According to a new market research report “Retail Analytics Market by Application (Merchandising Analysis, Customer Analytics, and Promotional Analysis and Planning), Business Function (Finance and Operations), Component, Organization Size, End User, and Region - Global Forecast to 2025”, published by MarketsandMarkets, The global Retail Analytics market size to grow from USD 4.3 billion in 2020 to USD 11.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period. Major factors contributing to the growth of the retail analytics market are the rising demand for dashboards for data visualization, growing adoption of cloud, growing number of smartphones, increasing use of m-commerce, and continuous increase in data generation. Additionally, the proliferation of data analytics to understand customer data during COVID-19 pandemic to provide new growth opportunities for the retail analytics market
The COVID-19 has impacted all elements of the technology sector. It has slowed down the growth of IT infrastructure owing to disruptions in the hardware supply chain and reduced manufacturing activities. This health crisis has had an unprecedented impact on businesses across industries; while some are struggling, others are thriving. Rising support from governments and several data analytics companies can help in the fight against this highly contagious disease. Businesses providing retail analytics solutions and services are also expected to witness a decline in their growth for a short span of time. However, the adoption of collaborative applications, IoT, analytics, security solutions, and AI is set to increase in the remaining part of 2020.
Browse and in-depth TOC on “Retail Analytics Market”
146 - Tables
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The fianace business function to hold a larger market size during the forecast period
The finance business function segment is estimated to hold a larger market share in 2020. The growth can be attributed to the rising need of retailers to generate deeper insights across the entire value chain of retail operations, including procurement, supply chain, sales and marketing, store operations, and customer management. Finance departments of retail companies use information gained from their own data to help them with analyses, management processes adjustment, targeted campaign creation, risk identification, or efficient reporting in order to manage the company competitively and profitably. These application areas are small, but critical in nature, a hence it would enhance the adoption of retail analytics solutions among finance business functions.
The merchandising analysis segment to hold the largest market size during the forecast period
The retail analytics market is segmented into various applications, such as merchandising analysis, pricing analysis, customer analytics, promotional analysis and planning, yield analysis, inventory analysis, and others (order management, transportation management, assortment and cluster planning, and real-estate planning). The merchandising analysis segment is estimated to hold a largest market share in 2020. The growth of the segment is due to companies across the retail industry using advanced technologies including, AI and ML to leverage customer insights from huge data volumes of store-based operations. Additionally, the retailers are rapidly implementing analytics for the effective management of their floor space to avoid losses. Retail analytics solutions generate heat maps to help retailers monitor shoppers that are interacting with certain products, and enable them to adapt store layouts to coincide with such merchandise. The inventory analysis segment is projected to register a higher CAGR during the forecast period due to the growing need to enhance business processes by keeping track of stocked goods and ensure surplus inventory.
The need to have full control over organizational data is expected to drive the adoption of retail analytics solutions in the offline segment
Stores can also track item sales to see which products are the most popular, but that doesn’t track an individual shopper’s physical path to purchase, including what else he or she looked at before arriving at the register. As a result, without retail analytics technology, brick-and-mortar retailers are limited in the ways that they can offer a personalized, convenient, and profitable shopping experience to every customer.Retail data analytics and reporting can help retail store managers track and accommodate traffic flows, optimize product placement, encourage consumers to try new products, and offer a seamless store experience that traverses the online/offline boundary. Omni-channel retail ensures brick and mortar stores remain viable.
The service segment to grow at a higher CAGR during the forecast period
The retail analytics market, by component, is segmented into solutions and services. The retail analytics services include professional services and managed services. The services segment is expected to grow at the highest CAGR during the forecast period. The growing concern of organizations to gain visibility for diagnosing and troubleshooting problems before they impact operations or end user experiences will drive the adoption of retail analytics solutions and services.
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North America to hold the largest market size during the forecast period
The North American retail analytics market is estimated to hold the largest share in 2020. The major countries in the North American retail analytics market are the US and Canada. The US is one of the most dominant markets, as it is an early adopter of technology, and large enterprises in the country invest significantly in various technologies to maintain competitiveness. Additionally, The region has a significant presence of large hypermarkets, supermarkets, and retail chains, including Wal-Mart, Costco, Kroger, The Home Depot and Target.The high growth of eCommerce is expected to play a prominent role in the adoption of retail analytics solutions and services.APAC region is expected to record the highest CAGR during the forecast period, as it is home to many developed and emerging economies, which offer major opportunities for the growth of retail stores and technology development. China, India, and Japan in particular are focusing on the management of data to enable data-based business decisions and enhance business processes in the retail market.
Major vendors in the global retail analytics market include Microsoft (US), IBM (US), Oracle (US), Salesforce (US), SAP (Germany), AWS (US), SAS Institute (US), Qlik (US), Manthan (India), Bridgei2i (India), MicroStrategy (US), Teradata (US), HCL (India), Fujitsu (Japan), Domo (US), Google (US), FLIR Systems (US), Information Builders (US), 1010Data (US), Capillary (Singapore), RetailNext (US), WNS (India), True Fit (US), Vend (New Zealand), Fit Analytics (Geramny), Edited (UK), Decision6 (Brazil), Cubelizer (Spain), ThinkInside (Italy), Dor Technology (US), Glimpse Analytics (India), Pygmalios (Slovakia), and Orenda Software Solutions (Canada).
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