The retail analytics market has been experiencing rapid market growth owing to digitization and technological awareness among customers. The velocity, variety and bulk volume of big data is projected to have a notable effect on retail analytics market. With big data analytics, companies are capable to generate meaningful visions and information that facilitates in revenue generation and acquiring untapped market.
MARKET SCOPE
The "Global Retail Analytics Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the retail analytics market with detailed market segmentation by component, business function, deployment, and geography. The report provides key statistics on the market status of the leading retail analytics market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
? Based on component, the global retail analytics market is segmented into solution services
? On the basis of business function, the market is segmented into finance, sales, supply chain, and store operation.
? Based on deployment, the market is segmented into on-premise and cloud.
MARKET DYNAMICS
Drivers:
? Introduction of big data has improvised the way retail sector used to function, also it has increased the online shopping rate and utilization of social media, and exponential usage of smart phones in online shopping are some of the major factors driving the market. Several retailers have successfully implemented and are harnessing the benefits provided by various social media platforms that have turned out to be better in terms of understanding customers' needs, loyalty, feedback and brand perception.
? Rising demand of retail analytics in management of inventory and planning and monitoring the customer purchasing traits are some additional factors that would emphatically impact the growth of market growth.
? Because of its ability to optimize retail functions and improvise customer relationship management several subsectors of retail industry are expected to adopt the technology also, emergence for security in retail leading to reduction in shrinkage would generate new opportunities for retail analytics market
Restraints:
? Lack of adoption of the retail analytics technology by unorganized retail sector is hindering the growth of the retail analytics market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The retail analytics market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the retail analytics market in these regions.
IMPACT OF COVID-19 ON RETAIL ANALYTICS MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the retail analytics market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from retail analytics market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the retail analytics market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
? Adobe Inc.
? Fujitsu Limited
? IBM CORPORATION
? Manthan Systems
? Microsoft Corporation
? Oracle Corporation
? QLIKTECH INTERNATIONAL AB
? SAP SE
? SAS Institute
? Tableau Software