Retail Analytics Market to Reach USD 17.84 Billion by 2027; Rising Adoption of Omnichannel Model to Accelerate Growth: Fortune Business Insights™

Pune, July 06, 2020 (GLOBE NEWSWIRE) — The global retail analytics market is expected to gain traction from the increasing adoption of omnichannel models by the prominent organizations. This model aids in collecting vast amounts of raw consumer data and voices from various channels across markets. It is nowadays lowering the number of physical stores and surging the number of applications and websites that can be easily operated from smartphones. This information is given by Fortune Business Insights™ in a recent report, titled, “Retail Analytics Market Size, Share and Covid-19 Impact Analysis, By Type (Software and Services), By Deployment (On-Premise and Cloud), By Retail Store Type (Hypermarkets and Supermarkets, and Retail Chains), By Function (Customer Management, Supply Chain Management, Merchandising, In-Store Operations, and Strategy & Planning) and Regional Forecast, 2020-2027.” The report further states that this market size was USD 4.12 billion in 2019 and is projected to reach USD 17.84 billion by 2027, exhibiting a CAGR of 21.4% during the forecast period.This Report Answers the Following Questions:How will the changing consumer behavior affect the market?Which region is expected to lead in the near future?Which segment would dominate the market in the coming years?What is the current competitive scenario of the market?Rising Usage of AI & Machine Learning to Skyrocket Demand The increasing usage of machine learning (ML) and artificial intelligence (AI) is enhancing the customer experience, as well as sales. Retailers will be able to gain insights and analyze the data about the prices, sales, and quantity to reach their target customers. The integration of such technologies in retail analytics would help in providing unique product recommendations to the customers based on their generated data. AI is also capable of correcting inventory distortion, enhancing product development, and optimizing supply chain. These factors are expected to propel the retail analytics market growth in the coming years.How will COVID-19 Pandemic Affect the Global Market?Owing to the social distancing norms and stay-at-home initiatives by the governments of several countries, people are shifting rapidly towards the e-commerce platforms.The demand for customer-level analytics is growing because of the increasing online grocery shopping practices.As such changing consumer behaviors are putting more stress on the supply chain, organizations are focusing on adopting AI to develop smart retail analytics.Numerous companies are persistently striving to deliver efficient solutions for forecasting customer demand & finances, as well as managing product supply.The above-mentioned factors prove that the market would exhibit average growth during the current situation.Segment-Customer Management Segment to Grow Steadily Owing to Changing Consumer BehaviorBased on function, the market is segregated into strategy & planning, in-store operations, merchandising, supply chain management, and customer management. Out of these, the customer management segment generated 21.6% market share in 2019. This growth is attributable to the rapid changes in the behaviors of the consumers. Most of the retail chains are presently focusing on customer satisfaction. It is resulting in the increasing adoption of this analytics platforms by them.High Demand for Personalized Shopping to Favor Growth in North AmericaIn terms of geography, North America held USD 1.61 billion revenue in 2019 and is likely to dominate throughout the forthcoming years backed by the increasing usage of advanced solutions in the retail sector. In addition to that, the presence of a large number of prominent retail chains, hypermarkets, and supermarkets in this region would augment growth. Besides, the rising inclination of the consumers towards personalized shopping experience is expected to help the retailers in adopting retail analytics platforms at a fast pace. It would surge their consumer bases.Asia Pacific, on the other hand, is set to grow steadily backed by the rising usage of smartphones and broadband internet services by the masses in this region. The renowned retailers are also looking forward to investing in broadening their footprints in the developing countries. Europe is set to grow considerably backed by the existence of several reputed retailers in this region. They are mainly operating from countries, such as Spain, Italy, France, and Germany.Competitive Landscape-Key Players Focus on Launching Novel Solutions to Strengthen Their Positions The market houses a large number of organizations that are constantly trying to keep up with the latest trends. They are incorporating various technologies in retail analytics to generate more sales and strengthen their positions in the global market. Below are two of the latest industry developments:December 2019: SPINS, LLC partnered up with Symphony RetailAI to integrate SPINS Product Intelligence into the latter’s CINDE Sales and Customer Insights. It would aid in bringing on-demand access to point-of-sale and customer data, thereby delivering an improved understanding of the purchasing behaviors of consumers.January 2019: IBM showcased its latest AI-powered innovations at the National Retail Federation’s 2019 Big Show. These would help the retail industry in propelling the customer experience by offering appropriate tools, specially designed to optimize business and worker performances.
List of the Leading Companies Operating in the Retail Analytics Market. They are as follows:ALTEN Calsoft Labs Private LimitedFLIR Systems, Inc.Fractal Analytics IncHCL Technologies LimitedIBM CorporationMicrosoft CorporationOracle CorporationQlikTech International A.B.Salesforce.com, Inc.SAP SETableau Software, LLCWipro LimitedIntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints, and OpportunitiesEmerging TrendsKey InsightsMacro and Micro Economic IndicatorsImpact of COVID-19Short-term ImpactLong-term ImpactKey Industry Developments – In Response to the COVID-19 ImpactConsolidated SWOT Analysis of Key PlayersPorter’s Five Force AnalysisGlobal Retail Analytics Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Size and Forecast – By Type (Value)SoftwareServicesMarket Size and Forecast – By Deployment (Value)On PremiseCloudMarket Size and Forecast – By Retail Store Type (Value)Hypermarkets and SupermarketsRetail ChainsMarket Size and Forecast – By Function (Value)Customer ManagementSupply Chain ManagementMerchandisingIn-Store OperationsStrategy and PlanningMarket Size and Forecast – By Region (Value)North AmericaEuropeAsia PacificMiddle East & AfricaLatin AmericaTOC Continued…!!!
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