Retail Analytics Market: Market Segments: By Component (Solutions and Services); By Function (Finance, Marketing and sales, Human Resources and Operations); By Organization Size (Large Enterprises and Small and Medium-sized Enterprises (SMEs)); By Application (Merchandising analysis, Pricing analysis, Customer analytics, Promotional analysis and planning, Yield analysis, Inventory analysis and Others); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
Retail Analytics is a term used to describe the process by which the movement of the supply chain, sales, inventory levels or consumer demand information is measured and generated. This technique facilitates the overall assessment of data and also provides methods by which the channel is measured, as well as product preferences. For business Aprilisions such as recruitment and marketing to be made, this information is highly important.
Retail Analytics Market is expected to project a notable CAGR of 21.3% in 2030.
Retail Analytics Market to surpass USD 14.1 billion by 2030 from USD 4.8 billion in 2019 at a CAGR of 21.3% throughout the forecast period, i.e., 2020-30. The retail analytics market has improved the general business by developing strong customer relationships that have proven beneficial and established competitive advantages. The size, variety and speed of bulk data are expected to have a significant effect on the market for retail analytics.
Retail Analytics Market: Segments
Solutions segment to grow with the highest CAGR during 2020-30
Retail Analytics Market is segmented by Component as Solutions and services. The Solutions segment held a retail analytics market share of 50% in 2019 due to increased demand for enriched visualization and unified dashboards to track live sales data and extract valuable business intelligence. Retail analytics software enables retailers to optimize promotion, enhance product placement & marketing, and exploit customer data analytics in order to maximize customer retention.
Retail Analytics Market: Market Dynamics
Growing e-commerce industry
Digitalization has led to the technological expertise of customers to go with a variety of options for quick transactions while saving enough time to consolidate the retail sector. It is also expected that the scale, velocity and variety of big data in bulk would have a significant impact on the market. The growth of online shopping, the successive increase in big data, the use of social media and the proliferation of smartphones are major factors that drive the market making shopping easy for customers.
Data privacy concerns and Lack of technical expertise
Technology is used by large retail stores for regular tasks such as billing and payments, avoidance of shrinkage, maintaining of stock records, and supply chain management. Although large companies are making the most of these technologies, the unorganized retail sector has to address the limited availability, feasibility and implementation of technology.
Retail Analytics Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
• SAS Institute
• Micro strategy
• Information Builders
Retail Analytics Market: Regions
Retail Analytics Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Retail Analytics Market in North America held the largest market share of XX.X% in the year 2019 and 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 an early adopter of technology, and major corporations in the country invest heavily in various technologies in order to maintain competitiveness. Whereas, APAC is expected to record the highest CAGR during the forecast period as it is home to many developed and emerging economies, which offer substantial opportunities for growth in retail stores and technology advancement. In particular, China, India and Japan focus on data management to make data-based business Aprilisions and to improve the business of retail market protentional over the coming years.
Retail Analytics Market report also contains analysis on:
Retail Analytics Market Segments:
• Marketing and sales
• Human Resources
• Merchandising analysis
• Pricing analysis
• Customer analytics
• Promotional analysis and planning
• Yield analysis
• Inventory analysis
By Organization size:
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
• Retail Analytics Market Dynamics
• Retail Analytics Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
FAQs on Retail Analytics Market
· Which segment is anticipated to hold the largest market share?
· At what CAGR is the market anticipated to grow between 2020 and 2030?
· Who are the key players in the Retail Analytics Market?
· What could be the challenging factors in the growth of Retail Analytics Market?
· What are the growth drivers for the Retail Analytics Market?