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Retail Analytics Market size exceeded USD 6.5 billion in 2020 and is expected to grow at a CAGR of over 20% from 2021 to 2027. Increasing demand for online shopping and surging social media users across the globe are likely to drive the industry growth.
The market is witnessing a growing population of next-generation consumers and a rising trend of shopping through social & mobile channels. Due to these factors, merchants are leveraging abundant psychographic information & analytics tools to collect granular data and explore deeper into consumer wants & preferences. Based on the data collected through various social media tools, retailers make smart marketing decisions through media, such as offers and messages, that directly catch the customers’ appeal.
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During the COVID-19 pandemic, consumers shifted toward online retail platforms from traditional stores. The significant need for e-commerce platforms during the pandemic resulted in increased data generation from these platforms. This enabled industry players to use the retail analytics platform to make better business decisions.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 6.5 Billion (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 20% |
2027 Value Projection: | 25 Billion (USD) |
Historical Data for: | 2016 to 2019 |
No. of Pages: | 324 |
Tables, Charts & Figures: | 426 |
Segments covered: | Function, Solution, Deployment Model, Enterprise Size, Field Crowdsourcing, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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In Canada, customer management function held around 35% of the retail analytics market share in 2020 led by the growing demand for customer retention among retailers. Customer management enables retailers to derive actionable insights from customer data and develop new strategies to improve customer loyalty through highly relevant & customized offers. With retailers escalating focusing on retaining and enlarging their core customer base to ensure profitability, the adoption of customer management analytics will observe a sharp increase over the forecast timeline.
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The retail analytics market for managed services in the UK is projected to register growth rate of above 20% through 2027 towing to the shortage of skilled analysts and complexity in scaling processes for in-house analytics. Retailers are rapidly outsourcing analytics technology through managed analytics service providers to gain business intelligence capabilities and actionable insights. Managed analytics providers enable enterprises to reap the benefits of easy-to-grasp dashboards & reports without making large upfront investments in time and financial resources.
Large enterprises in China captured a market share of more than 70% in 2020 as large retailers have prioritized big data analytics to derive the economic value from their data. Retail industry leaders, such as Alibaba Group and Suning Commerce Group, are strongly committed to the implementation of business intelligence solutions to augment merchandising and branding strategies. Retail analytics is complementing the business growth of large enterprises by assisting them in the management of inventories & supply chains and increasing footfalls across large retail store chains.
The Germany cloud deployment model segment is set to witness 25% CAGR and is poised to reach USD 1 billion revenue by 2027 on account of the growing adoption of cloud computing platforms across the country. Cloud-based retail analytics solutions have gained popularity due to their data storing and processing capabilities. Retailers are increasingly generating vast volumes of unstructured data and it becomes difficult to obtain customer insights & outcomes from this data to increase business productivity. Cloud solutions provide agility to businesses and the capability to improve collaboration & communication with business partners & customers.
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North America retail analytics market size is anticipated to generate over USD 8 billion by 2027 driven by the high adoption rate of advanced data analytics technologies among retailers. According to IBM’s 2020 U.S. Retail Index report, the recent COVID-19 pandemic has accelerated a shift toward digital shopping. Multiple retail brands, such as Home Depot and IKEA, are focusing on proprietary AR shopping experiences.
Companies are emphasizing on the integration of AI technology in their retail analytics solutions to gain a competitive advantage in the market. For instance, in January 2021, Google launched a new suite of AI-powered products for retailers. The new suite offers detailed analytics of customer shopping behavior and management insights. The AI suite targets large & small retailers and provides personalized solutions.
Major companies operating in the retail analytics market are 1010data, Inc., Adobe Inc., Altair Engineering, Inc. (ANGOSS Software Corporation), Bedrock Analytics Corporation, BeMyEye Holdings Ltd., Clickworker GmbH, Field Agent Inc., FLIR Systems, Inc., HCL Technologies Limited, IBM Corporation, Information Builders, Inc., Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, QlikTech International AB., Roamler B.V., Salesforce.com, Inc., SAP SE, SAS Institute Inc., Teradata Corporation, TIBCO Software, Inc., and TopMission (Hereby, CrowdSystem Holding, Ltd.).
Market, By Function
Market, By Solution
Market, By Enterprise Size
Market, By Deployment Model
Market, By Field Crowdsourcing
The above information has been provided for the following regions and countries: