Retail Analytics Market Expected to Grow at approx USD 7 Bn at 17% of CAGR Between 2017 and 2023

Retail Analytics Market, By Business Function (Consumer Analytics, Marketing Analytics, Supply Chain Analytics, Merchandising and In-Store Analytics), Deployment (Cloud, On-Premise), Solutions and Services - Global Forecast 2023

Market Synopsis of Retail Analytics Market:
Market Scenario:
Retail analytics relies on data and transforms that data into information that can be used for making market decisions. It is a flexible and cost effective solution to optimize market decisions. It is a part of big data analytics. Retailers receive huge amount of data related to customer needs and preferences which needs to be analyzed. Retail analytics helps in understanding customer analytics and businesses better.

As there is major growth in availability of data, there is requirement of analytical solutions to make efficient use of that data. The increasing availability of data is one of the major factors driving the market share globally. Another major factor driving the growth of the market is the retail analytics provides personalization as per the individual’s needs. This helps in optimization of business procedures.

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The retail analytics market has been segmented on the basis of business function, deployment model, solutions and services. Based on business function, the supply chain analytics is expected to contribute the largest market share whereas, merchandising and in-store analytics is expected to gain maximum popularity during the forecast period.

The global retail analytics market is expected to grow at approx. USD 7 Billion by 2023, at 17% of CAGR between 2017 and 2023.

Segments:
Retail analytics market can be segmented on the basis of following:

By Business Function
•Consumer Analytics
•Marketing Analytics
•Supply Chain Analytics
•Merchandising and In-Store Analytics

By Deployment
•Cloud
•On-Premise

By Solutions
•Analytical Tools
•Reporting and Visualization Tools
•Mobile Applications
•Data Management Software

By Services
•Consulting
•System Integration
•Support and Maintenance

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Regional Analysis:
The regional analysis of retail analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in retail analytics market in North America attributes to the technical advancements and increasing use of mobiles and tablets in that region.

Key Players:
The prominent players in retail analytics market are – IBM Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Adobe Systems Incorporated (U.S.), SAS Institute Inc. (U.S.), HCL Technologies Ltd. (India), Cisco Systems Inc. (U.S.), MicroStrategy, Inc. (U.S.) and Tableau Software, Inc. (U.S.) among others.

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