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

Published Date: Feb 2020  |  Report ID: GMI319  |  Authors: Preeti Wadhwani, Sachin Kasnale

Report Format: PDF   |   Pages: 230   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

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. The market growth is driven by rising demand for customized products on account of rapidly changing customer preferences.
 

Retail Analytics Market

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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.
 

Retail Analytics Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 5 Billion (2019)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 20% 2026 Value Projection: USD 20 Billion (2026)
Pages: 230 Tables, Charts & Figures: 357
Geographies covered (22): U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, Australia, Southeast Asia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa
Segments covered: Function, Solution, Deployment Model, Organization Size and Region
Companies covered (20): 1010Data, Adobe Systems, Inc., Angoss Software, Bedrock Analytics Corporation, FLIR Systems, Inc., HCL Technologies, IBM Corporation, Information Builders, Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, Qlik Technologies, Inc., Salesforce.com, Inc., SAP SE, SAS Institute, Tableau Software, Teradata Corporation, and TIBCO Software, Inc.
Growth Drivers:
  • Growing e-commerce industry in China and India
  • Increasing penetration of big data in the retail industry in the U.S.
  • Growing proliferation of smartphones in Asia Pacific
  • Increasing competition among retailers and Increasing need for differentiation in North America
  • New generation of highly informed and demanding customers in Europe
  • Growing need for analytics maturity in Asia Pacific
  • Growing adoption of ecommerce in Latin America
  • Expanding retail sector in Middle East and Africa
Pitfalls & Challenges:
  • Lack of technical expertise
  • Data privacy concerns

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

Store operations are expected to witness growth of around 24% till 2026 due to growing 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

Retail Analytics Market By Solution

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The software segment held a retail analytics market share of 50% in 2019 owing to 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 due to increasing market competition, revenue growth, and reducing customer churn will increase the market adoption of retail analytics software.
 

Retailers are leveraging data management software to improve actionable insights from various data sources and share data easily across various vendors, deployments, & workloads. 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 expected to grow rapidly over the forecast period

The cloud deployment model segment 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

China Retail Analytics Market By Enterprise

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Large enterprises in China segment held a market share of over 70% in 2019 led 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 support market growth

Asia Pacific Retail Analytics Market

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The Asia Pacific retail analytics market size is set to grow at a CAGR of more than 25% during the forecast period due to rapidly growing retail and e-commerce industries across developing countries such as India and China. The global retail market players are entering into the Asia Pacific market through the strategic acquisition of leading local players.
 

For instance, in May 2018, Walmart, a global leading retail company, acquired Flipkart, a leading e-commerce company in India, for USD 16 billion. This expansion helped the company to expand its presence in the rapidly growing Indian retail industry.
 

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.
 

For instance, in May 2019, Adobe Inc. expanded its partnership with Prada Group, a leading fashion brand, to deploy advanced experience management solutions on a global scale at its stores. This new deployment helped the company to support Prada’s marketing activities and communication with consumers across its retail global network. The retail industry is undergoing digital transformation through the adoption of different analytical tools.
 

Some of the key players operating in the market 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.
 

The 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
       

Frequently Asked Questions (FAQ) :

The market size of retail analytics was valued over USD 5 billion in 2019.
The industry share of retail analytics is projected to witness 20% growth rate during 2020 to 2026.
The Asia Pacific market is set to grow at a CAGR of more than 25% during the forecast period due to rapidly growing retail and e-commerce industries across developing countries such as India and China.
The cloud-based retail analytics solutions are expected to register around 25% growth through 2026 propelled by its data storage and processing capabilities.
Some of the key players operating in the industry 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.

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Premium Report Details

  • Published Date: Feb 2020
  • Pages: 230
  • Tables: 331
  • Charts / Figures: 26
  • Companies covered: 20
  • Countries covered: 22

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