Retail Analytics Market
The global retail analytics market was valued at USD 3.78 billion in 2017, and is projected to reach USD 10.34 billion by 2023, registering a CAGR of 18.26% over the forecast period of 2018-2023.
Retailers have to analyze terabytes of data to accurately understand consumer needs. Retail analytics helps predict a range of consumer preferences, from simple demands to unique tastes. Organizations in the retail sector are using business intelligence (BI) and retail analytics tools, in areas of customer intelligence, merchandising intelligence, and operational intelligence. Factors, such as the need to develop competitive strategies and reduce expenses and operational costs are driving the market. This has accelerated the interest of organizations in the retail sector, in assessing the performance of business operations, such as the supply chain, human resources, and financial performance, from the perspectives of enterprises as well as consumers.
Increased Emphasis on Predictive Analytics
The requirement of accurate forecasts and optimized business processes has increased after the 2008-2013 global economic recession. Most vendors have introduced applications to integrate statistics, predictive analytics models, and forecasting algorithms, into reports, dashboards, and analytics applications. Predictive analytical tools in the retail sector offer customer interaction, in addition to more capabilities for managing back-end activities, such as order management, warehouse logistics, CRM, data analytics, mobile support, and tracking. The growth of the Big Data and Internet of Things is further boosting the use of predictive analysis in the retail analytics market.
Store Operation Segment Accounts for a Significant Retail Analytics Market Share
Retail analytics solutions allow organizations to monitor store performance, analyze multiple store functions, improve category management, and increase the efficiency of sales management and marketing promotions, operations, and budgeting. Organizations in the retail sector focus on store operations, in order to access detailed reports in a timely manner and make actionable decisions based on labor planning, store performance management, store profitability, general ledger, category management, inventory, and sales and margins.
Asia-Pacific Occupied a Significant Retail Analytics Market Share
Asia-Pacific is expected to lead in terms of growth rate. An increase in the number of organizations in the retail sector has directly impacted the demand for analytics tools. In countries such as India and China, the retail sector is growing and companies are trying to achieve a competitive advantage with the help of innovative technologies. The constant need for organizations in the retail sector to obtain insights about current trends and new market opportunities, together with a complete view on suppliers, distributors, and customers, is driving the demand for retail analytics. IoT is predicted to undergo massive growth in Asia-Pacific in the coming years, and analytical tools play a vital role in enabling the growth of the retail analytics market.
The key players in the Retail Analytics Market are - SAP SE, Oracle Corporation, Qlik Technologies Inc., Zoho Corporation, IBM Corporation, Retail Next Inc., Alteryx Inc., Tableau Software Inc., Adobe Systems Incorporated, MicroStrategy Inc., Prevedere Software Inc., TARGIT A/S, Pentaho Corporation, ZAP Business Intelligence, and Fuzzy Logix.
Key Developments in the Retail Analytics Market
- Nov 2017 – IBM and Salesforce announced the expansion of their partnership, to deliver new Artificial Intelligence predictive analytics.
Reasons to Purchase Retail Analytics Market Report
- Impact of the emergence of SaaS-based tools on analytics providers and the growing demand for mobile-based BI and analytics tools.
- Analyze various perspectives of the market, with the help of Porter’s five forces analysis.
- Growth of various module types, such as strategy & planning, supply chain management, and financial management.
- Regional analysis of the market.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate sheet in Excel.
Customization of Retail Analytics Market Report
- This report can be customized to meet your requirements. Please connect with our analyst, who will ensure that you get a report that suits your needs.
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
2. Research Approach and Methodology
3. Executive Summary
4. Retail Analytics Market Dynamics
4.1 Retail Analytics Market Overview
4.2 Factors Driving the Market
4.2.1 Increased Emphasis on Predictive Analysis
4.2.2 Sustained Increase in the Volume of Data
4.2.3 Growing Demand for Sales Forecasting
4.3 Factors Restraining the Market
4.3.1 Lack of General Awareness and Expertise in Emerging Regions
4.3.2 Standardization and Integration Issues
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness – Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products or Services
4.5.5 Competitive Rivalry among Existing Competitors
5. Global Retail Analytics Market Segmentation
5.1 Retail Analytics Market By Mode of Deployment
5.2 Retail Analytics Market By Type
5.2.1 Solutions (Analytics, Visualization Tools, Data Management, etc.)
5.2.2 Services (Integration, Support & Consulting)
5.3 Retail Analytics Market By Module Type
5.3.1 Strategy & Planning (Macro Trends, KPI, Value Analysis)
5.3.2 Marketing (Pricing, Loyalty, and Segment Analysis)
5.3.3 Financial Management (Accounts Management)
5.3.4 Store Operations (Fraud Detection, Workforce Analytics)
5.3.5 Merchandising (Assortment Optimization, Shopper Path Analytics)
5.3.6 Supply Chain Management (Inventory, Vendor, and Supply-Demand Modelling)
5.3.7 Other Module Types
5.4 Retail Analytics Market By Business Type
5.4.1 Small & Medium Enterprises
5.4.2 Large-scale Organizations
5.5 Retail Analytics Market By Geography
5.5.1 North America Retail Analytics Market Size (2018-2023)
18.104.22.168 United States Retail Analytics Market Size (2018-2023)
22.214.171.124 Canada Retail Analytics Market Size (2018-2023)
5.5.2 Europe Retail Analytics Market Size (2018-2023)
126.96.36.199 United Kingdom Retail Analytics Market Size (2018-2023)
188.8.131.52 France Retail Analytics Market Size (2018-2023)
184.108.40.206 Germany Retail Analytics Market Size (2018-2023)
220.127.116.11 Spain Retail Analytics Market Size (2018-2023)
18.104.22.168 Rest of Europe
5.5.3 Asia-Pacific Retail Analytics Market Size (2018-2023)
22.214.171.124 China Retail Analytics Market Size (2018-2023)
126.96.36.199 India Retail Analytics Market Size (2018-2023)
188.8.131.52 Japan Retail Analytics Market Size (2018-2023)
184.108.40.206 South Korea Retail Analytics Market Size (2018-2023)
220.127.116.11 Rest of Asia-Pacific
5.5.4 Latin America Retail Analytics Market Size (2018-2023)
18.104.22.168 Brazil Retail Analytics Market Size (2018-2023)
22.214.171.124 Mexico Retail Analytics Market Size (2018-2023)
126.96.36.199 Argentina Retail Analytics Market Size (2018-2023)
188.8.131.52 Rest of Latin America
5.5.5 Middle East & Africa Retail Analytics Market Size (2018-2023)
184.108.40.206 Saudi Arabia Retail Analytics Market Size (2018-2023)
220.127.116.11 UAE Retail Analytics Market Size (2018-2023)
18.104.22.168 South Africa Retail Analytics Market Size (2018-2023)
22.214.171.124 Turkey Retail Analytics Market Size (2018-2023)
126.96.36.199 Rest of Middle East & Africa
6. Competitive Intelligence – Company Profiles
6.1 SAP SE
6.2 Oracle Corporation
6.3 Qlik Technologies Inc.
6.4 Zoho Corporation
6.5 IBM Corporation
6.6 Retail Next Inc.
6.7 Alteryx Inc.
6.8 Tableau Software Inc.
6.9 Adobe Systems Incorporated
6.10 MicroStrategy Inc.
6.11 Prevedere Software Inc.
6.12 TARGIT A/S
6.13 Pentaho Corporation
6.14 ZAP Business Intelligence
6.15 Fuzzy Logix
7. Retail Analytics Market Size (2018-2023) Investment Analysis
8. Outlook of the Retail Analytics Market