Meticulous Research® – leading global market research company published a research report titled Retail Analytics Market by Component (Software, Services), Organization Size, and Application (Finance Management, Marketing, Price Optimization, Human Resource Management, Operations Management)– Global Forecast to 2027.
According to this latest publication from Meticulous Research®, the retail analytics market is expected to grow at a CAGR of 19.1% from 2020 to 2027 to reach USD 23.8 billion by 2027. This market is majorly driven by factors such as the rising adoption of disruptive technologies, such as AI and machine learning, to forecast future market trends and the growing number of smartphones promoting the growth of the m-commerce sector. However, lack of technology adoption by the unorganized retail sector and legal & data privacy issues hinder the growth of this market. The growing adoption of cloud services in retail and the advent of computer vision are expected to offer significant growth opportunities for players operating in this market.
The retail analytics market is segmented based on component, organization size, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on component, in 2020, the software segment accounted for the largest share of the retail analytics market. Retail analytics software helps retailers perform analysis on data to understand retail processes by gaining insights about customer behavior, supply chain inventory management, and customer segments. Retail software uncovers insights, such as drivers of sales, stock-related problems, and customer behavior patterns, so that organizations can improve their marketing and operational decisions.
Based on application, in 2020, the marketing and pricing optimization accounted for the largest share of the overall retail analytics market. The large share of this segment is primarily attributed to the growing need of enterprises to enhance their sales by performing various marketing advertisements and campaigns based on customer preferences.
Based on organization size, in 2020, the large-sized enterprises segment accounted for the largest share of the retail analytics market owing to their increasing expenditure on retail analytics software. Strong financial backup and growing emphasis on mitigating the losses during lockdowns have encouraged large enterprises to adopt retail analytics on a considerable scale. On the other hand, the SMEs segment is expected to grow at the highest CAGR during the forecast period.
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Geographically, in 2020, North America accounted for the largest share of the overall retail analytics market. The extensive usage of data-driven technologies and the shift of consumers to e-commerce retail are some of the major factors driving the North American market. In addition, the Asia-Pacific region is expected to grow at the highest CAGR in the forecast period due to growth in high-tech infrastructure compatible with the retail industry, increasing adoption of smartphones, and growing number of start-ups offering retail analytics solutions and services in the region.
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the retail analytics industry over the last four years (2018–2021). The key players profiled in the retail analytics market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Salesforce.com, Inc. (U.S.), SAP SE (Germany), HCL Technologies Limited (India), SAS Institute, Inc. (U.S.), Qlik (U.S.), Manthan Software Services Pvt. Ltd. (India), BRIDGEi2i Analytics Solutions (India), MicroStrategy Incorporated (U.S.), Teradata (U.S.), Amazon Web Services (U.S.), Fujitsu (Japan), Oracle Corporation (U.S.), Domo, Inc. (U.S.), and Tableau Software, Inc. (U.S.), among others.
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