Retail Analytics Market
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Retail Analytics Market. The growth sectors of the Retail Analytics Market are identified with precision for a better growth perspective.
Retail Analytics market is growing pervasively mainly due to the proliferation of massive amount of data through connected devices. Owing to the digital revolution and the growing eCommerce business, the Retail industry, over the past few years has evolved greatly. And so have the consumers’ preferences & patterns changed radically. To understand the changing consumer patterns, the retails have to analyze huge volumes of data and there comes Retail Analytics to the aid.
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Processing and analyzing subsets of all the data collected and then only transmitting the results, Retail Analytics helps in understanding customer analytics and businesses better. These results are data-driven used for making a better market decisions. And decision making around pricing give a better return on marketing investment. This is a key factor that makes Retail Analytics extremely important component & escalates its market on the global platform.
Acknowledging the prominence and the value this market is garnering currently and the growth prospect the market is demonstrating worldwide, Market Research Future (MRFR), has recently published a brilliant study report. According to MRFR, the Global Retail Analytics market is expected to worth USD 7 Billion by 2023, registering a CAGR of 17% during the review period (2017-2023).
Prominent driving force for the market growth are features of Retail Analytics like scalability and cost optimization. The proliferation of the Internet of Things (IoT) model fetches multiple benefits to businesses allowing extended accessibility to insights of Big Data. The data generated by the numerous smart devices, sensors and the real-time intelligence is abundant and overwhelming. Other factors propelling the market growth include the increasing pollution, growing urbanization & industrialization coupled with the growing economic conditions.
On the other hand, Retail Analytics being in its embryonic stage, still presents the challenges such as issues pertaining to safety and security and lack of universally accepted standards and current cloud infrastructures. Moreover, the reluctance of the key players for investments is acting as the restraints to the growth of Retail Analytics Market.
Regional Analysis
The global retail analytics market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. In the global retail analytics market, Asia Pacific is anticipated to witness relatively faster adoption and hence the growth rate as compared with other regions. Within Asia Pacific, merchandising and in-store analytics and marketing analytics is projected to contribute the faster share growth of revenue backed by growth in e-commerce and digital marketing in countries such as Japan, China and India.
As compared to other regions, the retail analytics market in North America is expected to witness significant growth. U.S and Canada are anticipated to drive the growth of retail analytics market. This is owing to the presence of large number of established players of e-commerce in that region. In addition to this, the region also has a well-established infrastructure and allows high penetration of devices, while the increasing number of smartphone users is another reason for the growth of retail analytics market.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of retail analytics market. Earlier retailers could launch their products only through print media or via television media but now internet has taken over and has changed the entire landscape of shopping habits in this generation. This had led to major growth in retail analytics market in Europe region. Major restraining factor in the Europe region is due to the lack of skilled personnel which hinders the market growth.
Key Players
The key players in the global retail analytics market, Adobe Systems Incorporated (USA), Cisco Systems Inc. (USA), HCL Technologies Ltd. (India), IBM Corporation (USA), Microsoft Corporation (USA), MicroStrategy, Inc. (the USA), Oracle Corporation (USA), SAP SE (Germany), SAS Institute Inc. (USA), and Tableau Software, Inc. (the USA).
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Latest Industry News
Flipkart has acquired Israel-based retail analytics company Upstream Commerce. The technology of Upstream Commerce will allow the retail giant to offer real-time pricing and product analytics to its sellers. 26 SEP 2018
Jakarta-based firm Moka that provides cloud-based point-of-sale (PoS) software has acquired Mumbai-headquartered retail analytics company GetFocus. Venture capital firm Sequoia India played matchmaker for the acquisition of the firm legally named as Focus Analytics Pvt. Ltd. 1 OCT 2018
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