The report encompasses the major developments within the Global Retail Analytics Market amidst the novel COVID-19 pandemic. The report offers a thorough understanding of the different aspects of the market that are likely to be feel the impact of the pandemic.
Relying on data, retail analytics transform that data into information that can be used for making market decisions. Via data, retailers understand customer needs and preferences which needs analysis. Retail analytics also ensure a better understanding of businesses and customer analytics. Market Research Future (MRFR) has published and released a research report about the global retail analytics market that estimates massive expansion for this market with 17% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023.
Analyzing the market structure, this report evaluates the future growth potential of the market. It observes the strategies of the key players in the market and follows the competitive developments like joint ventures, new product developments, mergers and acquisitions, research and developments (R & D) in the market. The factors primarily responsible for the growth of global retail analytics market include growth in availability of data, the requirement of analytical solutions to make efficient data use, ease of optimizing business procedures, and availability of personalization as per the individual’s needs.
The global retail analytics market has been segmented on the basis of business function, deployment, services, solutions, and lastly, region. Based on business function, this market has been segmented into consumer analytics, marketing analytics, supply chain analytics, and merchandising & in-store analytics. The deployment-based segmentation segments the market into cloud deployment and on-premise deployment. On the basis of services, the market has been segmented into consulting, system integration, and support & maintenance. Regarding solution-based segmentation, the market has been segmented into analytical tools, data management software, mobile applications, and reporting & visualization tools.
The regional segmentation of the global retail analytics market segments the market into many continent-based regional markets namely North America, Europe, Asia Pacific, and the rest of the world (RoW). According to the report, North America has been estimated to emerge as the largest regional market. The major market growth in North America has been attributed to the increasing use of mobile devices in this region, technological advancements in the world all kinds of electronic items, rising consumerism, and rapidly rising shopping and mall culture. The most important country-specific markets in this region are the United States of America (USA) and Canada.
During the forecast period, Europe has been estimated to be considered an important market. Its technological advancement does not match North America but it is decent, and its high density of population makes it a lucrative market. The most important country-specific markets in this region are France, Germany, Italy, and the United Kingdom (UK). According to the report, Asia Pacific has been estimated to emerge as the fastest growing market during the forecast period. Countries with a high population like China and India are always a lucrative market for any product and service.
The key players in the global retail analytics market, Adobe Systems Incorporated (USA), Cisco Systems Inc. (USA), HCL Technologies Ltd. (India), IBM Corporation (USA), Microsoft Corporation (USA), MicroStrategy, Inc. (the USA), Oracle Corporation (USA), SAP SE (Germany), SAS Institute Inc. (USA), and Tableau Software, Inc. (the USA).
Latest Industry News
- Flipkart has acquired Israel-based retail analytics company Upstream Commerce. The technology of Upstream Commerce will allow the retail giant to offer real-time pricing and product analytics to its sellers. 26 SEP 2018
- Jakarta-based firm Moka that provides cloud-based point-of-sale (PoS) software has acquired Mumbai-headquartered retail analytics company GetFocus. Venture capital firm Sequoia India played matchmaker for the acquisition of the firm legally named as Focus Analytics Pvt. Ltd. 1 OCT 2018
- Bengaluru-based cloud analytics and artificial intelligence solutions provider Manthan has secured a multi-year deal from Alshaya, a leading international retail franchise operator. According to the deal, Manthan will deploy enterprise-wide analytics in all their 4,000 plus physical stores and 53,000 associates across the Middle East, North Africa and Europe. 3 OCT 2018
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