The global retail analytics market size was USD 5.20 billion in 2020. The market is projected to grow from USD 5.84 billion in 2021 to USD 18.33 billion in 2028 at a CAGR of 17.7% in the 2021-2028 period. This information is published by Fortune Business Insights(TM) in its report titled, "Retail Analytics Market, 2021-2028."
According to our analysts, the increasing need to augment income generation, sales performance, classify consumer inclinations, and market trends are expected to fuel the market growth. The retail solutions improved with artificial intelligence (AI) can deliver smart perceptions, which can further augment the sales coupled with client experience.
For example, in May 2021, Walmart employed the RetailAI resolution in order to amplify the self-service shopping experience and by dropping its functioning charge. This is estimated to reinforce the retail analytics market growth during the forecast period.
List of Key Players Covered in this Market Report
-- Microsoft Corporation (Washington, United States)
-- HCL Technologies Limited (Uttar Pradesh, India)
-- FLIR Systems, Inc. (Oregon, United States)
-- IBM Corporation (New York, United States)
-- Oracle Corporation (Texas, United States)
-- SAP SE (Walldorf, Germany)
-- QlikTech International A.B. (Pennsylvania, United States)
-- Fractal Analytics Inc. (New York, United States)
-- Wipro Limited (Bangalore, India)
-- Nielsen Consumer LLC (Illinois, United States)
Report Scope & Segmentation
Report Coverage Details Forecast Period 2021 to 2028 Forecast Period 2021 to 2028 CAGR 17.7 % 2028 Value Projection USD 18.33 Billion Base Year 2020 Market Size in 2021 USD 5.84 Billion Historical Data for 2017 to 2019 No. of Pages 140 Segments covered Size,Type, Deployment, Retail Store Type,Function,Geography Growth Drivers Increasing Integration of Advanced Technologies to Drive Market Growth Growing Focus on Personalized Customer Experience to Fuel Software Segment Real-time Assistance Capabilities to Surge Cloud-based Segment Pitfalls & Challenges Stringent Data Regulations May Restrain Market Growth
To get to know more about the short-term and long-term impacts of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/retail-analytics-market-101273
Escalation in Online Shopping amid Pandemic to Boost Retail Analytics Solution Demand
The physical retail shops are promptly fluctuating on the virtual store through e-commerce and mobile applications owing to the outbreak of coronavirus. The COVID-19 pandemic has escalated e-commerce businesses, which are directed by online grocery shopping. The rising online shopping trend has amplified the demand for consumer-level analytics. Likewise, on account of restricted transportation facilities and an upsurge in online demand, numerous retailers executed advanced solutions to trace inventory records and supply chains.
The administrations across the globe commended the public to stay indoors and are actively applying social distancing norms, which has further augmented online shopping. This has radically enhanced the demand for retail analytics during the pandemic. For example, in May 2021, Walmart executed an analytical solution on its customer data from stores to increase its e-commerce business. This has occasioned a 97% rise in the early development of the company in terms of revenue in Q2 of 2021.
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The report provides an exhaustive study of the market segments and a comprehensive analysis of the market. A profound evaluation of the current market trends as well as the future opportunities are presented in the report. Additionally, it shares a thorough analysis of the regional insights and how they shape the market growth. The COVID-19 impacts have been added to the report to assist investors and business owners in understanding the threats in a professional manner. The report focuses on the key players and their remarkable strategies to stay in the top position in the market.
Based on type, the retail analytics market is divided into software and services. On the basis of deployment type, the market is separated into on-premises and cloud. Based on the retail store type, the market is further classified into hypermarkets & supermarkets and retail chains. In terms of region, this market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
On the basis of functionality, the market is finally segregated into customer management, supply chain management, merchandising, strategy & planning, and in-store operations. Customer management is anticipated to attain the majority of the segment share during the mentioned timeframe. The shifting consumer demand is the crucial aspect resulting in enhanced trades and income.
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Drivers and Restraints
Increasing Focus on Product Register Administration & Shelf Segment Distribution to Boost Market
Goods inventory and shelf space distribution are the significant properties of a retailer. It states the usage of analytics to regulate product presentation at the exact place in the precise amount for the exact customers. This has now developed as an incessant process in the retail industry concerning micro-level examination and variety planning. Shelf space management is being studied regarding the exact inclination of consumers in the store and the economic impact of countless ranges.
For example, in March 2021, European companies Trax Ltd. and Roamler joined forces to offer store inspecting services for consumer packaged goods (CPG) corporations. These businesses constantly seize the shelf pictures and deliver perceptions on shelf conditions. It benefits in refining on-shelf accessibility of the products and permits the retailers to contact suitable insights and take judgments to augment shopper experiences.
Therefore, the rising popularity of handling shelf space and product records in retail stores is anticipated to navigate the demand and the retail analytics market growth in the near future.
North America to Dominate Backed by Usage of E-commerce Services by Companies
North America is projected to arise as a leading region in the global market during the forecast period. The prompt implementation of e-commerce services by various establishments across the region is expected to steer the market growth.
Asia Pacific is likely to observe outstanding growth in the market. The increasing online shopping and customer association is fuelling the acceptance of analytical gears in China, India, Singapore, Japan, and other Asian nations.
Europe is projected to attain substantial growth during the forecast period. The retailers from top countries such as Germany, France, Italy, and Spain are expected to propel the demand for retail analytics.
Continuous Developments is the Key Strategy to Strengthen Company's Position
The key players in the market are keen on integrating advanced technologies such as artificial intelligence, machine learning, cloud computing, blockchain, and more with the retail analytics solution. Through these advances, the vendors are aiming to offer dedicated analytics tools to upsurge the customer experience. The players are launching a new and innovative solution to build the dominant market position.
May 2021: Nielsen Consumer LLC attained Label Insight, which is U.S.-situated data intelligence in fitness and wellness companies. This acquisition is estimated that the company shall achieve a spot as a strong data supplier to aid retail and industrial companies in the health and wellness segment.
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