Retail Analytics Market Size By Function (Customer Management, Merchandising, Store Operations, Supply Chain, Strategy & Planning), By Solution (Software, Services [Training & Consulting, Integration & Deployment, Managed Services]), By Deployment Model (On-Premise, Cloud), By Enterprise Size (Large Enterprises, SMEs), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Retail Analytics Market size exceeded USD 5 billion in 2019 and is estimated to grow at over 20% CAGR between 2020 and 2026. Rising demand for customized products on account of rapidly changing customer preferences is likely to drive the industry growth.
 

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Retail analytics enables retailers to make improvements according to their customer behavior and preferences. The rising number of social media users enables retailers to understand the demographic data, such as shopping habits, purchase history, and preferences, to design their promotional and market growth strategies.
 

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Growing demand to improve in-store operations is fueling the retail analytics market revenue

Store operations segment is expected to witness growth of around 24% till 2026 due to increasing demand to improve in-store operations by analyzing in-store conditions. It provides information on the fundamental factors, such as traffic counting, conversion rates, and customer behavior, to help retailers increase their sales and improve customer satisfaction.
 

The major companies operating in the retail industry are deploying retail analytics solutions to improve their store operations and retain customers. For instance, in May 2019, Kamal Osman Jamjoon Group LLC, a major fashion retailer in the Middle East, deployed a retail analytics solution from Oracle Corporation to accelerate its store operations and enhance customer satisfaction across its 700 stores. This deployment also helped the company to streamline its store operations and increase sales performance.
 

Rising demand to improve business intelligence based on consumer data is supporting the market demand

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The software solutions segment captured more than 50% of the retail analytics market share in 2019 on account of increasing demand for enriched visualization and unified dashboards to track live sales data and deriving useful business intelligence. Retail analytics software helps retailers to improve promotion, enhance product placement & marketing, and leverage customer data analytics to increase customer retention. The increasing stress on retailers to improve sales metrics led by increasing market competition, revenue growth, and reducing customer churn will increase the adoption of retail analytics software.
 

Retail analytical tools are increasingly being adopted by retailers in the market to complement the existing business intelligence solutions. Agile & scalable retail analytics solutions offer high customization and can handle big data across various storage platforms. Reporting & visualization tools enable retailers to visualize data graphically in the form of charts, graphs, tables, and infographics.
 

Adoption of cloud-based retail analytics solutions is set to grow rapidly

The cloud deployment model segment of retail analytics market is expected to register around 25% growth through 2026 propelled by its data storage and processing capabilities. Cloud retail analytics solutions help businesses to become agile and capable to improve collaboration & communication with business partners and customers. Cloud-based retail analytics solutions offer retailers with on-demand computing power to handle large data volumes and deliver useful insights within a short timeframe.
 

Large enterprises in China focusing on synchronizing the operations of multiple retail branches

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Large enterprises in China segment held over 70% of the retail analytics market share in 2019 driven by need to manage large store operations efficiently. Large enterprises are using analytical tools to manage operations in multiple stores located at different locations without affecting the sales. The large enterprises are also using these solutions to understand consumer pain points to improve their service and maximize customer retention.
 

Growing Asia Pacific e-commerce industry to spur market growth

The Asia Pacific retail analytics market size is poised to observe more than 25% CAGR till 2026 impelled by rapidly growing retail and e-commerce industries across developing countries such as India and China. The global players are entering into the APAC market through the strategic acquisition of leading local players.
 

Major players are focusing on strategic partnerships to gain competitive advantage

Major companies operating in the retail analytics industry are forming partnerships with global retailers to help them in simplifying their store operations and increasing customer satisfaction through retail analytics solutions.
 

Some of the key retail analytics market players are 1010data, Inc., Adobe Inc., ANGOSS Software Corporation, Bedrock Analytics Corporation, FLIR Systems, Inc., HCL Technologies Limited, IBM Corporation, Information Builders, Inc., Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, Qlik Technologies, Inc., Salesforce.com, Inc., SAP SE, SAS Institute Inc., Tableau Software Inc., Teradata Corporation, and TIBCO Software, Inc.
 

This retail analytics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026 for the following segments:

Market by Function

• Customer Management
• Merchandising
• Store Operations
• Supply Chain
• Strategy & Planning

Market by Solution

• Software
• Service
  • Training & Consulting
  • Integration and Deployment
  • Managed Services

Market by Enterprise Size

• SMEs
• Large Enterprises

Market by Deployment Model

• On-premise
• Cloud

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa