Retail analytics is a process for information gathering and analyzing of data across entire value chain in order to provide analytical insights on inventory levels, consumer demands, supply chain activities, sales, consumer buying behavior, etc. which aids organizations and enterprises in taking marketing and procurement related decisions.
Major factors driving growth of the global retail analytics market are growing internet penetration and rapid adoption of big data analytics and cloud based services. In addition, technological advancements such as artificial intelligence, augmented reality, and machine learning are further driving growth of the global retail analytics market. Retail analytics vendors offer solutions which are cost effective, scalable, and flexible this factors are expected to further boost the growth of the global retail analytics market. Retail analytics helps in designing strategic marketing campaigns, resource optimization, inventory management, and also to track and analyze customer buying behavior and in return provide satisfactory shopping experience. Moreover, increasing penetration of social media platforms, e-commerce, and increasing smartphone users is further fueling growth of the global retail analytics market.
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Major factors hampering growth of the global retail analytics market are lack of awareness in certain regions, high analytics cost, and inability to understand offline market behavior of consumers. In addition, integration of complex systems is a challenge which is expected to hamper growth of the global retail analytics market.
The global Retail analytics market is segmented on the basis of deployment type, solution, business functions, and region.
North America dominates the global retail analytics market in terms of revenue generation and is expected to maintain its dominance during the forecast period, followed by Europe. This growth is attributed to early adoption of analytical and cloud based solutions by various organizations and enterprises in North America region. The market in Asia Pacific is expected to register highest CAGR of XX.X% during the forecast period.
Key players in the global retail analytics market are Angoss software, Experian Plc, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Adobe Systems Incorporated, SAS Institute Inc., MicroStrategy, Inc., and HCL Technologies Ltd.
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