Retail Analytics Market Research Report Overview By Industry Size, Market Share, Future Trends, Growth Factors and Leading Players 2020–2027
Retail Analytics Market — Emphasis on Component (Software, Service); Deployment Type (Cloud, On-premises); Application area (Customer Management, Merchandising Analytics, Supply Chain, In-Store Operations Analytics, Others (Strategy & Planning); End-users (E-commerce, In-store Retailers) and Region & Country
Automation, leveraging artificial intelligence and other technologies have opened ample opportunities in various industrial verticals inclusive of the retail sector. It has been estimated that in 2018, around 57% of 1300 institutions have adopted artificial intelligence while around 18% were planning to enter the respective arena in 2019. The ability to deliver faster service, increased flexibility, and scalability, improved quality coupled with greater traceability, and increased savings and productivity has enhanced the adoption of analytics in the Retail sector. The influence of the internet specifically via social networking to analyze people’s purchasing behavior has grown over the years. Retailers have started adopting social media as it extends beyond generating visibility and has become one of the major channels to generate revenues. It has been observed that retail social media strategy is essential for enhancing in-store as well as online sales, developing relationships with clients paired with establishing the brands. Furthermore, the benefits of social media for retail business are also analyzed via several users. Around 68% of the US uses Facebook, with more than 70% visit Youtube. Social media sites such as Instagram, Twitter, Pinterest, and Snapchat feature a rising number of new users each day. To add on, 6 Billion mobile subscriptions, 1.01 Billion Facebook users worldwide along with 400 Million Tweets per day with 84 million users access Twitter via mobiles have led to an explosion in smartphone use and social media addiction.
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Scope of Big Data and Retailing has increased:
Retailing is already a big data industry. At the macro level, thousands of stores sell hundreds of thousands of SKUs to millions of customers through billions of transactions. For instance, Walmart operates more than 11,000 stores in more than 25 countries, serves more than 35 million customers, and sells around 140,000 items in most of its supercenters. At a micro level, individual consumers have become walking data generators that leave a data trail each time they purchase with their credit card, use a loyalty card, send a text message, or search the web.
Insights Presented in the Report
“Currently service segment dominates the market with 52.4% share in 2019.”
Based on the component, the Retail Analytics Market is bifurcated into software and service. Currently, the service segment dominates the market, however, the post-2022 software segment is expected to overtake the service segment, a majority of the retailer would deploy analytics solutions in-house.
“Retail analytics solution is major deployed over Cloud.”
Based on deployment type, the global Retail analytics market is bifurcated into cloud and on-premises deployment. Currently, the Cloud deployment model dominates the market, with more than 80% share. The high cost associated with on-premises is the major driver for the Cloud deployment technique. With the growing popularity of cloud computing models, organizations are producing a variety of cloud deployment strategies designed to address specific infrastructure challenges that organizations face.
“Big Retailers are using analytics or big data solutions majorly for Customer Management, followed by Merchandising Analytics.”
Based on the application area, the global Retail analytics market is segmented into Customer Management, Merchandising Analytics, Supply Chain, In-Store Operations Analytics, Others (Strategy & Planning). In 2019, the Customer Management segment dominated the market, generating revenue of US$ 1,350.3 million. Other applications include maintaining procurement levels and making crucial marketing decisions. Retail analytics also provide retailers with detailed customer insights, followed by key insights on the business and processes of the organization with scope and suggestions for improvement if needed.
“North America dominated the Retail Analytics Market, accounting for 46.9% share in 2019.”
For a better understanding of the overall adoption of retail analytics solutions among big retailers, a detailed analysis was conducted for the major region/country including North America (US, Canada); Europe (UK, Germany, France, Spain, Italy); Asia-Pacific (China, Japan, India, South Korea, Australia) and Rest of the World. Asia-Pacific is expected to witness the highest CAGR growth of 22.2% during the forecast period 2021–2027.
Top 10 Competitive Players
Some of the major players operating in the market include Cisco Systems Inc., SAP SE, Microsoft Corporation, Oracle Corporation, IBM Corporation, Tableau Software, Adobe Systems Inc., SAS Institute Inc., Domo, MicroStrategy. The industry has witnessed the emergence of several analytics solution providers who are coming up with innovative retail solutions for the retail companies.
Reasons to buy this report:
- The study includes current, and demand forecast of Retail analytics solutions trend
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the retail analytics demand and stakeholders’ approach in limiting its gap
- Deep dive regional level analysis of retail analytics market
The global Retail Analytics Market can further be customized as per the requirements. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.