Pune, India, June 29, 2022 (GLOBE NEWSWIRE) -- The global retail analytics market size is likely to reach USD 18.33 Billion by 2028 while exhibiting a promising CAGR of 17.7% between 2021 and 2028. This is ascribable to factors such as increasing implementation of modern technologies such as machine learning, internet of things (IoT), and artificial intelligence (AI), among others. This information is published by Fortune Business Insights™ in its report titled, “Retail Analytics Market Forecast, 2022-2028”. As per the report, the global market size was USD 5.20 Billion in 2020.
Retail Analytics involves providing crucial analytical data such as inventory levels, consumer demands, supply chain movement, and sales to facilitate effective procurement and marketing decisions. Emergence of modern technology has enabled the retail companies to incorporate data analytics to create a better understanding of the customer’s need based on this purchasing history. In addition to this, analytics model helps the retail business to attract and gain potential customers by improving operational activities. Therefore, several companies are adopting analytics to forecast inventory and manage the existing resources.
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Industry Development
May 2021: Nielsen Consumer LLC attained Label Insight, which is U.S.-situated data intelligence in fitness and wellness companies. This acquisition is estimated that the company shall achieve a spot as a strong data supplier to aid retail and industrial companies in the health and wellness segment.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 17.7% |
| 2028 Value Projection | USD 18.33 Billion |
| Base Year | 2020 |
| Retail Analytics Market Size in 2020 | USD 5.20 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Segments covered | Type, Deployment, Retail Store Type, Function Offerings, Function and Geography |
| Retail Analytics Market Growth Drivers | Escalation in Online Shopping amid Pandemic to Boost Retail Analytics Solution Demand |
| Increasing Focus on Product Register Administration & Shelf Segment Distribution to Boost Market | |
| North America to Dominate Backed by Usage of E-commerce Services by Companies | |
| Continuous Developments is the Key Strategy to Strengthen Company’s Position |
Several regions are bracing for a post-coronavirus period to put back the economy on track that came to a complete halt owing to lockdown announced by the government agencies. For instance, in the United States the government is mulling of partially and phased lifting of the lockdown that is being supported by Tango, a tech company that provides integrated workspace management system. The company provides a tool for the retailers to plan strategies to re-open the stores. Furthermore, the tool aids the retailers visualize live locations on the map that informs them about the exposure of the virus per million incidents where their stores are located. Additionally, the tech company is providing its technology free of charge to several clothing, F&B stores, and convenience stores across the region.
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Drivers and Restraints:
Increasing Adoption of AI and Machine Learning to Spur Demand
Artificial Intelligence (AI) is one of the key element involved in the digitalization of retail stores. It helps the business to create engaging interaction between them and the consumers by personalizing the purchasing experience. In addition to this, modern technologies such as AI and machine learning benefits the retail industry by detecting latest trends regarding the consumers’ buying pattern to help the companies plan effective business strategies. Increasing adoption of AI by the companies in their operations is anticipated to drive the growth of the market during the forecast period. For instance, in May 2020, Simons, a leading Canadian fashion retailer, adopted AI in its retail merchandising by collaborating with Retalon, an AI and predictive analysis firm. According to the company, they partnership will enable them to precisely forecast demand and generate shipments. Furthermore, it will assist in allocating products and calculate replenishment accurately.
Report Coverage
The report provides an exhaustive study of the market segments and a comprehensive analysis of the market. A profound evaluation of the current market trends as well as the future opportunities are presented in the report. Additionally, it shares a thorough analysis of the regional insights and how they shape the market growth. The COVID-19 impacts have been added to the report to assist investors and business owners in understanding the threats in a professional manner. The report focuses on the key players and their remarkable strategies to stay in the top position in the market.
Segmentation
Based on type, the retail analytics market is divided into software and services. On the basis of deployment type, the market is separated into on-premises and cloud. Based on the retail store type, the market is further classified into hypermarkets & supermarkets and retail chains. In terms of region, this market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
On the basis of functionality, the market is finally segregated into customer management, supply chain management, merchandising, strategy & planning, and in-store operations. Customer management is anticipated to attain the majority of the segment share during the mentioned timeframe. The shifting consumer demand is the crucial aspect resulting in enhanced trades and income.
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Regional Analysis:
High Adoption of E-Commerce in North America to Promote Growth
Among the regions, North America is expected to remain at the forefront owing to rapid adoption of e-commerce services and a growing number of retail stores during the forecast period. In addition to this, the region was worth USD 1280.6 million in 2018 and is likely to hold highest global retail analytics market revenue in the forthcoming years. Asia-Pacific, on the other hand, generated a revenue of about USD 735.1 million in 2018 and is likely to rise gradually. This is ascribable to factors such as increasing adoption of smart phones and broad deployment of internet services in the region. Furthermore, the retailers in countries such as India, Japan, and China are highly adopting retail analytics in their business that will bode well for the growth of the market during the forecast period.
Competitive Landscape
Continuous Developments is the Key Strategy to Strengthen Company’s Position
The key players in the market are keen on integrating advanced technologies such as artificial intelligence, machine learning, cloud computing, blockchain, and more with the retail analytics solution. Through these advances, the vendors are aiming to offer dedicated analytics tools to upsurge the customer experience. The players are launching a new and innovative solution to build the dominant market position.
List of Key Players Covered in the Report:
- Microsoft Corporation (Washington, United States)
- HCL Technologies Limited (Uttar Pradesh, India)
- FLIR Systems, Inc. (Oregon, United States)
- IBM Corporation (New York, United States)
- Oracle Corporation (Texas, United States)
- SAP SE (Walldorf, Germany)
- QlikTech International A.B. (Pennsylvania, United States)
- Fractal Analytics Inc. (New York, United States)
- Wipro Limited (Bangalore, India)
- Nielsen Consumer LLC (Illinois, United States)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Retail Analytics Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Retail Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (USD)
- Software
- Services
- By Deployment (USD)
- On Premise
- Cloud
- By Retail Store Type (USD)
- Hypermarkets and Supermarkets
- Retail Chains
- By Function (USD)
- Customer Management
- Supply Chain Management
- Merchandising
- Strategy and Planning
- In-Store Operations
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Type (USD)
- North America Retail Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Global Retail Analytics Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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