Retail Analytics Market Research Report- Global Forecast 2030

Retail Analytics Market, By Business Function (Consumer Analytics, Marketing Analytics, Supply Chain Analytics, Merchandising and In-Store Analytics), Deployment (Cloud, On-Premise), Solutions and Services - Global Forecast 2030

ID: MRFR/ICT/2229-HCR | October 2022 | Region: Global | 100 Pages         

Retail Analytics Market

Retail Analytics Market will attain a value of USD 7 Billion with a CAGR of 17% by 2030.

Segmentation

By Business Function Consumer Analytics Marketing Analytics Supply Chain Analytics Merchandising In Store Analytics
By Deployment Cloud On Premise
By Solution Mobile Applications Analytical Tools Report And Visualization Tools And Data Management Software

Key Players

  • Oracle Corporation (U.S.)
  • IBM Corporation (U.S.)
  • HCL Technologies Ltd. (India)
  • Microsoft Corporation (U.S.)
  • Tableau Software Inc. (U.S.)
  • SAP SE (Germany)
  • MicroStrategy Inc. (U.S.)
  • Adobe Systems Incorporated (U.S.)
  • Cisco Systems Inc. (U.S.)
  • SAS Institute Inc. (U.S.)

Drivers

  • Increasing availability of data
  • Retail Analytics provides personalization feature as per the individual's needs
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Market Overview


The retail analytics market is emerging at a faster pace in recent times and will continue to surge swiftly in the upcoming years. The estimated retail analytics market revenue by the year 2030 will attain a value of USD 7 billion with a CAGR of 17 percent during the forecast period (2021-2030).


Retail Analytics is defined as the transformation of data into information that can be further used to make market decisions. The retail analytics market largely depends on the data and is a huge part of big data analytics. The retail analytics industry facilitates cost-effective and flexible solutions for the optimization of market solutions. Retailers need the analytics as they get a huge amount of data associated with the needs of customers and preferences, which require proper analysis. By utilization of retail analytics, one can understand business and customer analytics better that will propel the retail analytics market growth in the near future.


According to the retail analytics market outlook, the growth of the market is rising rapidly due to the escalation in data availability which requires an analytical solution to utilize data efficiently. The huge amount of data presence helps to thrust the growth of retail analytics market share all around the world. In the modern era, people are attracted more towards personalized experience and require everything as per their preferences. The retail analytics market trends allow access to personalization according to one’s needs which in turn is elevating the retail analytics market demand. All these beneficial features create numerous retail analytics market opportunities for growth.


The retail analytics market forecast report depicts the insights into the market structure along with the anticipated valuation and growth rate during the forecast years. It provides an analysis of the COVID19 impact on the retail analytics industry. It describes the factors that affect the global retail analytics market, including the restraints and opportunities, and provides information about different segments and sub-segments of the market. The report gives an idea about the retail analytics market key players and puts lights on several geographies that can fuel the expansion of retail analytics market size in the forecast years.


COVID19 Analysis


The outburst of the COVID19 pandemic has devastated the global economy and largely impacted the retail analytics market. Businesses and other sectors encountered heavy financial loss as they were unable to perform daily normal functions, and this declined the economic growth all around the world. The imposition of lockdown measures restricted the operations of industries and also shut down the manufacturing units for an indefinite time period which created breakage in the supply chain. However, the retail analytics market still maintained a stable growth as the consumption of a huge amount of data during the pandemic escalated the retail analytics market demand at a rapid pace.


In the lockdown, prominent retail analytics market key players witnessed immense data traffic due to the excessive consumption of data by people. This increased the requirement of analytical solutions to utilize the data efficiently, which surged the demand of the retail analytics marketeven in these difficult times. The innumerable retail analytics market opportunities enable personalization based on individual needs and also optimize business procedures. All these factors helped the retail analytics market to balance a steady growth in the pandemic and will also upsurge the market potential in the upcoming times.


Market Dynamics



  • Major drivers of the market


The retail analytics market is soaring up with higher speed all across the globe and is expected to exhilarate to maximum levels in the next many years. The increase in the availability of data encourages the requirement of analytical solutions to efficiently use the data, which surges the retail analytics market demand. Retailers get a huge quantity of data associated with customer needs and preferences, which requires proper analysis, and therefore, the retail analytics industry comes in handy. Constant developments in retail analytics market trends allow a cost-effective and flexible solution to optimize the market decisions. The retail analytics market outlook represents that the personalization feature that the market provides will lead to the expansion of the global retail analytics market size.



