In this rapidly changing world of technology, Retail Analytics Market is projected to show major growth prospects during the forecast period. Retail analytics is a sub part of big data analytics. With the increase in big data analytics market, there is also rise in the retail analytics market. Retail analytics helps in collecting information and assessing that data to make it efficient. The main focus of retail analytics market is to understand customer needs and utilize that information to provide them with better user experience. Due to this, the demand for retail analytics has increased rapidly.
The retail analytics market is growing rapidly over 17% of CAGR and is expected to reach at approx. USD 7 billion by the end of forecast period.
Retail Analytics Market Players:
- IBM Corporation (U.S.)
- Microsoft Corporation (U.S.)
- Oracle Corporation (U.S.)
- SAP SE (Germany)
- Adobe Systems Incorporated (U.S.)
- SAS Institute Inc. (U.S.)
- HCL Technologies Ltd. (India)
- Cisco Systems Inc. (U.S.)
- MicroStrategy, Inc. (U.S.)
- Tableau Software, Inc. (U.S.)
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Retail Analytics Market Segmentation
The retail analytics market has been segmented on the basis of business solution, deployment, solutions and services. The deployment segment comprises of cloud and on premise deployment models. Due to increasing availability of data, the optimized storage of that data is a major concern. Cloud storage is a better option compared to on premise as it provides easy access to the data and can be shared on various devices.
Market Research Analysis:
The global retail analytics market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. In the global retail analytics market, Asia Pacific is anticipated to witness relatively faster adoption and hence the growth rate as compared with other regions. Within Asia Pacific, merchandising and in-store analytics and marketing analytics is projected to contribute the faster share growth of revenue backed by growth in e-commerce and digital marketing in countries such as Japan, China and India.
As compared to other regions, the retail analytics market in North America is expected to witness significant growth. U.S and Canada are anticipated to drive the growth of retail analytics market. This is owing to the presence of large number of established players of e-commerce in that region. In addition to this, the region also has a well-established infrastructure and allows high penetration of devices, while the increasing number of smartphone users is another reason for the growth of retail analytics market.
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Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of retail analytics market. Earlier retailers could launch their products only through print media or via television media but now internet has taken over and has changed the entire landscape of shopping habits in this generation. This had led to major growth in retail analytics market in Europe region. Major restraining factor in the Europe region is due to the lack of skilled personnel which hinders the market growth.
– Technology investors
– Integrated device manufacturers (IDMs)
– Original equipment manufacturers (OEMs)
– Research/Consultancy firms
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