Retail Analytics Market Size [2021-2028] Exposures 17.7%


Retail Analytics Market Size [2021-2028] Exposures 17.7%

Pune, India, Oct. 19, 2022 (GLOBE NEWSWIRE) — The world retail analytics market size was USD 5.20 billion in 2020. Fortune Business Insights has published a detailed report covering the latest market size estimates, industry share, developments and revenue forecasts to 2028. The report is titled “Retail Analytics Market Forecast, 2021-2028”. According to the report, the global market size is expected to grow from USD 5.84 billion in 2021 to USD 18.33 billion in 2028 with a CAGR of 17.7% during the forecast period.

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Development of key industry

May 2021: Nielsen Consumer LLC reached Label Insight, which is a US-based data intelligence in fitness and wellness businesses. It is believed that this acquisition will allow the company to carve out a place for itself as a strong data provider to help retail and industrial businesses in the health and wellness segment.

Report scope and segmentation

Report cover Details
Forecast period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 17.7%
2028 value projection $18.33 billion
Year of reference 2020
Retail analytics market size in 2020 $5.20 billion
Historical data for 2017 to 2019
Number of pages 140
Segments Covered Type, Deployment, Retail Store Type, Feature Offerings, Function and Geography

Retail Analytics involves providing crucial analytical data such as stock levels, consumer demands, supply chain movement, and sales to facilitate effective sourcing and marketing decisions. The emergence of modern technology has allowed retail businesses to incorporate data analytics to create a better understanding of customer needs based on this purchase history. In addition to this, the analytics model helps the retail business to attract and win potential customers by improving operational activities. Therefore, many companies are adopting analytics to forecast inventory and manage existing resources.

Several regions are preparing for a post-coronavirus period to get the economy back on track, which has come to a complete halt due to the confinement announced by government agencies. For example, in the United States, the government plans to partially and gradually lift the lockdown supported by Tango, a technology company that provides an integrated workspace management system. The company provides a tool for retailers to plan store reopening strategies. Additionally, the tool helps retailers view live locations on the map which informs them of the virus exposure per million incidents where their stores are located. Additionally, the tech company provides its technology for free to several clothing stores, F&Bs, and convenience stores in the area.

Click here for the short and long term impact of COVID-19 on this market:

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Report cover

The report provides an exhaustive study of market segments and comprehensive analysis of the market. An in-depth assessment of current market trends as well as future opportunities is presented in the report. Also, it shares an in-depth analysis of regional insights and how it is shaping the growth of the market. The impacts of COVID-19 have been added to the report to help investors and business owners understand the threats professionally. The report focuses on key players and their remarkable strategies to stay ahead of the market.

Drivers and Restrictions:

Increase adoption of AI and machine learning to drive demand

Artificial intelligence (AI) is one of the key elements involved in the digitization of retail stores. It helps the business to create an engaging interaction between it and the consumers by personalizing the shopping experience. In addition to this, modern technologies such as AI and machine learning are benefiting the retail industry by detecting the latest trends regarding consumer buying pattern to help businesses plan effective business strategies. The growing adoption of AI by enterprises in their operations is expected to drive the market growth over the forecast period. For example, in May 2020, Simons, a major Canadian fashion retailer, adopted AI in its retail merchandising by collaborating with Retalon, an AI and predictive analytics company. According to the company, their partnership will allow them to accurately forecast demand and generate shipments. In addition, it will help to allocate products and calculate replenishment accurately.

Segmentation

Based on type, the retail analytics market is split into software and services. On the basis of deployment type, the market is segregated into on-premises and cloud. On the basis of retail store type, the market is further classified into hypermarkets and supermarkets and retail chains. In terms of region, this market is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Based on functionality, the market is finally segregated into customer management, supply chain management, merchandising, strategy and planning, and store operations. Customer management is expected to achieve the majority of the segment share during the mentioned period. Changing consumer demand is the crucial aspect that results in improved trades and revenue.

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Competitive landscape

Continuous developments are the key strategy to strengthen the company’s position

The major players in the market want to integrate advanced technologies such as artificial intelligence, machine learning, cloud computing, blockchain, etc. with the retail analytics solution. With these advancements, vendors aim to offer dedicated analytics tools to improve the customer experience. The players are launching new and innovative solution to build the dominant position in the market.

Regional analysis:

Strong adoption of e-commerce in North America to drive growth

Among the regions, North America is expected to remain prominent owing to the rapid adoption of e-commerce services and an increasing number of retail stores during the forecast period. In addition to this, the region was worth $1280.6 million in 2018 and is expected to hold the highest revenue in the global retail analytics market in the coming years. Asia-Pacific, on the other hand, generated revenue of around $735.1 million in 2018 and is expected to increase gradually. This is attributed to factors such as the growing adoption of smart phones and the wide deployment of internet services in the region. Also, retailers in countries such as India, Japan, and China are highly adopting retail analytics in their business, which bodes well for the growth of the market over the forecast period. .

List of Key Players Covered in the Report:

  • Microsoft Corporation (Washington, USA)
  • HCL Technologies Limited (Uttar Pradesh, India)
  • FLIR Systems, Inc. (Oregon, USA)
  • IBM Corporation (New York, USA)
  • Oracle Corporation (Texas, USA)
  • SAP SE (Walldorf, Germany)
  • QlikTech International AB (Pennsylvania, USA)
  • Fractal Analytics Inc. (New York, USA)
  • Wipro Limited (Bangalore, India)
  • Nielsen Consumer LLC (Illinois, USA)

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Main table of contents:

  • Key market insights and strategic recommendations
  • Profiled companies
    • Insight
      • Key management
      • Headquarters, etc.
    • Offers/Business Segments
    • Key details
      • Employee size
      • Key financial data
        • Past and current income
        • Geographic share
        • Industry share
    • RECENT DEVELOPMENTS
  • Annex / Appendix
    • Global retail analytics market size estimates and forecasts (quantitative data), by segments, 2017-2028
      • By type (USD)
      • Per deployment (USD)
      • By type of retail store (USD)
        • Hypermarkets and Supermarkets
        • Retail chains
      • By function (USD)
        • Customer management
        • Supply chain management
        • Merchandising
        • Strategy and Planning
        • Store operations
      • By region (USD)
        • North America
        • Europe
        • Asia Pacific
        • Middle East and Africa
        • Latin America
    • North America retail analytics market size estimates and forecasts (quantitative data), by segments, 2017-2028
      • By type (USD)
      • Per deployment (USD)
      • By type of retail store (USD)
        • Hypermarkets and Supermarkets
        • Retail chains
      • By function (USD)
        • Customer management
        • Supply chain management
        • Merchandising
        • Strategy and Planning
        • Store operations
      • By country (USD)

TOC Continued…!

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