Global Data-Driven Retail Solution Market Gaining Traction; North America to Remain a Lucrative Market

Market Overview

Changing consumer preferences will continue to alter the dynamics of several existing and upcoming markets in the global retail industry. Retailers from around the world are expected to adopt data-driven retail solutions in order to understand consumer behaviour in a profound manner. The increasing demand for assessing the collected data on the consumers’ profile attributes, purchase patterns and transaction modes to derive business-benefiting strategies will continue to influence the growth of the global market for data-driven retail solutions. The need to analyse and anticipate the existing as well as the upcoming consumption trends will play a major role in fuelling the demand in the global market for data-driven retail solutions. The influence of social media such as Facebook and Pinterest on the retail preferences of consumers is expected to be a major trend instigating the adoption of data-driven retail solutions market among global and local retailers.

Drivers & Restraints of Data-Driven Retail Solutions

The use of data-driven retail solutions to integrate marketing strategies of the retailers and personalise the retail experience for the consumers can be regarded as the primary factor driving the growth of the global market. Additionally, the factors boosting an onward surge for the data-driven retail solution market include,

Increasing awareness of cloud computing & intelligent solutions

There is a growing awareness among retailers about the operational benefits of maintaining a cloud consumer base and implementing smart solutions for retail processes, which are the essential features of major data-driven retail solutions.

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Rising popularity of big-data analytics

There is a noticeable rise in the adoption of data-driven retail solutions incorporated with big-data and its statistical analysis, owing to their benefits in improving business operations.

Advancements in information retrieval

The rapid developments in tracing information from stored data is fuelling the demand for retail solutions backed with associated and analysed data.

Nonetheless, there are factors that are likely to pose a challenge to the growing aspects of the global data-driven retail solution market. The limiting digitisation of the retail sector is a major restraint hindering the market growth. There have been instances where the lack of availability of big-data or transaction information on a product has restricted the universal adoption of data-driven retail solutions.

The efficiency and effectiveness of data-driven retail solutions is affected due to irregular and varying information in the collected data, which is damaging the reliability of such solutions. As a result, the acceptance of data-driven retail solutions is being negatively affected and reducing the expansion of the global market.

Data-Driven Retail Solution Market: Future Prospects

With the endless volumes of data received by the retailers, the future of data-driven retail solutions is expected to see resolute shift in terms of data management. The retailers will be equipped with tools that can efficiently handle overflowing data influx. Better analytical tools will help the retailers to access the desired information with ease, creating a positive environment for the implementation of data-driven retail solutions.

The variety in the forms of data, such as social media data, environmental data and many more, is expected to influence the dynamics of data-driven retail solutions. Timely technological advancements are expected to merge augmented reality into retail operations for assimilating consumer biometrics during purchase processes. Patterns developed on such information will create newer data-driven solutions for retail and uplift their global demand.

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Market Segmentation

The global market for data-driven retail solution is segmented on the basis of deployment model, solution and service. On the basis of deployment model, the market is segmented into on-premise and cloud-based.

Based on solution, the market is sub-segmented into,

Retail customer intelligence

Media intelligence

Customer relationship management

Collaboration tools

Others

The service-based segmentation of the market includes,

Consulting

Implementation Service

Integration

Region-wise Status of Data-Driven Retail Solution Market

Furthermore, the market is also segmented on the basis of the seven key geographical regions in the world. The current status of data-driven retail solutions in these regions indicates that North America is likely to continue its dominance on the global market, owing to the internet proliferation and rising retail transactions in the US and Canada. Western Europe is expected to be the second-most leading regions, favouring the adoption of data-driven retail solutions. Although, Asia-Pacific excluding Japan (APEJ) is likely to build more opportunities suiting to the market’s growth.

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Key Players

The key companies shaping up the competition in the global data-driven retail solution market include Oracle Corporation, Neustar Inc., Tata Consultancy Services Limited, Microsoft Corporation, Silentale, and Infogroup among others. A majority of the retailing giants are focused on strategic alliances with such key players. For example, global retail giant, Procter & Gamble, connects with its 4.8 billion consumer base with the help of interactive retail solutions developed by Teradata, a leading company providing analytic solutions.

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This release was published on openPR.