Published: Nov, 2019
Global Retail Analytics Market: Overview
According to a new market report pertaining to the global retail analytics market published by Transparency Market Research, the global retail analytics market is projected to reach a value of ~US$ 24 Bn by 2027. The retail analytics market is projected to expand at a CAGR of ~19% from 2019 to 2027. Expansion of the market can be attributed to the rising emphasis on better customer experience. Asia Pacific is anticipated to dominate the global retail analytics market, and expand at a CAGR of ~24% during the forecast period. In terms of revenue share, the retail analytics market is dominated by North America, followed by Europe. The store operation analytics (merchandise analytics) segment of the global retail analytics market was valued at ~US$ 3 Bn in 2018. The segment is expected to create an incremental opportunity of ~US$ 2 Bn in terms of revenue from 2019 to 2027, expanding at a CAGR of ~19% during the forecast period.
Increasing Adoption of Digitalization and Demand for Better Customer Experience to Boost Retail Analytics Market
The increasing use of personal devices (smartphones, tablets, and laptops) has enabled retail analytics companies collect large amount of customer data from these devices, and gain more insights about customer behavior, purchasing decisions, and buying preferences. This is estimated to help companies make better business decisions and reduce operational costs. Consequently, it is projected to offer a significant opportunity to the retail analytics market in the near future.
Increasing competition in the retail industry has offered customers numerous options. This makes it difficult for retail vendors to increase the customer lifetime value. However, retailers can analyze customer data, and anticipate customer needs and demands with the help retail analytics. This is estimated to help them target the right customer and retain loyal customers. Additionally, it can analyze the buying pattern of customers and attract new customers through lucrative offers.
Retail Analytics Market: Regional Outlook
In terms of region, the global retail analytics market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to dominate the global retail analytics market during the forecast period. The retail analytics market in Asia Pacific is expected to expand, with Singapore and India being major markets in the region.
The research study includes the profiles of leading companies operating in the global retail analytics market. Key players profiled in the report include Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Inc, and SAS Institute, Inc.
Global Retail Analytics Market: Segmentation
The global retail analytics market has been segmented based on component, deployment model, application, and region.
Retail Analytics Market by Component
- Software as a Service (SaaS)
Retail Analytics Market by Deployment Model
Retail Analytics Market by Application
- Store Operation Analytics (Merchandise Analytics)
- Sales & Marketing Analysis
- Performance & Yield Analysis
- Pricing Analysis
- Inventory Analysis
- Financial Analysis
- Supply Chain Analysis
- Customer Analytics
- Order & Fulfilment Management
- Cluster Planning & Transportation Management
- Buying Pattern Analysis (RFM)
- CRM Analysis (Social Media, Feedback)
Retail Analytics Market by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Rest of Middle East & Africa
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