London, March 03, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Retail Analytics Market by Component (Software, Services), Organization Size, and Application (Finance Management, Marketing, Price Optimization, Human Resource Management, Operations Management)– Global Forecast to 2027”, the retail analytics market is expected to grow at a CAGR of 19.1% from 2020 to 2027 to reach $23.8 billion by 2027.
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Retail analytics refers to the process of offering analytical data on sales, consumer demand, inventory levels, and supply chain operations, among others. The analytics software helps users understand and interpret insights based on huge data generated from various devices, tools, and platforms allocated in the retail shops. The rising adoption of disruptive technologies primarily drives the retail analytics market to forecast future market trends, growing significance for enhancement of customer experiences and retail operations, and increasing use of m-commerce. However, lack of technology adoption by the unorganized retail sector and legal concerns & data privacy issues are hindering the market growth. The growing adoption of cloud services in retail and the advent of computer vision are the latest trends contributing to the growth of the retail analytics market.
Impact of COVID-19 on the Retail Analytics Market
The COVID-19 pandemic has adversely hit many economies around the globe. However, the market for technology in the data analytics sector was not affected to a greater extent. As a result, the retail analytics market is projected to witness fast recovery post-COVID-19 pandemic. Lockdowns and quarantine to counter COVID-19 have restricted the companies' physical access to operate with the existing resources. This triggered the adoption rate of retail analytics solutions and services.
Moreover, amidst the pandemic, high use of retail analytics was witnessed among various retailers for visualizing and interpreting the impacts of the pandemic. A shift to e-commerce and contact-less delivery options significantly changed consumer behavior, making a new retail ecosystem. The consumer preferences were mainly focused on proactive health-oriented buying, pantry stockpiling, and daily use essentials.
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The retail analytics market is segmented based on component, organization size, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on component, the retail analytics market is segmented into software and services. In 2020, the software segment commanded the largest share of the overall retail analytics market. The largest share of this segment is mainly attributed to the growth in software adoption for analyzing customer buying preferences to formulate business strategies.
Based on application, the retail analytics market is segmented into finance, marketing and price optimization, human resources, operations, and other applications. In 2020, the marketing and price optimization segment commanded the largest share of the overall retail analytics market. The large share of this segment is attributed to the growing need of businesses to adopt predictive analytics strategies that enhance sales.
Based on organization size, the market is segmented into large and small enterprises. In 2020, the large enterprises segment accounted for the largest share of the overall retail analytics market. The SMEs segment is expected to witness the fastest growth over the coming years, mainly attributed to the increasing adoption of cloud-based services.
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Geographically, in 2020, North America commanded the largest share of the global retail analytics market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The rising demand for customized retail analytics solutions to predict and understand customer insights and increasing adoption of retail analytics to improvise business processes are expected to drive the market growth for the North American region. However, Asia-Pacific region is expected to witness rapid growth during the forecast period.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past three years. The retail analytics market has witnessed several agreements, collaborations, and partnerships in recent years.
The retail analytics market is consolidated and dominated by few major players, namely Microsoft Corporation (U.S.), IBM Corporation (U.S.), Salesforce.com, Inc. (U.S.), SAP SE (Germany), HCL Technologies Limited (India), SAS Institute, Inc. (U.S.), Qlik (U.S.), Manthan Software Services Pvt. Ltd. (India), BRIDGEi2i Analytics Solutions (India), MicroStrategy Incorporated (U.S.), Teradata (U.S.), Amazon Web Services (U.S.), Fujitsu (Japan), Oracle Corporation (U.S.), Domo, Inc. (U.S.), and Tableau Software, Inc. (U.S.) among others.
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Scope of the report
Retail Analytics Market, by Component
- Software
- Business Intelligence
- Sales Forecasting
- Demand Forecasting
- Others
- Services
- Professional Services
- Managed Services
Retail Analytics Market, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Retail Analytics Market, by Application
- Finance
- PoS Management
- Payment Management
- Marketing and Price Optimization
- Merchandising Analytics
- Promotional Analysis & Planning
- Pricing Analytics
- Catalog Management
- Human Resources
- Operations
- Digital Supply Chain Analytics
- Inventory Analytics
- Customer Analytics
- Order Management
Retail Analytics Market, by Geography
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
-
- Asia-Pacific
-
- Japan
- China
- India
- Rest of Asia-Pacific
-
- Latin America
- Middle East & Africa
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