Retail Analytics Market by Component (Software, Services), Organization Size, Applications (Finance Management, Marketing, Price Optimization, Human Resource Management, Operations Management), And Region – Global Forecast to 2028
The research report titled “Retail Analytics Market by Component (Software, Services), Organization Size, Applications (Finance Management, Marketing, Price Optimization, Human Resource Management, Operations Management), And Region – Global Forecast to 2028” provides an in-depth analysis of retail analytics market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2027. The retail analytics market is expected to reach USD 23.8 billion by 2027, growing at a CAGR of 19.1% during the forecast period of 2020 to 2027. This market is majorly driven by factors such as the rising adoption of disruptive technologies, such as AI and machine learning, to forecast future market trends and the growing number of smartphones promoting the growth of the m-commerce sector. However, lack of technology adoption by the unorganized retail sector and legal & data privacy issues hinder the growth of this market. The growing adoption of cloud services in retail and the advent of computer vision are expected to offer significant growth opportunities for players operating in this market.
The study offers a comprehensive analysis of the retail analytics market with respect to component, organization size, application, and geography. The retail analytics market by component (software and services), organization size (large enterprises and small & medium-sized enterprises), applications (finance, marketing and price optimization, human resources, operations, and others), and region. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, in 2020, the software segment is expected to account for the largest share of the overall retail analytics market. The large share of this segment is mainly attributed to the growing adoption of software solutions by retailers to engage with a number of consumers for a longer period and enhance customer experience.
In 2020, the large enterprises segment is expected to account for the largest share of the overall retail analytics market based on organization size. The growth of this segment is primarily attributed to the increasing investments carried out by the large enterprises for enhancing the customer experience and improvising retail operations. Due to the strong financial backup, large enterprises are investing heavily in advanced technologies, such as retail analytics. The small & medium-sized enterprises (SMEs) are expected to grow at the highest CAGR during the forecast period.
Based on application, in 2020, the marketing and price optimization segment is expected to account for the largest share of the retail analytics market. The large share of this segment is primarily attributed to the growing need of enterprises to enhance their sales by performing various marketing advertisements and campaigns based on customer preferences.
Geographically, in 2020, the North American region is expected to command the largest share of the overall retail analytics market. The large share of this region can be attributed to the extensive usage of data-driven technologies and the growing shift of consumers to e-commerce retail. In addition, the Asia-Pacific region is expected to grow significantly with a high CAGR in the forecast period due to growth in high-tech infrastructure compatible with the retail industry and rising number of start-ups offering retail analytics solutions and services in the region.
The key players profiled in the retail analytics market are 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.
Key questions answered in the report-
- Which are the high growth market segments in terms of the components, organization size, application, and country?
- What is the historical market for retail analytics across the globe?
- What are the market forecasts and estimates from the period of 2021–2027?
- Who are the major players in various countries, and what share of the market do they hold?
- What are the recent developments in the retail analytics market?
- What are the different strategies adopted by the major players in the retail analytics market?
- What are the geographical trends and high-growth countries?
- Who are the local emerging players in the retail analytics market, and how do they compete with the other players?
Scope of the report
Retail Analytics Market, by Component
o Business Intelligence
o Sales Forecasting
o Demand Forecasting
o Professional Services
o Managed Services
Retail Analytics Market, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Retail Analytics Market, by Application
o PoS Management
o Payment Management
- Marketing and Price Optimization
o Merchandising Analytics
o Promotional Analysis & Planning
o Pricing Analytics
o Catalog Management
- Human Resources
o Digital Supply Chain Analytics
o Inventory Analytics
o Customer Analytics
o Order Management
Retail Analytics Market, by Region
- North America
o Rest of Europe
o Rest of Asia-Pacific
- Latin America
- Middle East and Africa