Retail Analytics Market Rising at 19% CAGR to 2024: Analysis of Key Players, Trends, Drivers, & Challenges
The retail analytics market is expected to grow at a significant rate, owing to the emerging e-commerce trend across the retail sector. The new generation of highly informed and demanding customers are encouraging the retailers to adopt technologies that will satisfy the evolving demands. The inclination of retailers to implement technologically advanced and intelligent solutions to attract new customers, retain old customers, and improve profit margins is expected to drive the retail analytics market growth.
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Retail Analytics Market size is set to exceed USD 13 billion by 2024; according to a new research report.
Growth in demand for easy-to-use and easy-to-decipher solutions are compelling companies to implement modern technologies such as machine learning in the analytics software. The trend of extraction of consumer data from e-commerce portals and social networking websites to gather insights is expected to bode well for the retail analytics market, owing to the increasing internet penetration.
Lack of privacy of customer data is expected to challenge the retail analytics market growth over the forecast timeline. Increasing use of data from social media platforms to map customer habits and shopping behaviors are expected to remain a major area of concern. High initial costs of implementing the software will further hamper the adoption in the retail sector. However, emerging startups that provide specialized solutions at lower prices are expected to expand market to small retailers.
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Growing demand for customized products and constantly changing consumer requirements is expected to drive the supply chain analytics software demand. Lack of inventory space has compelled retailers gather insights from the supply chain data to optimize operations and reduce costs. Reporting and visualization tools are anticipated to witness increase in demand, owing to the growing need to analyze data in an easy-to-read format in lesser time. Smart visual insights and implementation artificial intelligent dramatically reduces the time to insight and arrive at decision. Companies are inclined towards developing such tools that make data access and visualization easy contributing towards the retail analytics market growth.
The demand for on-premise solutions is expected to gain momentum from the small and unorganized retailers which is expected to drive the retail analytics market. These solutions are ideal for the organization with limited customer foot-fall and limited geographical presence. Increasing competition among the solution providers has compelled them to introduce customized on-premise solutions that cater to specific demands of the retailers.
The Asia Pacific retail analytics market is expected to witness significant growth during the forecast timeframe, owing to the expansion of organized retail sector. In India, the exponential increase of e-commerce industry size and smartphones to buy consumer goods has prompted the need for data-driven business intelligence solutions. This has attracted big players such as HCL and IBM, in addition to the emergence of regional players including Manthan Systems, BRIDGEi2i Analytics Solutions, and Fractal Analytics.
Some of the prominent vendors in the retail analytics market include Adobe Systems, SAP SA, SAS Institute, Teradata, 1010Data, Salesforce.com, Inc., IBM, etc. Companies continuously invest in development of technologically advanced and differentiated products to retain their position in the market. For instance, in April 2017, 1010Data, Inc. announced the launch of upgraded software development kits. The new SDKs are designed to support applications across enterprises.
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Global Retail Analytics Market Size, Status and Forecast 2022
This report studies the global Retail Analytics market, analyzes and researches the Retail Analytics development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This ...
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