  • Significant Opportunities for the market


With the emergence of data availability in today’s world, the demand for the retail analytics market is also escalating at a rapid rate. The huge amount of data needs analytical solutions for proper utilization of the data, which helps in optimizing market decisions. As per the retail analytics market forecast, the retail analytics industry provides personalization based on one’s needs and preferences that helps in the optimization of business procedures. A large number of retail analytics market opportunitiesenable one to understand business and customer analytics better. Such benefits aid the users to make market decisions and result in prompting the retail analytics market growth.



  • Market restraints


The outbreak of the coronavirus epidemic has affected the growth of the retail analytics market. Industrial operations and production units remained closed during the pandemic, which incurred immense financial loss and reduced customer interaction. Due to this, the retail analytics market growth is restricted to a greater extent. However, the retail analytics market demand increased as people consumed a huge amount of data in the lockdown. The rise in demand helped to raise the retail analytics market share even in these critical situations.



  • Market growth challenges


There is a substantial rise in the retail analytics market revenue over the years due to the availability of innumerable retail analytics market opportunities for growth. But certain limitations can hamper the market growth during the forecast years. Retail analytics holds a huge amount of data which requires the highest level of security. The threat to data security and complex procedures can be a major reason for hindering the growth of retail analytics market share.


Value Chain Analysis


As per the retail analytics market outlook, the value generated by the global retail analytics market is skyrocketing rapidly over the past couple of years and will continue to upsurge in the coming times. By the end of 2023, the retail analytics market revenue will be way higher than any previous growth rates and will reach the highest points during the forecast period. Within few years, the retail analytics market share will attain maximum momentum due to the rising demand for retail analytics.


Segment Overview


The retail analytics market is fragmented into several sections on the basis of business functions, solutions, deployment models, and services. By business functions, the retail analytics market segmentation includes marketing analytics, merchandising and in-store analytics, supply chain analytics, and consumer analytics. Among all the business functions, the supply chain analysis segment will have the maximum retail analytics market share during the forecast period. The merchandising and in-store analytics is anticipated to gain maximum popularity and positive retail analytics market growth in the coming years.


On the basis of the solutions segment, the retail analytics market involves mobile applications, analytical tools, report and visualization tools, and data management software. The services segment of retail analytics market size comprises system integration, consulting, and support and maintenance.


Regional Analysis


The retail analytics market forecast report is prepared after analyzing several geographical regions such as Asia-Pacific, Europe, North America, and the remaining parts of the world. The North American region has the most control over the retail analytics market share and will remain as a leading shareholder in the global retail analytics market.


In North America, the elevation in the usage of mobile phones, tablets, and smart gadgets is prospering the retail analytics market growth in that region. Technological advancements are also a major reason for the rising retail analytics market demand in North America. The Asia-Pacific region is also projected to show positive growth during the forecast period as people in the region are shifting more towards technological advancements.


Competitive Landscape of the market


The major retail analytics market key players are:




Report Scope:

Report Attribute/Metric Details
  Market Size   USD 7 billion
  CAGR   17%
  Base Year   2020
  Forecast Period   2021-2030
  Historical Data   2019
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Deployment
  Geographies Covered   North America, Europe, Asia-Pacific
  Key Vendors   Oracle Corporation (U.S.) IBM Corporation (U.S.) HCL Technologies Ltd. (India) Microsoft Corporation (U.S.) Tableau Software Inc. (U.S.) SAP SE (Germany) MicroStrategy Inc. (U.S.) Adobe Systems Incorporated (U.S.) Cisco Systems Inc. (U.S.) SAS Institute Inc. (U.S.)
  Key Market Opportunities   A large number of retail analytics market opportunitiesenable one to understand business and customer analytics better.
  Key Market Drivers   The retail analytics market is soaring up with higher speed all across the globe and is expected to exhilarate to maximum levels in the next many years.


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Frequently Asked Questions (FAQ) :

The retail analytics market is expected to mark 17% CAGR and will reach USD 7 Billion over 2030.

The valuation of the retail analytics market is expected to be USD 7 Bn.

The segments of the retail analytics market, by business function, are consumer analytics, supply chain analytics, and merchandising & in-store analytics

Asia Pacific is expected to exhibit the fastest growth rate.

Retail analytics is supposed to benefit from the rising amount of data being generated in the retail industry.