Advancement in technologies, such as machine learning, artificial intelligence, and augmented reality is one of the drivers for the growth of the retail analytics market
The retail analytics market size is expected to grow from USD 3.52 billion in 2017 to USD 8.64 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.7%. Advancement in technologies such as machine learning, artificial intelligence (AI), and augmented reality, increased use of data-intensive platforms, and rapid adoption of social media are some of the factors that have significantly fuelled the growth of retail analytics solutions. However, lack of skilled personnel and high initial setup costs are the restraining factors for the retail analytics market.
Customer management application is expected to be the highest growing segment in the retail analytics market
The customer management and analytics portfolio enable the retailers to imply personalized engagement on data driven insights about customer behavior. The solutions are designed to create ideal responses for every single customer interaction. The key requirement toward the understanding of consumer behavior is getting the quantified data on real time consumer activities. Vendors providing consumer management analytics solutions consistently tracks quantity and frequency of product purchases, frequency and duration of customer visits, price sensitivity, mostly preferred areas of purchase, customer response to promotional activities, and many more.
Asia Pacific (APAC) is expected to have the highest growth rate in the retail analytics market by region
The APAC region consists of countries such as China, India, Japan, South Korea, and others. Increasing digitalization and growing internet penetration have resulted in higher penetration of eCommerce retailers in the APAC region. In addition, the growth of faster internet service coupled with higher mobile uptake is creating stiff competition in the retail analytics market. The region is witnessing increasing demand for cloud-based analytics solutions owing to the increasing size of SMB retailers.
Further, companies operating in the market will continue to focus on improving their customer service to drive competitive differentiation and revenue growth. Fast-growing countries, in terms of industrial growth and economy, such as China, India, Vietnam, Malaysia, and Thailand are rapidly moving toward the adoption of advanced retail analytics solutions.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profile of primary participants is as follows:
• By Company: Tier 1 – 23 %, Tier 2 –27%, and Tier 3 –50%
• By Designation: C level – 13%, Director level – 42%, and Others – 45%
• By Region: North America – 30%, Europe – 10%, and APAC – 60%
The retail analytics market comprises following major vendors:
1. 1010data, Inc. (US)
2. Angoss Software Corporation (Canada)
3. BRIDGEi2i Analytics Solutions Private Limited (India)
4. Capillary Technologies (Singapore)
5. Diaspark Inc. (US)
6. FLIR Systems, Inc. (US)
7. Fujitsu Limited (Japan)
8. GainInsights Solutions Pvt. Ltd. (India)
9. Happiest Minds (India)
10. Information Builders (US)
The report segments the retail analytics market on the basis of applications (merchandising analysis, pricing analysis, customer management, performance analysis, yield analysis, inventory analysis, and others (order management, transportation management, assortment and cluster planning, real-estate planning); business functions (finance, sales, marketing, supply chain, and store operation); components (software and services) deployment models (on-premises and on-demand); organization sizes (SMEs and large enterprises); end-users (online, and offline) and regions (North America, Europe, APAC, Middle East and Africa (MEA), and Latin America).
Reasons to Buy the Report
• To get a comprehensive overview of the global retail analytics market.
• To gain wide-ranging information about the top players in this market, their product portfolios, and the key strategies adopted by them.
• To gain insights into the major countries/regions, in which the retail analytics market is flourishing across various industry verticals.