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Data-driven Retail Solution Market

Data-driven Retail Solution Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Data-driven Retail Solution: Introduction

  • Data-driven retail solutions measure everything in the organization and delivers higher value to customers by developing consumer context, create meaningful marketing interactions, and optimize channel selection with accurate data and analytics to map the business objectives.
  • Retailers across the globe are adopting data-driven solutions to create personalized and customer-centric experiences to compete more effectively and better reach their customers. Furthermore, retailers are also leveraging data and analytics to guide customer-marketing initiatives and take better business decisions.
  • Data-driven retail requires various external data sources, such as customer points of interest, loyalty status, and transaction histories.
  • Data-driven retail solutions help to develop a successful retail strategy, evaluate the competitive landscape, optimize operations, attract and retain customers, and drive additional business revenue and margin.
  • The global data-driven retail solution market is projected to expand at a rapid pace over the forecast period, due to the rise in integration of advanced technology and marketing strategies by the retail industry across the globe.
data driven retail solution market size and forecast

Global Data-driven Retail Solution Market: Dynamics

Global Data-driven Retail Solution Market: Key Drivers

  • The increase in usage of data-driven retail solutions by retailers to personalize the consumers experience and integrate successful marketing strategies are the primary factors driving the growth of the global data-driven retail solution market.
  • Increasing awareness among retailers about the benefits of cloud computing & intelligent solutions such as smart solutions is also boosting the demand for data-driven retail solutions.
  • The growing popularity of data analytics along with the rapid development in tracing information from stored data is further influencing the growth of the data-driven solution market.
  • Limited digitization in under-developed countries and low spending on technology-proven solutions due to COVID-19 may hamper the market.
  • Moreover, several benefits of data-driven retail solutions and rising implementation of analytical tools and technological advancement in the retail sector are fueling the demand for data-driven retail solutions.
data driven retail solution market dynamics

Impact of COVID-19 on the Global Data-driven Retail Solution Market

  • Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Hence, demand for digital and advanced technology solutions is increasing in retail sectors around the globe. Emerging data-driven retail solutions help the retail business to effectively manage & engage customers, and design innovative roadmaps, etc. Thus, vendors in the retail sector are adopting this solution to transform their business. During the COVID-19 pandemic, continuous decline in consumer spending due to job uncertainties significantly impacted the retail industry. Thus, adoption of new technology in the retail industry is a slowdown that negatively impacts growth of the data-driven retail solution market in the next few years.

North America to Hold Major Share of the Global Data-driven Retail Solution Market

  • In terms of region, the global data-driven retail solution market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
  • North America dominated the global data-driven retail solution market. Developed economies such as the United States and Canada are likely to witness the highest growth due to technological transformations in the retail sector.
  • The Asia Pacific market is anticipated to expand at a fast pace during the forecast period due to the high internet penetration, increasing digitalization, and rising retail transactions in this region.
data driven retail solution market region analysis

Global Data-driven Retail Solution Market: Competition Landscape

Several players are active in the data-driven retail solution market with a strong presence. Vendors of the data-driven retail solution market are focusing on various growth strategies such as partnerships, mergers and acquisition, collaborations, new product launches, and business expansion to strengthen their geographic presence and solutions portfolio to cater to the needs of the market. Key players in the retail sector are emphasizing on strategic partnerships and alliances with key vendors to develop interactive retail solutions.

Key Players Operating in the Global Data-driven Retail Solution Market Include:

  • ActionIQ, Inc.
  • Data Driven Solutions (DDS)
  • Solix Technologies, Inc.
  • Hitachi Vantara Corporation
  • Sisense Inc. 
  • DecisionMines
  • Data Axle
  • Neustar, Inc.
  • Infogroup
  • Oracle Corporation
  • Tata Consultancy Services Limited
  • Microsoft Corporation
  • Silentale
  • Wipro Limited
  • IBM Corporation

Global Data-driven Retail Solution Market: Research Scope

Global Data-driven Retail Solution Market, by Component

  • Solution
  • Services

Global Data-driven Retail Solution Market, by Enterprise Size

  • SMEs
  • Large Enterprises

Global Data-driven Retail Solution Market, by Retail Store Type

  • Apparel and Accessories
  • Fast-moving Consumer Goods
  • Hardlines and Leisure Goods
  • Others

Global Data-driven Retail Solution Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America
Data-driven Retail Solution Market

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