About Retail Analytics
Retail analytics is the process of providing analytical data on supply chain movement, inventory levels, sales, and consumer demand that are crucial for making procurement and marketing decisions. The analytics on demand & supply data can be used for maintaining procurement level and also for taking marketing decisions. It also offers detailed customer insights along with insights into the business and processes of the organization with need and scope for improvement.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 20.1% |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Retail Analytics market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
International Business Machines Corporation (United States), Oracle Corporation (United States), Microsoft Corporation (United States), Manthan Software Services Pvt. Ltd. (India), Fujitsu Limited (Japan), Information Builders, Inc. (United States), Microstrategy Incorporated (United States), SAP SE (Germany), Bridgei2i Analytics Solutions Private Limited (India) and SAS Institute Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Qlik Technologies Inc. (United States), 1010data Inc. (United States) and Angoss Software Corporation (Canada).
Segmentation Overview
AMA Research has segmented the market of Global Retail Analytics market by , Application (Merchandising Analysis, Pricing Analysis, Customer Management, Performance Analysis, Yield Analysis, Inventory Analysis and Others) and Region.
On the basis of geography, the market of Retail Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Mode, the sub-segment i.e. On-Premises will boost the Retail Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. SMEs will boost the Retail Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Business Function, the sub-segment i.e. Finance will boost the Retail Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the Retail Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Online will boost the Retail Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
A Renewed Focus on Customer Metrics, Actively Harnessing AI to Improve Efficiency and Drive Profitability, Evolved Daily Flash Sales Reporting, Adoption of 5G Networks That Enable VR/AR and Video Analytics and Increased Inventory Awareness and Accuracy Enabled By Visual Analytics
Market Growth Drivers:
Growing Internet Penetration, Technological Advancements, Such as Machine Learning, AI, and AR and Increased Use of Data-Intensive Platforms and Rapid Adoption of Social Media
Challenges:
Complexities in Gathering and Integrating Data from Omnichannel E-Commerce Streams and Increased Consumer Preferences
Restraints:
Lack of Skilled Personnel and High Initial Setup Costs
Opportunities:
The advent of Cloud-Based Analytics and Growing Inclination of Vendors toward Merging In-Store and Digital Operations
Market Leaders and their expansionary development strategies
On 7 Jan 2019, Kroger and Microsoft partnered to redefine the customer experience and introduce digital solutions for the retail industry. and On 17 July 2018, Walmart Inc. announced a strategic partnership with Microsoft Corp. to accelerate Walmart’s digital transformation in retail. The partnership is expected to empower its associates worldwide and will also make shopping faster and easier for millions of customers around the world.
On 18 Oct 2018, Oracle Retail has combined three cloud services into a new Oracle Retail Insights Cloud Service Suite. By combining existing science and insight cloud services, Oracle can provide a spectrum of analytics that aligns with key performance indicators for the retail community. and On 26 Sept. 2018, Fujitsu opened connected retail experience center in Dublin. Fujitsu’s Connected Retail Experience Center open by appointment to retailers and hospitality providers showcases Omni-channel solutions that offer new ways to serve customers, by optimizing everything from product placement, customer tracking, analytics, online purchasing, and support.
Key Target Audience
Consulting companies, Government agencies, Investors and venture capitalists, Value-Added Resellers (VARs), Small, medium, and large-sized enterprises, Third-party providers, Consultants/consultancies/advisory firms, Professional service providers and Retailers
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.