REDDING, Calif., May 19, 2021 /PRNewswire/ -- According to a new market research report "Retail Analytics Market by Component (Software, Services), Organization Size, Application (Finance Management, Marketing, Price Optimization, Human Resource Management, Operations Management), and Region – Global Forecast to 2027", published by Meticulous Research®, the retail analytics market is expected to reach $23.8 billion by 2027, at a CAGR of 19.1% during the forecast period of 2020 to 2027.
The growth of the overall retail analytics market is primarily driven by growing importance of enhancing customer experience & retail operations, the rising adoption of disruptive technologies, growing number of smartphones, and increasing use of m-commerce. Besides, the growing adoption of cloud services in retail and the advent of computer vision offers lucrative opportunities for market growth. However, lack of technology adoption by the unorganized retail sector and legal concerns & data privacy issues can obstruct the growth of the market. In this study, the retail analytics market is broadly segmented based on component, application, organization size, and geography.
Based on component, the retail analytics market is segmented solutions and services. In 2020, the solutions segment commanded the largest share of the overall retail analytics market. The large share of the segment is 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. However, factor such as faster data collection, real time data visualization, and access to cross channel sales analytics are contributing to the fastest growth of solution segment in the coming years.
Based on application, the retail analytics market is segmented into finance, marketing & price optimization, human resources, and operations. In 2020, the marketing & price optimization application commanded the largest share of the overall retail analytics market. The large share of the segment is attributed to growing need to understand the buying pattern of the customers and their preferences for pricing. However, finance application is expected to grow with the highest CAGR, owing to the rising need of retailers to generate deeper insights across the entire value chain of retail operations, including procurement, supply chain, sales and marketing, store operations, and customer management.
Based on organization size, the retail analytics market is broadly segmented into small and medium enterprises (SMEs) and large enterprises. In 2020, the large enterprises segment accounted for the largest share of the overall retail analytics market. The large share of the segment is attributed to the increasing focus of large enterprises to enhance their customer engagement by adopting retail analytics solutions. However, SMEs segment is expected to grow with the highest CAGR, owing to the increasing digitization among small & medium sized enterprises along with growing awareness of SME's towards analytics, and increasing adoption of cloud-based services.
Based on geography, the retail analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa (MEA). In 2020, North America accounted for the largest share of the global retail analytics market, followed by Asia-Pacific, Europe, Latin America, and MEA. This is mainly attributed to the increasing trend incorporated by the companies to transform traditional business processes into digital operation, coupled with dynamic consumer demands and changing consumption pattern in North America. Besides, increasing number of supermarkets and hypermarkets adopting data-driven technologies and the growing migration of sales from brick-and-mortar to online channels post COVID-19 are also contributing to the large share of the region.
Asia-Pacific is expected to grow with the highest CAGR over the forecast period. This is mainly attributed to the growing trend of digital transformation, positive government encouragement to promote digitalization, and growing awareness about the features and benefits of analytical tools among retailers are also expected to support the strong growth of the retail analytics market in the region.
The retail analytics market is dominated by few major players owing to their strong brand recognition, diverse product basket, strong distribution and sales network, and robust growth strategies. The major companies in the retail analytics market have implemented various strategies over the years to expand their product offerings, global footprint and augment their market share. The key strategies followed by most companies in the market include new product launches, enhancements, approvals, acquisitions, expansions, partnerships, collaborations & agreements. Agreements, collaborations, and partnerships were the most preferred key growth strategies adopted by leading players to strengthen their product portfolios and enhance their geographic reach in the retail analytics market.
Some of the key players operating in this market focusing on partnerships, collaborations, & agreements includes Microsoft Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), HCL Technologies Limited (India), and SAS Institute Inc. (U.S.). Also, major companies are focusing on new strategic development to broaden their product portfolios and advance the capabilities of existing products. These include Qlik (U.S.), Amazon Web Services, Inc. (U.S.), Fujitsu (Japan), Domo, Inc. (U.S.), and Informatica (U.S.). Besides, to cater the changing demands of users, and ensure a competitive edge in the global retail analytics market, leading companies including Salesforce.com, Inc. (U.S.), HCL Technologies Limited (India), and Oracle Corporation (U.S.) are actively focusing on expansion strategies.
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