer behavior tracking, smart warehouses and others. Internet of things has been enabling retailers to connect with both businesses and customers. Retailers now-a-days are engaged in making business processes digitized and centralized.
Digital transformation and centralization with retail analytics provides better services and efficiency to retail process. Increasing technological advances, new innovations and digitization of business processes are making it difficult for workers, employees, and staff to match their skill set with the needs of growing and technologically updated operations. This creates skill gap between the staff and business. There is shortage of technical skilled expertise with relevant qualifications and knowledge as technology upgrades day by day.
Retail analytics refers to the process of using analytics tool to gather insights pertaining to business trends, consumer purchasing patterns, and overall performance in the retail industry. It helps retailers by providing them information related to merchandising, inventory, pricing, which further results in improved sales and customer relationship.
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.
Middle East and Africa 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 has been 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 has been 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 has been segmented into large enterprises and small and medium enterprises (SMES). 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 has been segmented into sales and marketing, supply chain, finance, operations, procurement and human resource. Sales and marketing held largest share in the Middle East and Africa 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 has been segmented into customer management, merchandising analysis, performance analysis, pricing analysis, order and fulfilment management, yield analysis, inventory analysis, 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.
Middle East and Africa Retail Analytics Market Country Level Analysis
Middle East and Africa retail analytics market is analysed and market size information is provided by country, offering, deployment model, organization size, business functionality, application, and end user.
The countries covered in retail analytics market report are U.A.E., Saudi Arabia, Israel, Egypt, South Africa and Rest of Middle East and Africa.
U.A.E. accounted for maximum share in the retail analytics market, due to strong growth of retail sector, developed infrastructure, surging focus of the government toward investment in retail analytics, and growing consumer demand for customized shopping.
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., 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., Happiest minds, among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
- In May 2020, RetailNext, Inc. entered into partnership with YOOBIC and sensalytics for optimizing shopper experiences at retail stores. The company’s partnership with YOOBIC will help retail stores to maximize safety efforts and improve customer experience. Whereas, the company’s partnership with sensalytics will allow retailers to communicate in-store occupancy analytics with employees and customers. This has helped the company to better meet customers need 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 through expanded product range.
SKU-