Over the recent years, big data analytics market has seen tremendous growth in various industries. It has helped businesses uncover several potential prospect by understanding customer’s preferences and market trends. Retail analytics market is a sub-set of big data analytics market. Retail analytics aids in information gathering and assessment of data across the entire value chain. Primarily focusing on the retail sector, retail analytics solution offer retailers in understanding and responding to changing customer experience. In addition, retail analytics improves businesses by provides new and faster ways to identify product and channel preferences, understand inventory demands in real time and serve consumers in a better way, thus ensuring the operation is more flexible and efficient. Customer’s information can be gathered in real-time through various mediums such as smartphones, weight sensors, motion sensors, cameras, and RFID, whether it may be online or in-store.
Retail Analytics Market: Segmentation
Retail analytics market is segmented on the basis of deployment model, solution type and region. By deployment model, retail analytics market can be segmented into on-premise and cloud-based. On the basis of solution type, the retail analytics can be segmented into software and services. Services can be further sub-segmented into consulting, integration and support and maintenance. Regionally, retail analytics market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan.
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Retail Analytics Market: Regional Outlook
Retail analytics market is expected to witness a healthy CAGR during the projected period due to increasing popularity of data analytics solution and penetration of smartphones and digital platforms among users across emerging markets. North America is the dominating region in retail analytics market and is expected to remain dominant followed by Western Europe during the forecast period. APEJ is expected to reflect highest CAGR during the forecast period.
Retail Analytics Market: Drivers
With big data analytics gaining popular among other sectors and continuous development of data analytics by major vendors are expected to drive the growth of retail analytics market. In addition, the simplicity, cost-effective, scalability and flexibility solution that retail analytics vendor offer is expected to boost the growth of the retail analytics market. In addition, the increasing penetration of e-commerce and social media and smartphones among users in emerging markets is anticipated to boost the growth of retail analytics market. However, the lack of awareness in certain regions is expected to hinder the growth of retail analytics market amidst the forecast period 2016-2026.
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Retail Analytics Market: Key Players
The key vendors in the retail analytics market include IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Adobe Systems Incorporated, SAS Institute Inc., HCL Technologies Ltd., Cisco Systems Inc., MicroStrategy, Inc. and Tableau Software, Inc. Major players in the retail analytics market follow the strategy of partnerships and acquisition of various local player to gain a competitive edgein the market. In addition, the major players offer customized solutions to cater to the demand of various users.
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