The size of the worldwide retail analytics market is anticipated to reach USD 18.71 billion in 2028, growing at a 20.0% CAGR in terms of revenue. The demand for data visualization is rising, and data is being produced continuously, which is causing the retail analytics industry to expand in revenue. Retailers increasingly need to streamline company processes to meet client demand as the retail sector becomes more competitive. Retail analytics market revenue growth is being fueled by elements including smartphone proliferation, rising social media use, and more online buying.
Retail analytics is the practice of delivering analytical data on, among other things, supply chain activity, inventory levels, sales, and consumer demand. To make informed marketing and purchasing decisions, these data are essential. Retail analytics not only offers in-depth customer insights but also improves knowledge of an organization’s numerous business operations. Further, it provides improvement solutions as well. Retail analytics offers straightforward, affordable, scalable, and adaptable solutions, and as a result, demand for it has been rising across several industrial verticals.
Walmart and other retail behemoths are investing millions in real-time analytics to create the largest private cloud in the world for tracking millions of transactions each day. Retail algorithms can help businesses do a variety of tasks more effectively and gain a better understanding of customer preferences. This is the rationale behind why businesses are utilizing retail analytics to improve their marketing initiatives. By combining demographic data with details on consumer preferences, shopping patterns, and purchase history, retail analytics can help businesses increase the success rates of their marketing campaigns.
Some Key Highlights from the Report
Companies profiled in the global market report include Oracle Corporation, IBM Corporation, SAP SE, Microsoft Corporation, Fujitsu Limited, SAS Institute Inc., Manthan Software Service Pvt. Ltd., Tableau Software, LLC, Adobe Inc., and HCL Technologies Limited.
Opportunity: During COVID-19
Within a few weeks, businesses will have analytics capabilities in place to help them respond to COVID-19’s difficulties and plan for the future. To foresee and respond to varying baselines during and after COVID-19, businesses will need to make effective use of robust data and analytical skills. The retail industry is growing more and more competitive; thus it is essential to streamline operations while meeting client demands. At every level of the retail process, data analytics is used to track all new products, predict sales, and anticipate demand. The heat mapping of customers can also be utilized to optimize the positioning of offers and products.
Driver: The growing trend of online shopping
Due to the expanding use of cell phones and the growing acceptance of online purchasing, there are more stores, especially in developing nations. This is driving the increase in market revenue. Retail analytics is used throughout the entire retail industry, from tracking products to employing predictive simulation to forecast sales and future demand. It is important for both price setting and price optimization. Price optimization also referred to as “markdown optimization,” helps decide when prices are being reduced. It is anticipated that rising ICT spending in many rich and developing nations would have a significant positive impact on the global economy. The demand for retail analytics is also being driven by efficient cloud deployment options.
Component Outlook (Revenue, USD Billion; 2018–2028)
Deployment Type Outlook (Revenue, USD Billion; 2018–2028)
Organization Size Outlook (Revenue, USD Billion; 2018–2028)
- Large Enterprises
- Small and Medium-Sized Enterprises
Business Function Outlook (Revenue, USD Billion; 2018–2028)
- Customer Management
- Inventory Analysis
- Marketing and Merchandizing
- In-store Operation
- Supply Chain Management
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Personal Computer
- Specialty Stores
- Department Stores
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Latin America
- Middle East & Africa
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