BANGALORE, India, Sept. 7, 2020 /PRNewswire/ -- The Global Retail Analytics Market size is expected to grow from USD 4,581.96 Million in 2019 to USD 9,372.60 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 12.66% during the forecast period.
Retail analytics has gained significant market traction worldwide to its ability to analyze the massive amounts of data flooding the retail sector. The retail world today is more dynamic than it was only a couple of years ago.
Because of growing consumer demands and demand for one-click solutions, most retailers have begun to think of new ways to meet consumers' needs. Retail analytics has thus begun to gain significant momentum among retailers for providing actionable insights from consumer data.
The omnichannel businesses are currently reducing their physical store presence and are concentrating on the virtual presence through e-commerce or mobile apps. The COVID-19 pandemic, driven by online grocery shopping, has improved the e-commerce businesses. The trend in online grocery shopping has increased the need for analytics at the consumer level. The global pandemic has brought close attention to retailers on supply chain management.
Suppliers and logistics companies across the supply chain have taken steps to implement Artificial Intelligence ( AI) and Smart Analytics to optimize business processes and operations. Smart retail helps maintain a safe and reliable supply chain while satisfying the demand of consumers.
TRENDS INFLUENCING THE RETAIL ANALYTICS MARKET SIZE
Factors such as personnel management, inventory management, pricing management, and much more often influence retail's overall efficiency. Thus, retail analytics models help improve in-store operations and employees' efficiency, which would contribute to business growth. This feature is, in turn, expected to increase the retail analytics market size.
Advanced technologies offer the ability to achieve a range of market goals, including supplier management, value for the consumer, and enhanced revenue generation. Artificial Intelligence (AI ) and machine learning give retailers insights that can improve revenue and customer experience. These features provided by AI, Big Data Analytics, and Machine Learning are expected to increase the forecast period's retail analytics market size.
Increasing Demand for Cognitive Computing is expected to drive the retail analytics market size. For merchandising analytics, predictive analytics, and other types of customer analytics, the analysis and data accumulation in the cloud are ultimate. Through these analytics, the strategies developed help retailers understand long standing trends and make predictions.
North America is expected to hold the largest Retail Analytics Market share during the forecast period. This dominance of North America is attributed to the presence of large hypermarkets, supermarkets, and retail chains. Furthermore, ongoing online shopping trends also contribute to market growth across North America.
The adoption of cloud-based and affordable retail solutions in Italy and France drives European market growth.
Asia Pacific (APAC) is expected to show strong growth during the forecast period. The involvement of the developing economies in this area will draw major retailers to invest in the regional expansion of the company.
RETAIL ANALYTICS MARKET SEGMENTATION
This research report categorizes the Retail Analytics to forecast the revenues and analyze the trends in each of the following sub-markets:
Based on Component, the Retail Analytics Market studied across
The Services further studied across Managed Services and Professional Services.
Based on the Deployment Model, the Retail Analytics Market studied
Based on Application, the Retail Analytics Market studied across
Major Market Key Players
Angoss Software Corporation
Information Builders Inc
International Business Machines Corporation
Qlik Technologies Inc.
SAS Institute Inc
THE REPORT ANSWERS QUESTIONS SUCH AS:
What is the market size and forecast of the Global Retail Analytics Market?
What are the inhibiting factors and impact of COVID-19 shaping the Global Retail Analytics Market during the forecast period?
Which are the products/segments/applications/areas to invest in over the forecast period in the Global Retail Analytics Market?
What is the competitive strategic window for opportunities in the Global Retail Analytics Market?
What are the technology trends and regulatory frameworks in the Global Retail Analytics Market?
What are the modes and strategic moves considered suitable for entering the Global Retail Analytics Market?
The global Internet of Things (IoT) in Retail Market size is projected to reach USD 28.9 Billion by 2026, from USD 11 Billion in 2019, at a CAGR of 17.5% during 2020-2026.
APAC is expected to witness the highest growth rate during the forecast period. This rise can be attributed to ongoing smart city initiatives and the fast-decreasing cost of sensors in the area. The adoption of IoT technologies by China is tremendous, and India sees significant progress.
The major factors driving the Digital Transformation in Retail Market size are increased usage of smart devices, growing need for advanced mobile logistics management, and demand for an increase in yield and efficiency
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