Retail Analytics Market Report

Market Insights

The Retail Analytics Market was estimated to grow from USD 5.78 billion in 2021 to USD 21.72 billion by 2028 at a CAGR of over 20.8% during the forecast period.

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What are retail analytics?

Retail analytics is the process of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, and other factors that are important for marketing and procurement decisions.

Key Players

The key players operating in the Retail Analytics market are-

• Microsoft (US)
• IBM (US)
• Oracle (US)
• Salesforce (US)
• SAP (Germany)
• AWS (US)
• SAS Institute (US)
• Qlik (US)
• Manthan (India)
• Bridgei2i (India)
• MicroStrategy (US)
• Teradata (US)
• HCL (India)
• Fujitsu (Japan)
• Domo (US).

Market Dynamics

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• Digitalization is being used to improve the customer experience and retail operations. As digital acceleration takes hold, the retail and consumer goods community is adapting faster than anyone could have predicted.
• Enterprises and users have begun to recognize that digital transformation entails applying a data-driven approach to every aspect of their business in order to gain a competitive advantage. The unorganized retail sector is lagging in terms of technology adoption.
• Large retail outlets use technology for routine tasks such as billing and payments, shrinkage prevention, stock inventory management, and supply chain management.
• During COVID-19, data analytics will be widely used to better understand customer data. In a matter of weeks, organizations are establishing analytics capabilities to inform business responses to COVID-19 challenges and prepare for the future.

Segments Analysis

Application Type

The market has been classified into Merchandising analysis, Pricing analysis, Customer analytics, Promotional analysis and planning, Yield analysis, Inventory analysis, Others. The Inventory analysis segment is expected to see increased patient inflows as a result of the elderly population's growing acceptance of anti-aging treatment in developed countries with expanding healthcare facilities. These clinics provide customized and personalized cosmetic treatments.

Business function Type

The market has been classified into Finance, Marketing and sales, Human Resources, Operations. Under these, the Finance segment held a significant market share in 2021 and is projected to grow at a robust CAGR in the coming years.

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Regional

The global retail analytics market in North America accounted for the largest market share in 2021.

• The US and Canada are the two largest countries in the North American retail analytics market.
• The United States is one of the most dominant markets because it is a technology early adopter, and large enterprises in the country invest heavily in various technologies to maintain competitiveness.
• APAC is expected to have the highest CAGR during the forecast period because it is home to many developed and emerging economies that offer significant opportunities for retail store growth and technology development.
• China, India, and Japan, in particular, are focusing on data management in order to enable data-driven business decisions and improve retail business processes.

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COVID-19 Impact on global retail analytics market

The COVID-19 has had an impact on every aspect of the technology sector. Because of disruptions in the hardware supply chain and reduced manufacturing activities, it has slowed the growth of IT infrastructure. This health-care crisis has had an unprecedented impact on businesses of all sizes; some are struggling, while others are thriving. Rising government and data analytics company support may aid in the fight against this highly contagious disease. Businesses that provide retail analytics solutions and services are also expected to see a short-term decline in growth. However, adoption of collaborative applications, IoT, analytics, security solutions, and artificial intelligence (AI) is expected to rise in the second half of 2020.

Critical Questions Answered in the Report

• What are the key trends in this global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on global retail analytics market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the global market share of the top vendors?

Target Audience

The target audience of Retail Analytics Market includes-

• Retail Analytics companies
• Retail Analytics distributors
• Hospitals
• Government organizations
• Diagnostic Labs

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision making for the existing players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors.

Research Methodology

• This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the companies across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Customization

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current market segmentation of any one of the technology types by component type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Technology portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].