NOIDA, India, May 6, 2021 /PRNewswire/ -- A comprehensive overview of the Retail Analytics Market is recently added by UnivDatos Market Insights to its humongous database. Retail Analytics Market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the retail analytics market. Retail Analytics Market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the retail analytics market at the global and regional levels. The Global Retail Analytics Market is expected to grow a 19.4% CAGR by 2027.
Global Retail Analytics Market is experiencing significant growth on account of the factors such as a rise in data generation owing to the rising internet penetration and smartphone adoption. As per the World Bank, 4.72 billion people around the world use the internet in April 2021 which is more than 60% of the global population. Also, a surge in cloud adoption coupled with emerging demand for dashboards for data visualization. The worldwide public cloud services market is forecast to grow 17% in 2020, as revealed by Gartner. Also, the public cloud infrastructure will grow by 35% in 2021. Moreover, the benefit of using analytics tools and big data to interpret customers' shopping frequency and the kind of products they purchase is contributing to the growth of the market. Also, other benefits to the retail such as strategically budget allocation, align the supply of labor and forecast the demand, increasing productivity and scheduling while improving recruitment, retention, and development activities are some of the key factors driving the growth of retail analytics globally.
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Furthermore, rapid digitalization and adoption of AI and ML are acting as a growth catalyst to the global retail analytics market. It has been estimated that in 2018, around 57% of 1,300 institutions have adopted artificial intelligence while around 18% were planning to enter the respective arena in 2019. Also, the merging need of improving in-store operations by investigating in-store circumstances and enhancing customer experience is contributing to the growth of the market. For instance, the Middle East-based fashion retailer established a retail analytics solution from Oracle Corporation to drive its store performance and improve consumer fulfillment across its 700 stores in 2019.
Retail analytics generates information on the basic key factors, like consumer actions, counting traffic, and conversion rates, to help retailers raise their sales and enhance consumer fulfillment. A leading global information company generated USD 20.9 billion in the U.S., by selling toys with the help of retail analytics in 2019, Also, several other companies in the retail industry are establishing retail analytics solutions to improve their efficiency by taking effective decisions.
The COVID-19 breakthrough has impacted all the segments of the technology sector. The temporary halt in the manufacturing facilities coupled with the disruptions in the supply chain due to COVID has slowed down the evolution of the IT framework. However, omnichannel commerce businesses are rapidly decreasing their physical stores and are centralizing on the virtual appearance through e-commerce or mobile apps. The COVID-19 pandemic has uplifted e-commerce businesses by online stores and grocery shopping. The increasing online shopping owing to the benefits such as timesaving, ease of operations, etc., has accelerated the necessitate for consumer-level analytics. The global breakdown in pandemic has brought retailers to concentrate on supply chain management. The governments worldwide encouraged the public to stay at home has further raised online shopping and set down a lot of pressure on the supply chains which lead to the emerging requirements of the adoption of retail analytics to streamline the overall operations.
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Retail Analytics Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily bifurcated into
Software segment dominated the by type of the global Retail Analytics market and will grow at 21.6% CAGR to reach US$ 9,045.2 billion by the year 2027.
By Deployment Type, the market is primarily segmented into
Amongst development types, cloud accounted for the largest share in 2020 and is expected to grow at 18.9% CAGR during the forecast period 2021-2027.
By Application Area, the market is primarily segmented into
- Customer Management
- Merchandising Analytics
- Supply Chain
- In-Store Operations Analytics
- Others (Strategy & Planning)
Amongst the application area, customer management accounted for the largest share in 2020 and is expected to grow at 21.2% CAGR during the forecast period 2021-2027.
By End-users, the market is primarily segmented into
- Store-Based Retailing
Amongst end-users, e-commerce accounted for the largest share in 2020 and is expected to grow at 20.4% CAGR during the forecast period 2021-2027
Retail Analytics Market Geographical Segmentation Includes:
- North America (the United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, the North America region dominated the Retail Analytics market with almost US$ 2,213.8 billion revenue in 2020. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 22.2% over the forecast period.
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The major players targeting the market includes
- Cisco Systems Inc.
- SAP SE
- Microsoft Corporation
- Oracle Corporation
- IBM Corporation
- Tableau Software
- Adobe Systems Inc.
- SAS Institute Inc.
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Retail Analytics Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Retail Analytics Market?
- Which factors are influencing the Retail Analytics Market over the forecast period?
- What are the global challenges, threats, and risks in the Retail Analytics Market?
- Which factors are propelling and restraining the Retail Analytics Market?
- What are the demanding global regions of the Retail Analytics Market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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