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Retail Analytics Market: Segmented: by Application (Merchandising Analysis, Customer Analytics, and Promotional Analysis and Planning): By Component (Solutions and Services): By Business Function (Finance and Operations) Global Analysis By Market Size, Share & Trends For 2020-2021 And Forecasts To 2031
Retail Analytics Market to surpass USD 28.3 billion by 2031 from USD 5.09 billion in 2021 at a CAGR of 18.75% within the coming years, i.e., 2021-31.
Retail analytics is the course of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc., that are vital for making marketing and procurement choices. The analytics on demand and supply data can be used to save procurement levels and take marketing choices. Retail analytics gives detailed customer visions and insights into the organization's business and procedures with a room and need for development.
Major factors contributing to the growth of the retail analytics market are the rising demand for dashboards for data visualization, growing adoption of cloud, and continuous increase in data generation.
On the basis of Application, Retail Analytics Market is segmented into by Application Merchandising Analysis, Customer Analytics, and Promotional Analysis and Planning. Merchandising Analysis segment reported for the major market share of Retail Analytics Market. The growth of the segment is owing to companies across the retail industry using progressive technologies to influence customer visions from large data volumes of store-based operations.
Based on Business Function, Retail Analytics Market is broadly segmented into Finance and Operations. Mountain/Trekking segment reported for the maximum portion in the Retail Analytics Market. The operations segment is expected to grow at the maximum CAGR during the forecast period. The growth can be due to the growing need of retailers to generate deeper vision across the entire value chain of retail operations, including procurement, supply chain, sales and marketing, store operations, and customer management.
Digitalizing to enhance customer experience
As digital acceleration takes hold, the global retail and consumer good community is implementing more quickly than anyone ever thought possible. Enterprises and end-users have started realizing that digital transformation is about taking a data-driven approach to every feature of their business to create a competitive lead. The digital revolution is changing the way products are designed, developed, and delivered to customers. It provides tremendous implications for the retail value chain.
Proliferation of data analytics
Companies are setting up analytics capabilities in a matter of weeks to update business responses to COVID-19 challenges and prepare for the coming days. Corporations will need to leverage powerful data and information and analytical capabilities to forecast and act upon fluctuating baselines during and post-COVID-19. The retail market is becoming more and more modest, and it has become crucial to optimize business processes while satisfying customer outlooks. Data analytics is being implemented at all stages of the retail process; it aids to keep track of all emerging products, predict sales and predict future demand.
Lack of technology adoption
Technology is being applied by large retail outlets for routine actions like billing and payments, prevention of shrinkage, keeping records of stock, and supply chain management. The hidden costs of keeping archaic legacy systems can quickly become heavy, leaving no budget for innovation or digital transformation. The huge cost of capital and difficulties in accessing capital funding have significantly deterred the development and upgrades of such retail businesses, especially in the rural and remote regions.
Retail analytics companies are witnessing a slow growth rate due to the lockdowns imposed globally. The competition among key retail analytics companies is likely to intensify as most upcoming analytics projects have been put on hold due to the COVID-19 pandemic. Businesses have already started making efforts to return to normal and are facing several challenges at customer and operational levels. Among these are meeting client expectations in terms of optimization of processes, increased security issues regarding connected networks, growth in connectivity issues, and decline in industrial and retailing operations.
Microsoft (US)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Retail Analytics Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The North American retail analytics market is projected to hold the largest share in 2021. APAC is expected to record the highest CAGR during the forecast years, as it is home to many developed and emerging countries, which provide major opportunities for the growth of retail stores and technology growth.
| Report Attribute | Details |
| Market size value in 2021 | USD 5.09 billion |
| Revenue forecast in 2031 | USD 28.3 billion |
| Growth Rate | CAGR of 18.75% from 2021 to 2031 |
| Base year for estimation | 2021 |
| Quantitative units | Revenue in USD billion and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Application, Business Function, Component, and Region |
| Region scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA) |
| Key companies profiled | Microsoft (US), IBM (US), Oracle (US), Salesforce (US), SAP (Germany), AWS (US), SAS Institute (US), Qlik (US), Manthan (India), Bridgei2i (India), MicroStrategy (US), Teradata (US), HCL (India), Fujitsu (Japan), Domo (US), Google (US), FLIR Systems (US), Information Builders (US), 1010Data (US), Capillary (Singapore), RetailNext (US), WNS (India), True Fit (US) |
The Retail Analytics Market size was estimated at USD 5.09 billion in 2021 and is expected to reach 28.3 billion by 2031.
Key players: Microsoft (US), IBM (US), Oracle (US), Salesforce (US), SAP (Germany), AWS (US), SAS Institute (US), Qlik (US), Manthan (India), Bridgei2i (India), MicroStrategy (US), Teradata (US), HCL (India), Fujitsu (Japan), Domo (US), Google (US), FLIR Systems (US), Information Builders (US), 1010Data (US), Capillary (Singapore), RetailNext (US), WNS (India), True Fit (US) and Other prominent players.
Merchandising Analysis segment and Operations segment are anticipated to hold the largest Retail Analytics Market.
Drivers: Digitalizing to enhance customer experience and Proliferation of data analytics
Retail analytics is the course of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc., that are vital for making marketing and procurement choices. The analytics on demand and supply data can be used to save procurement levels and take marketing choices.
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