The global retail analytics market has undergone a rapid business transformation by forging good customer relationships, thereby increasing the beneficial growth and competitive advantages. Digitalization has contributed to the technological awareness within customers to go for easy purchase with a variety of options while saving sufficient time consolidating retail sector. Thus, bulk volume, velocity, and variety of big data are expected to have a significant impact on the market. Major factors driving the market are increasing online shopping, consecutive increase in big data, utilization of social media, and proliferation of smartphones, which have made shopping easy for customers. Prominent retailers have successfully managed to harness the benefits offered by several social media platforms such as Facebook, which have resulted in a better understanding of customers’ needs, brand perception, loyalty, and feedback. Increasing demand for retail analytics in inventory management and planning and customer purchasing monitoring are some other factors expected to positively impact market growth.
Substantial technological advancements in this market area are expected to increase the perceived value for retail analytics. The solutions provided can be utilized to track down customer purchasing behavior and in return give a satisfactory shopping experience to the customer, which can spur the retail analytics market. Traditional brick-and-mortar retailers are expected to benefit from retail analytics in several areas such as optimization and planning, inventory management, and cluster planning. High analytics cost coupled with the inability to comprehend offline market behavior of consumers can severely hamper the market.
The retail analytics market can be segmented on the basis of analytics software, solutions, services, business functions, deployments, data management software, visualizing tools, and mobile applications. Solutions can either be altered as per the clients’ needs or are available in the market in their generic form. On the basis of services, the market is divided into professional services, support, and maintenance services. Based on deployment, the market can be segregated into on-demand deployment, cloud deployment, and on-premise deployment.
North America is expected to emerge as a prominent regional market due to the high implementation rate of retail analytics solutions on account of sophisticated systems and availability of high working capital at the disposal of several retailers in the region. The retail analytics adoption rate is increasing in Europe, Asia Pacific, and the rest of the world due to increasing awareness pertaining to digitalization. Asia Pacific is expected to witness high growth over the forecast period.
Key players in the global retail analytics market include Adobe Systems, Oracle, IBM, SAS Institute, and SAP AG. These major players offer solutions consisting of a plethora of business functions such as merchandising, marketing, customer analytics, supply chain management and store analytics, supply chain management, in-store analytics, strategy, and planning.
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Media consumption is expected to witness a substantial increase as a direct consequence of lockdowns enforced in several countries across the globe to combat the spread of the deadly coronavirus. Since consumers are forced to stay at home, they are turning to popular OTT service providers such as Netflix, Amazon Prime, etc. or renewing/enhancing their existing Pay TV packages, procuring IPTV subscriptions, etc. to satiate their entertainment needs. eSports is also another sector which is expected to be favorably impacted by more and more people confined to their homes. The report will account for Covid19 as a key market contributor.