ID: MRFR/ICT/2229-HCR | 100 Pages | Published By Ankit Gupta on March 2023
Retail Analytics Market will attain a value of USD 7 Billion with a CAGR of 17% by 2030.
The retail analytics market size is projected to reach approximately USD 7 billion by 2030, at a CAGR of 17% from 2022 to 2030. Retail analytics collects analytical data about inventory levels, supply chain movements, customer demand, and sales. Applications for this data include maintaining procurement levels and making critical marketing choices. Retailers can improve their operations and use these insights effectively by optimizing store layout and design, enhancing pricing strategy, enhancing promotional campaigns, iterating on product displays, generating individualized product recommendations, and creating detailed customer personas. All these factors are driving the growth of the retail analytics market.
The COVID-19 pandemic has harmed several economies ly. But, the technology market in the data analytics sector has not been impacted as much, and as a result, the market is expected to rebound following the COVID-19 pandemic. Companies could not operate with the available resources because of quarantines and lockdowns. So, businesses started adopting various IT services to explore new ways to remotely access their assets, clients, resources, and necessary data. As a result, more and more people are now using retail analytics services and solutions as they work well with the company's customer, client, and employee data.
As digital acceleration takes root, the economy's retail and consumer goods sectors are changing faster than anyone could have predicted. While large businesses benefit from such advancements, the unorganized retail sector must deal with technology's restricted availability, feasibility, and acceptance. It's crucial to streamline processes while still satisfying customer demands in the retail sector because competition is becoming more fierce. Like other client-driven industries, retail benefits from good customer behavior and loyalty, but it also has challenges in keeping up with client behavior changes brought on by lockdowns. Therefore, these factors are expected to expand the market during the forecast period.
As digital acceleration takes prominence, the retail & consumer goods industry is evolving more rapidly than anyone could have thought. Businesses and users started to realize that a data-driven strategy should be used in every aspect of their operations to gain a competitive advantage. By providing customers with the goods and services they require, digital transformation in retail can improve customer retention and happiness. The invention of new technologies that blur the boundaries between the physical and digital globes defines Industry 4.0 (the fourth industrial revolution). Access to data is changing how businesses operate when paired with strong analytics tools like scenario analysis, predictive learning algorithms, and visualization.
Big retail establishments employ technology for standard tasks, such as billing and payments, stock record keeping, shrinkage prevention, and supply chain management. Insights into sales, customers, inventory and other critical factors are obtained using retail analytics; CRM systems ensure better customer relationship management, and other tasks are made easier by ERP technologies. The unorganized retail sector must deal with the limited availability, viability, and adoption of technology while big enterprises make the most of these technologies. Unorganized retailers are under pressure from well-funded offline, modern trade outlets and the craze of e-commerce. Nevertheless, despite their desire to advance using technology, they are frequently constrained by financial limitations.
In just a few weeks, businesses will have analytics tools to help them respond to COVID-19's concerns and plan for the future. Businesses must use significant data and analytical capabilities to forecast and react to altering baselines during and after COVID-19. Because the retail industry is getting increasingly cutthroat, it is essential to streamline operations while meeting client demands. At every level of the retail process, data analytics is used to track new products, predict sales, and anticipate demand. The heat-mapping of customers can also be utilized to optimize where offers and products are placed. Customers interested in particular products can be promptly and accurately identified using analytics based on their prior purchases.
Based on the component, the market has been divided into software, business intelligence, demand forecasting, sales forecasting, others, services, professional services, and managed services. The software segment held a major share in 2021. It is mostly because large firms use analytics software more frequently for various application areas, including sales forecasting and merchandise analysis. A large company's strong financial position allows it to invest in cutting-edge technology, such as retail analytics.
The retail analytics market segmentation, based on organization size, is divided into large enterprises and small & medium-sized enterprises. The retail analytics market growth was prominently high under the large enterprise category in 2021. Inventory management utilizes a variety of RFID devices, including handheld scanners, point-of-sale scanners, and EAS gate antennae. It is mostly utilized for effective inventory and shipping process tracking. However, electronic & I.T. asset was the fastest growing due to the semiconductor market, which is most important for an electric vehicle.
