Retail analytics allows retailers to analyze their consumer behavior and preferences. The increasing number of users of social media enables retailers to understand demographic data, such as shopping habits, purchasing history and preferences, and improves their promotional and market growth strategies. The retail analytics market has strengthened the overall industry by building strong customer relationships that have proven beneficial and gained competitive advantages. The bulk volume and variety of big data are expected to have a major impact on the retail analytics market.
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RETAIL ANALYTICS MARKET DYNAMICS
Increasing internet penetration and the rapid adoption of large data analytics and cloud-based services are key factors driving the growth of the global retail analytics market. In addition, technical advances such as artificial intelligence, augmented reality and machine learning are further driving the development of the global retail analytics market. Retail analytics vendors provide solutions that are cost-effective, scalable and versatile, which are expected to further fuel the growth of the global retail analytics market.
COVID 19 IMPACT ON RETAIL ANALYTICS MARKET
Covid19, drastically affects the world supply chain and industrial sector growth. At the initial stages of the pandemic, the world experienced, ‘supply shocks’. In the foreseeable future, the COVID-19 pandemic has slowered the existing trend toward digital marketplaces. Businesses providing solutions and services to retail analytics are also expected to see their growth decline over a short period of time. However, the adoption of collaborative applications, IoT, analytics, security solutions and AI has increased in the remaining part of 2020. Because of the worldwide lockdowns, retail analytics companies are seeing a slowdown in growth. Competition among key retail analytics companies is expected to intensify as most of the upcoming analytics projects have been put on hold due to the pandemic.
RETAIL ANALYTICS MARKET SEGMENTAL OVERVIEW
The report analyses the retail analytics market based on business function, application, organization size, end user, and geography.
RETAIL ANALYTICS MARKET BY BUSINESS FUNCTION
By business function, the global retail analytics market is segmented into finance, marketing and sales, human resources and operations. Among these, the operation segment is expected to rise at the highest CAGR rate during the forecast period. The increased demand for deeper insights across the entire value chain of retail operations, including procurement, supply chain, sales and marketing, store operations, and customer management, can be attributed to the growth.
RETAIL ANALYTICS BY APPLICATION
By application, the global retail analytics market is segmented into merchandising analysis, customer analytics, and promotional analysis and planning, yield analysis, inventory analysis and others. The market share of the merchandising analysis segment is expected to hold the largest market share in 2020. Companies across the retail industry are leveraging advanced technologies to gain customer insights from massive data volumes generated by store-based operations, which is driving the segment's growth.
RETAIL ANALYTICS BY ORGANIZATION SIZE
By organization size, the global retail analytics market is segmented into small and medium-sized enterprises and large enterprises. The large enterprises segment held the largest market share driven by the need to handle large store operations efficiently. Large companies use analytical methods to monitor activities in various stores located at different locations without impacting sales.
RETAIL ANALYTICS MARKET BY END USER
The global retail analytics by end user is classified into offline and online.
RETAIL ANALYTICS MARKET BY GEOGRAPHY
Geographically, the retail analytics market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. The Asia Pacific retail analytics market size is expected to grow at the highest CAGR during the forecast period due to the rapidly increasing retail and e-commerce industries across developing countries such as India and China. Global retail industry players are entering the Asia-Pacific market through the strategic acquisition of leading local players. For instance, in May 2018, Walmart, the world's leading retail company, acquired USD 16 billion from Flipkart, India's leading e-commerce company. This expansion has helped the company extend its presence in the fast-growing Indian retail industry.
RETAIL ANALYTICS KEY PLAYERS
Some of the major players operating in this market include Microsoft (US), IBM (US), Oracle (US), Salesforce (US), SAP (Germany), AWS (US), SAS Institute (US), Fit Analytics (Geramny), Qlik (US), Manthan (India), Bridgei2i (India), MicroStrategy (US), Vend (New Zealand), Teradata (US), HCL (India), Fujitsu (Japan), Domo (US), Google (US), FLIR Systems (US), True Fit (US), Information Builders (US), 1010Data (US), Capillary (Singapore), RetailNext (US), and WNS (India).
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