(MENAFN- Straits Research)
Retail Analytics is used to optimize inventory management, reducing wasted space, and associated overhead costs. Apart from inventory management, many companies use retail analytics to identify customer trends and changing preferences by combining data from different areas. The need for accurate forecasts and optimized business solutions has increased in recent years. In addition, the growth of Internet of things and big data analytics is also expected to provide impetus to market growth.
Market Segmentation
The retail analytics market can be segmented by component, application, and business function.
On the basis of component, the market can be segmented into software & services. The services segment is anticipated to hold the largest market share during the forecast period. By application, the retail analytics market can be segmented into merchandising analysis, customer analysis, and performance analysis. The predictive analysis segment is anticipated to grow at the highest CAGR, due to the increasing vendor dependence on predictive analytics for accurate forecast and decision making. Based on business function, the retail analytics market can be segmented into finance, sales, marketing, supply chain and store operations, and others. The store operation segment is projected to hold a significant market share with prolific organizations in the retail sector.
Regional Analysis
On the basis of geography, the retail analytics market has been segmented into North America , Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).
North America is expected to hold the largest market share within the forecast period, due to the increasing need to reduce operational expenses and capital expenses across the retail sector. Further, rapid adoption of social media analytics, Internet of things (IoT) platform, and cloud technologies is also boosting market growth in North America. Increasing adoption of omnichannel for business models is also expected to fuel the growth of the retail analytics market in coming years.
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Europe has emerged as a prominent market for retail analytics, due to the region's growing entrepreneurship spirit alongside the rising adoption and spending on cloud-related services. In addition, online retail is growing exponentially, particularly in Southern Europe.
Asia Pacific is expected to grow at the highest CAGR within the forecast period, with an increase in the number of eCommerce retailers, owing to increasing digitalization and growing internet penetration. The region is witnessing high demand for retail analytics solutions from prolific small and medium retailers.
The LAMEA region is projected to grow at a significant rate due to the increasing demand for automated & mobile retail services, growing adoption of location analytics , and growing deployment of public Wi-Fi systems across various retail stores.
Key Players
Some of the key players operating in the retail analytics market are 1010data (U.S.), Angoss Software (Canada), BRIDGEi2i (India), Capillary Technologies (Singapore), Diaspark (U.S.), FLIR Systems (U.S.), Fujitsu (Japan), IntelliVision (U.S.), IBM (U.S.), LoyaltyOne (Canada), Microsoft (U.S.), MicroStrategy (U.S.), Oracle (U.S.), QBurst (India), Qlik Technologies (U.S.), RetailNext (U.S.), SAP (Germany), SAS Institute (U.S.), Trax (Singapore), Visual BI Solutions (U.S.), Zebra Technologies (U.S.), and NEC Display Solutions of America, Inc. (U.S.)
Prominent market participants are offering solutions such as merchandising, marketing, customer analytics, supply chain management, in-store analytics, strategy, and planning. These players are significantly investing in research and development to incorporate new technologies and develop new product to excel in the global retail analytics market.
- In Nov 2017, IBM and Salesforce announced the expansion of their partnership to deliver new Artificial Intelligence predictive analytics
- In Oct 2018, NEC Display Solutions of America, Inc. announced the launch of the NEC ALP, a powerful business intelligence analytics platform for retailers that delivers real-time content and data measurement
Retail Analytics Market Segmentation
By Component
By Application
- Merchandising Analysis
- Customer Analysis
- Performance Analysis
- Others
By Business Function
- Finance
- Sales and Marketing
- Supply Chain
- Store Operations
- Others
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods
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