Microsoft Corporation (US), IBM Corporation (US), Oracle Corporation (US), Adobe Systems Incorporated (US), SAP SE (Germany), SAS Institute Inc. (US), Cisco Systems Inc. (US), HCL Technologies Ltd. (India), Tableau Software, Inc. (US) and MicroStrategy, Inc. (US) are some of the prominent players competing in the Global Market for the Retail Analyticsand areprofiled in MRFR Analysis.
Retail Analytics Market – Overview
Retail Analytics market is growing pervasively mainly due to the proliferation of massive amount of data through connected devices. Owing to the digital revolution and the growing eCommerce business, the Retail industry, over the past few years has evolved greatly. And so have the consumers’ preferences & patterns changed radically. To understand the changing consumer patterns, the retails have to analyse huge volumes of data and there comes Retail Analytics to the aid.
Processing and analysing subsets of all the data collected and then only transmitting the results, Retail Analytics helps in understanding customer analytics and businesses better. These results are data-driven used for making a better market decisions. And decision making around pricing give a better return on marketing investment. This is a key factor that makes Retail Analytics extremely important component & escalates its market on the global platform.
Acknowledging the prominence and the value this market is garnering currently and the growth prospect the market is demonstrating worldwide, Market Research Future (MRFR), has recently published a brilliant study report. According to MRFR, the Global Retail Analytics market is expected to worth USD 7 Billion by 2023, registering a CAGR of 17% during the review period (2017-2023).
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Prominent driving force for the market growth are features of Retail Analytics like scalability and cost optimization. The proliferation of the Internet of Things (IoT) model fetches multiple benefits to businesses allowing extended accessibility to insights of Big Data. The data generated by the numerous smart devices, sensors and the real-time intelligence is abundant and overwhelming. Other factors propelling the market growth include the increasing pollution, growing urbanization & industrialization coupled with the growing economic conditions.
On the other hand, Retail Analytics being in its embryonic stage, still presents the challenges such as issues pertaining to safety and security and lack of universally accepted standards and current cloud infrastructures. Moreover, the reluctance of the key players for investments is acting as the restraints to the growth of Retail Analytics Market.
Retail Analytics Market – Competitive Analysis
The Retail Analytics Market is fiercely competitive with the presence of several large and small players operating in the market. Growth in terms of product innovations and technologies in the market are also expected to create strong investment opportunities for the global players.
April 09, 2018 – Guestlogix Inc. (Canada), a leading provider of technology for on-board and off-board retail technology and merchandising systems, launched Retail Analytics Engine for Mobile Ordering & ‘Day of Travel’ Revenue. The New airline commerce platform is designed for the digital habits and expectations of today’s connected traveller.
April 02, 2018 – IBM announced that it is restructuring its partner program – channel partners, applicable globally. The company expects that the retail & BFSI will be benefitting most from the new partner programme.
Retail Analytics Global Market – Segments
By Business Functions: Comprises Marketing Analytics, Consumer Analytics, Supply Chain Analytics, In-Store Analytics and Merchandising among others.
By Solutions: Reporting and Visualization Tools, Analytical Tools, Mobile Applications & Data Management Software among others.
By Deployments: On Cloud & On Premise among others.
By Services: Consulting, System Integration, Support & Maintenance among others.
Retail Analytics Market – Regional Analysis
Globally, the North America market for the Retail Analytics accounts for the leading market. The market is estimated to grow further continuing with the same trends of the technical advancements and well-established infrastructures in the region. The market is expected to observe a higher adoption owing to the government’s efforts to push the markets for IoT and cloud technologies.
Whereas the Asia-Pacific market is projected to grow at the fastest rate during the forecast period. Attributing to the augmented demand for deployment of Retail Analytics technologies with advanced Analytics solutions that provides comprehensive support and specialty in real-time access of data, facilitating enterprises to comprehend business scenario, and take quicker and faster decisions. In India, the government is promoting Digital India Program with a vision to transform India into a digitally empowered society and knowledge economy. This, in turn, will pose India as a prominent market of Retail Analytics. Companies operating in the APAC region will benefit from the flexible policies of the government as well as the expanding digital market that will have a huge impact on the business community.
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The regional analysis of retail analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in retail analytics market in North America attributes to the technical advancements and increasing use of mobiles and tablets in that region.
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