The global retail analytics market is estimated to register robust growth in 2016- 2022 and is expected to grow at CAGR of 19.95% during 2016-2022. The retail analytics market is segmented on the basis of deployment model, type, services, solution, business function and geography. The type segment is segmented into services and solutions. The service segment is segmented into consulting and system integration and support and maintenance. the solution segment is segmented into analytical tools, data management software, mobile applications, reporting and visualization tools. the deployment model segment is segmented into cloud deployment and on premise deployment.
The improved technologies in retail analytics and rising demand for in store analytics is rising the growth in the global retail analytics market. Various key players are indulging in various r&d activity to develop retail analytics on various platforms to different business or organization size; to enhance efficiency which backing up in capturing the market potential available in the across the globe. Various key players of retail analytics are adopting the strategic initiatives to maintain position in the global retail analytics market. The high data strength in the world is one of the major factor which is increasing the growth in the retail analytics in the global market.
The retail analytics market is majorly driven by constant increase in variety, volume and velocity of data is increasing the scope of retail analytics in global market. However, the intricate system integration is hampering the growth in the market. The global retail analytics market is having huge opportunities such as acceptance of retail analytics across various subsectors of the retail industry and growing requirement to mitigate shrink are creating huge opportunities in the forecasted period. The growing development in the emerging economies is increasing the scope of the business enterprises in such countries; that is enhancing the scope of the retail analytics in the emerging countries.
On the basis of geography North America, Europe, Asia Pacific and ROW are the major segments. The North America hold the largest market share and dominate in the global market followed by Europe, Asia Pacific and ROW in the global Retail Analytics market. The growth in North America market is majorly driven by the increasing technological advancement and presence of key players in the North American region. Moreover, the improved technologies in business analytics is also injecting huge growth opportunity in the North American retail analytics market. The Asia pacific Retail Analytics market is expected to grow with an impressive CAGR during the forecasted period 2016-2022. The growth in the region is mainly driven by massive growth in the business and strong economic growth in the various emerging countries such as India and China. The increasing number of businesses and economic activity in the Asia Pacific region is boosting the demand for the retail analytics in the Asia Pacific region. Moreover, acceptance of retail analytics across various subsectors of the retail industry and growing requirement to mitigate shrink is creating huge growth opportunity in the Asia pacific retail analytics market. Although, the improved technologies for business analytics is one of the major factor which is driving the growth in the regional retail analytics market.