The retail analytics market segmentation, based on application, is finance, pos management, payment management, marketing & price optimization, merchandising analytics, promotional analysis & planning, catalog management, pricing analytics, operations, human resources, digital supply chain analytics, inventory analytics, customer analytics, and order management. The marketing and price optimization segment had a prominent share in 2021. It is primarily attributable to the useful information offered by retail analytics software, which contributes to the company's increased sales and better decision-making.
By region, the retail analytics market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific is projected to exhibit the highest CAGR during the review period.
North America was anticipated to encounter the largest market share in 2021. The U.S. is one of the most influential markets since it was an early technology adopter and because major corporations invest extensively in new technology to remain competitive. Numerous significant businesses are investing more money in creating cutting-edge smart stores, which are also anticipated to fuel market expansion in this area. For instance, Amazon has started opening actual Amazon Go food and convenience stores around the United States.
Asia-Pacific was anticipated to encounter the fastest growth rate in 2021. It offers great opportunities for both technology advancement and retail store expansion. China, India, and Japan focus on data management to enable data-driven business decisions and enhance retail operations. The market growth is also fueled by big corporations' increasing deployment of smart shops in this region.
The competitive landscape of the market gives information to a competitor. The company's overview, financials, revenue, market potential, investment in R&D, new market initiatives, presence, production facilities, company strengths and weaknesses, product launch, clinical trial pipelines, brand analysis, patents, product approvals, product width and breadth, application dominance, and technology lifeline curve are all included in the information. The data mentioned above are limited to the companies' market focus on retail analytics.
Prominent players in the retail analytics market research include Microsoft Corporation (U.S.), IBM Corporation (U.S.), Salesforce.com, Inc. (U.S.), SAP SE (Germany), HCL Technologies Limited (India), SAS Institute, Inc. (U.S.), Qlik (U.S.), Manthan Software Services Pvt. Ltd. (India), BRIDGEi2i Analytics Solutions (India), MicroStrategy Incorporated (U.S.), Teradata (U.S.), Amazon Web Services (U.S.), Fujitsu (Japan), Oracle Corporation (U.S.), Domo, Inc. (U.S.), and Tableau Software, Inc. (U.S.)., among others.
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the retail analytics market report segmented by type, component, organization size & application by value (in US dollars). Also, to understand the consumption/ demand created by consumers of retail analytics market forecast between 2022 and 2030
To identify and infer the drivers, restraints, opportunities, and challenges in retail analytics market growth
To find out the factors which are affecting the sales of the retail analytics market size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||USD 7 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Organization Size, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Microsoft Corporation (U.S.), IBM Corporation (U.S.), Salesforce.com, Inc. (U.S.), SAP SE (Germany), HCL Technologies Limited (India), SAS Institute, Inc. (U.S.), Qlik (U.S.), Manthan Software Services Pvt. Ltd. (India), BRIDGEi2i Analytics Solutions (India), MicroStrategy Incorporated (U.S.), Teradata (U.S.), Amazon Web Services (U.S.), Fujitsu (Japan), Oracle Corporation (U.S.), Domo, Inc. (U.S.), and Tableau Software, Inc. (U.S.)|
|Key Market Opportunities||Increased use of data analytics to understand customer data|
|Key Market Drivers||Digitalizing to enhance customer experience and retail operations|
According to MRFR the retail analytics industry size is projected to reach approximately USD 7 billion by 2030, at a CAGR of 17% from 2022 to 2030
The retail analytics market forecast period is 2022 - 2030
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 7 billion by 2030.
Microsoft Corporation (U.S.), IBM Corporation (U.S.), Salesforce.com, Inc. (U.S.), SAP SE (Germany), HCL Technologies Limited (India), and SAS Institute, Inc. (U.S. are the major companies operating in the market.