Selbyville, Delaware, Aug. 17, 2021 (GLOBE NEWSWIRE) --
The retail analytics market revenue is anticipated to record a valuation of USD 25 billion by 2027, according to the most recent study by Global Market Insights Inc. The robust expansion of e-commerce sector, coupled with growing need among retailers to offer distinguished in-store experiences to their customers has strongly driven the adoption of analytics in retail industry. The deployment of retail analytics by online as well as offline retailers has increased to a great extent due to the numerous advantages involved such as monitoring of supply chain movements, inventory levels, buying decisions, consumer demand and insights.
Growing popularity of big data, artificial intelligence (AI) and machine learning (ML) technologies is as well driving the use of retail marketing analytics. These solutions offer better consumer insights which help retailers target potential buyers and deliver products preferred by them. Deployment of such advanced technologies will drastically transform the retail sector in the coming years.
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Below mentioned are the to 5 pivotal trends:
New product launches by key market players
Various prominent companies active in retail analytics market are focusing on the development of innovative solutions to attract a larger customer base and strengthen their foothold in the industry. Quoting an instance, in 2021, Google launched a range of product discovery solutions for retail sector, which according to the company, is designed to improve the e-commerce capabilities of the retailers and enable them to deliver personalized customer experiences. The company mentioned that these solutions will combine AI algorithms and Cloud Search for Retail, a search service that utilizes Google Search technology to enhance product-finding tools of the retailers.
Growing product adoption for supply chain management
Rapidly growing e-commerce sector has largely impelled the adoption of advanced analytical solutions among retailers for improving the efficiency of their supply chain and minimizing the supply chain bottlenecks. Supply chain analytics tools help in effective inventory planning and in obtaining accurate forecasts which in turn allow large retailers to optimize supply chain operations. Considering the key role of these tools, supply chain management segment is estimated to witness a notable CAGR of more than 15% through 2027.
Mounting usage of integration and deployment services
As retailers are showing a higher inclination towards third-party expertise for increasing customer engagement and ensuring continuity of vital supply chains, demand for integration and deployment services has significantly increased. These services help retailers in successful deployment of enterprise-wide data analytics solutions by integrating them with the existing infrastructure of business intelligence. The increasing popularity of these services is evident from the sizeable share held by integration and deployment segment, which was nearly 40% in 2020.
Rising demand across large enterprises
Retail marketing analytics tools are being increasingly adopted in large enterprises with growing necessity to manage operations across all the stores located at different locations without hampering the sales. Large enterprises are known to be backed by efficient in-house IT teams and financial resources, which is fueling the penetration of digital technologies in these organizations. On account of the heightened adoption, large enterprises segment is expected to observe a robust CAGR of over 20% through 2027.
Increasing technological adoption in Europe
The retail analytics market is observing substantial growth in Europe impelled by the rising penetration of digitalization, shifting consumer preferences, increasing retail shrinkage, variation in supply chain, and rising investments in advanced technologies. Reportedly, the market is anticipated to record a significant valuation of over USD 6 billion from Europe.
That apart, various eminent enterprises in the region are producing innovative solutions which in turn is supporting the market growth. To illustrate, in 2021, a UK based market analytics provider, Interrodata partnered with NielsenIQ for developing an intelligent analyst software platform for the retail and the FMCG (Fast-Moving Consumer Goods) industries. This partnership enabled Interrodata to prioritize, identify and unlock growth opportunities.
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High proclivity towards innovative technologies such as AI and ML in retail sector for effective management of supply chain and inventory and for providing a better customer experience is strengthening the industry landscape. With advancement in these technologies, the retail data analytics market is expected to grow exponentially over time.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
