Retail Analytics Market may reach to $11.1 billion by 2025
Major factors contributing to the growth of the retail analytics market are the rising demand for dashboards for data visualization, growing adoption of cloud, and continuous increase in data generation.
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The COVID-19 has impacted all elements of the technology sector. It has slowed down the growth of IT infrastructure owing to disruptions in the hardware supply chain and reduced manufacturing activities. This health crisis has had an unprecedented impact on businesses across industries; while some are struggling, others are thriving. Rising support from governments and several data analytics companies can help in the fight against this highly contagious disease. Businesses providing retail analytics solutions and services are also expected to witness a decline in their growth for a short span of time. However, the adoption of collaborative applications, IoT, analytics, security solutions, and AI is set to increase in the remaining part of 2020.
The finance business function to hold a larger market size during the forecast period
The finance business function segment is estimated to hold a larger market share in 2020. The growth can be attributed to the rising need of retailers to generate deeper insights across the entire value chain of retail operations, including procurement, supply chain, sales and marketing, store operations, and customer management. The operations segment is projected to grow at the highest CAGR during the forecast period.
The merchandising analysis segment to hold the largest market size during the forecast period
The retail analytics market is segmented into various applications, such as merchandising analysis, pricing analysis, customer analytics, promotional analysis and planning, yield analysis, inventory analysis, and others (order management, transportation management, assortment and cluster planning, and real-estate planning). The merchandising analysis segment is estimated to hold a largest market share in 2020. The growth of the segment is due to companies across the retail industry using advanced technologies to leverage customer insights from huge data volumes of store-based operations. The inventory analysis segment is projected to register a higher CAGR during the forecast period due to the growing need to enhance business processes by keeping track of stocked goods and ensure surplus inventory.
The service segment to grow at a higher CAGR during the forecast period
The retail analytics market, by component, is segmented into solutions and services. The retail analytics services include professional services and managed services. The services segment is expected to grow at the highest CAGR during the forecast period. The growing concern of organizations to gain visibility for diagnosing and troubleshooting problems before they impact operations or end user experiences will drive the adoption of retail analytics solutions and services.
North America to hold the largest market size during the forecast period
The North American retail analytics market is estimated to hold the largest share in 2020. 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 it is an early adopter of technology, and large enterprises in the country invest significantly in various technologies to maintain competitiveness. APAC is expected to record the highest CAGR during the forecast period, as it is home to many developed and emerging economies, which offer major opportunities for the growth of retail stores and technology development. China, India, and Japan in particular are focusing on the management of data to enable data-based business decisions and enhance business processes in the retail market.
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Major vendors in the global retail analytics market include Microsoft (US), IBM (US), Oracle (US), Salesforce (US), SAP (Germany), AWS (US), SAS Institute (US), Qlik (US), Manthan (India), Bridgei2i (India), MicroStrategy (US), Teradata (US), HCL (India), Fujitsu (Japan), Domo (US), Google (US), FLIR Systems (US), Information Builders (US), 1010Data (US), Capillary (Singapore), RetailNext (US), WNS (India), True Fit (US), Vend (New Zealand), Fit Analytics (Geramny), Edited (UK), Decision6 (Brazil), Cubelizer (Spain), ThinkInside (Italy), Dor Technology (US), Glimpse Analytics (India), Pygmalios (Slovakia), and Orenda Software Solutions (Canada).
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