Market Size – USD 4.60 Billion in 2018, Market Growth – CAGR of 19.9%, Market Trends – a Rising trend of online shopping.
The global retail analytics market is forecast to reach USD 19.84 Billion by 2026, according to a new report by Reports and Data. The process of providing analytical data on the supply chain movement, inventory levels, sales, and consumer demand, among others, is known as retail analytics. These data are crucial for marketing and making procurement decisions. Retail analytics gives detailed customer insights into the process and business of the organization with solutions for improvement.
Retail analytics helps make better choices, efficiently run businesses, and deliver improved customer service analytics. The field of retail analytics is more than superficial data analysis. It uses techniques such as data discovery and data mining to clean data to produce business insights that can be applied in the short run.
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Companies make use of these data by creating a better summary of their target demographics. Retailers identify their ideal customers according to their age, location, and purchasing patterns, among other things.
Retail analytics held salespeople strategize effectively based on consumer behavior and garner more profits. An approximate of 13% of retailers have adopted “digital-first” as their preferred marketing strategy by 2019.
Europe held a significant market share of 26.5% in the year 2018. There are more than 6 Million active companies in the region that employ more than 33 million people. Europe is home to many large-scale retailers such as Carrefour, Metro AG, Lidli, Tesco, and Aldi. Advanced analytics are used to make online shopping more effective and attractive and smart. This boosts the e-commerce of the region, propelling market growth.
Further key findings from the report suggest
- Software held a market share of 58.9% in the year 2018. The segment is expected to increase in the coming years owing to the rising need to measure the performance of customer expectations, and ad-campaign effectiveness, among other things.
- The growth in the adoption of IoT to decipher data, Wi-Fi, the use of beacons, and RFID tags have become usual in the retail sector. Retailers have started to experiment with IoT devices and solutions to revolutionize customer services and experience by developing a digital ecosystem at various stages of the supply chain.
- Large enterprises held a market share of 63.2% in the year 2018. The global retail analytics is benefitting from the advent of artificial intelligence technologies as it is creating a new lucrative avenue for vendors across the globe. These enterprises have several warehouses and outlets, and retail analytics offer organizations an active marketing strategy through multi-channel customer interaction and real-time recommendations.
- The online segment includes mobile and personal computers, along with laptops. The rise in the e-commerce sector in the U.S. led by Amazon’s online site is expected to drive the adoption of the software.
- A dramatic rise in online shopping and hunting for bargains has changed the traditional paradigm of customer behavior in retail. This attracts value-added services to customers to capture and take action according to consumers. Understanding customer preference helps retailers make necessary adjustments, in-service behavior, pricing, market communication, and other things that can improve the revenue.
- The Asia Pacific is forecasted to grow with a CAGR of 20.7% during the forecast period. Increasing the usage of smartphones has affected market growth. Countries such as India, Japan, China, Australia, and Singapore will show a high adoption of retail analytics in the coming years.
- Key participants Oracle, IBM, SAP, Microsoft, Fujitsu, SAS Institute, Manthan, Tableau Software Inc., Adobe Systems Incorporated, and HCL Technologies Limited, among others.
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For the purpose of this report, Reports and Data have segmented into the global Retail Analytics market on the basis of component, business functions, organization size, deployment mode, end-users, and region:
Component Outlook (Revenue: USD Billion; 2016-2026)
Business Functions Outlook (Revenue: USD Billion; 2016-2026)
- Customer Management
- Strategy and Planning
- Marketing and Merchandizing
- In-store Operation
- Supply Chain Management
Organization Size Outlook (Revenue: USD Billion; 2016-2026)
- Small and Medium enterprises
- Large Enterprises
Deployment Mode Outlook (Revenue: USD Billion; 2016-2026)
End Users Outlook (Revenue: USD Billion; 2016-2026)
Regional Outlook (Revenue: USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
To get a detailed Table of Content, Visit Here: – https://www.reportsanddata.com/report-detail/retail-analytics-market
Major highlights of the report:
An all-inclusive evaluation of the parent market
The evolution of significant market aspects
Industry-wide investigation of market segments
Assessment of the market value and volume in the past, present and forecast years
Market share evaluation
Study of niche industrial sectors
Tactical approaches of the market leaders
Lucrative strategies to help companies strengthen their position in the market
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
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