The Global Retail Analytics Market size was USD 5.26 Billion in 2021 and is expected to register a revenue CAGR of 21.2% during the forecast period, according to latest analysis by Emergen Research. Rapid digitalization to enhance customer experience and retail operations is a primary factor driving market revenue growth.
Retail analytics could improve customer engagement and experience by providing services and products they require. Companies use retail analytics to gather huge amount of information from physical assets and storefronts in real-time, utilize sophisticated analytics to generate significant insight and improve choices. The digital revolution is transforming how things are organized, created, and delivered to customers.
Large retail outlets use technology to manage their supply chains, avoid loss, prevent theft, and handle invoicing and payments. Retail analytics are used to get insights into sales, inventories, customers, and other vital factors that are important for decision-making. While huge corporations reap benefits of such technologies, however, the unorganized retail sector suffers with technology’s limited availability, affordability, and adoption of modern technology. While unorganized stores might want to use technology to improve, they are typically constrained by budgetary restrictions. Unorganized businesses are under stress from both contemporary trade outlets and expansion of e-commerce. Legacy system maintenance comes as a heavy hidden cost that prevents innovation and digitalization. Retail enterprises, especially in rural and remote areas, have struggled to expand and modernize because of the high cost of capital and difficulties in securing capital investments, which is expected to restrain market growth.
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Key Players Profiled in the Report are:
Microsoft, Oracle, IBM, Salesforce, Inc., SAP, Amazon Web Services, Inc., Microstrategy, Google, Capillary Technologies, and Retailnext, Inc., others
Some Key Highlights From the Report
The solution segment accounted for largest revenue share in 2021. Retail analytics solution focuses on giving information on sales, inventory, customers, and other essential factors that retailers must consider when making decisions. The discipline combines various granular categories to produce a broad picture of retailer’s health and sales, as well as opportunities for development and reinforcement. There is a rising demand for retail analytics by various enterprises as it assists them to make better decisions, managing organizations more effectively, and provide better customer service which is driving revenue growth of this segment.
The inventory analysis segment accounted for largest revenue share in 2021. Many external factors have an impact on why people buy certain goods. There can be high demand for HDMI cables owing to strong promotions on TV’s. Customers may stock up on vital home supplies in anticipation of a winter storm. Predictive retail analytics can help businesses to improve inventories in advance and arrange promotions to capitalize on external events, which is driving revenue growth of this segment.
The large enterprise segment accounted for largest revenue share in 2021 owing to their increased focus on improving consumer interaction through the use of retail analytics. Large companies can invest in innovative technology, such as retail analytics, owing to their robust financial standing. Furthermore, volatile market circumstances, fierce rivalry, and market disruption owing to COVID-19 encouraged major businesses to use retail analytics to reduce losses and increase revenues, which are driving revenue growth of this segment.
The Asia Pacific market accounted for second-largest revenue share in 2021 as it is home to numerous developed and rising economies. It has significant prospects for retail store expansion and technological development. China, India, and Japan, in particular, are concentrating on data management to allow data-driven business choices and improve retail operations. Furthermore, rising deployment of smart stores in this region by major companies is driving retail analytics market revenue growth. For instance, Ikea, the Swedish furniture and home products company, plans to dominate India’s major cities by constructing a few large shops in major cities, as well as four to five small-format stores, to reach more customers in densely populated areas.
On March 29, 2022, Snowflake introduced Retail Data Cloud, which brings together the company’s data platform, Snowflake and partner-delivered solutions and industry-specific datasets. Retailers, manufacturers, distributors, and industry technology providers can use retail data cloud to utilize their own data, access new data, and cooperate throughout the retail sector.
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Emergen Research has segmented the global retail analytics market based on component type, application type, organization size, and region:
Component Type Outlook (Revenue, USD Billion; 2019-2030)
Solution
Services
Application Type Outlook (Revenue, USD Billion; 2019-2030)
Merchandising analysis
Pricing analysis
Customer analytics
Promotional analysis & planning
Yield analysis
Inventory analysis
Others (order management, transportation management, assortment and cluster planning, and real-estate planning)
Organization Size Outlook (Revenue, USD Billion; 2019-2030)
Large enterprises
Small and Medium-sized Enterprises (SMEs)
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Regional Outlook (Revenue, USD Billion; 2019–2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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Overview of the Retail Analytics Market Report:
Introduction, Product Scope, Market Overview, and Opportunities
Analysis of the Manufacturers with sales, revenue, and price analysis
Comprehensive analysis of the competitive landscape
Extensive profiling of the key competitors along with their business strategies and market size
Regional analysis of the market along with sales, revenue, market share, and global position
Country-wise analysis of the market along with types, applications, and manufacturing
Strategic recommendations to established players as well as new entrants
In-depth analysis of the risks, restraints, and limitations in the Retail Analytics industry
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About Emergen Research
Emergen Research is a Marketresearch 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 clients make smarter business decisions. We offer Marketintelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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