IMARC Group’s latest report, titled “Retail Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global retail analytics market size reached US$ 4.10 Billion in 2020. Retail analytics refers to different techniques that help organizations identify customer behavior. It provides insights into sales, inventory levels, customer, and supply chain movements by combining data from different areas. In recent years, retail analytics has gained prominence as it empowers businesses and retailers by building mechanisms for learning and feedback, streamlining internal processes and identifying new revenue-generating opportunities.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Retail Analytics Market Trends:
The global retail analytics market is primarily driven by the emerging e-commerce industry. A significant rise in online shopping has encouraged these platforms to adopt retail analytics solutions to assess consumer behavior, growing demand for products and availability of logistics services. Besides this, rapid digitization and the growing awareness regarding this technology have enabled several leading companies in the retail sector to opt for advanced analytics solutions. For instance, Gap Inc. has employed Retail Merchandising Foundation Cloud Service (RMFCS) offered by Oracle Corporation to generate new insights and make better and more effective decisions. Some of the other factors, such as the emergence of big data and predictive analytical models, the growing influence of social media, and the rising penetration of smartphones, are significantly impacting the market growth. Looking forward, the market is expected to reach US$ 12.6 Billion by 2026, exhibiting a CAGR of 20.60% during the forecast period (2021-2026).
- Based on the function, the market has been categorized into customer management, in-store operation, strategy and planning, supply chain management, marketing and merchandizing, and others.
- On the basis of the component, the market has been bifurcated into software and services.
- The market has been divided based on the deployment mode into on-premises and cloud-based.
- On the basis of the end user, the market has been segmented into small and medium, and large enterprises.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being 1010data Inc. (Advance Publications Inc.), Adobe Inc., Altair Engineering Inc., Flir Systems Inc., Fujitsu Limited, International Business Machines Corporation, Information Builders Inc., Microsoft Corporation, Microstrategy Incorporated, Oracle Corporation, Qlik Technologies Inc. (Thoma Bravo LLC), SAP SE, SAS Institute Inc., Tableau Software LLC (Salesforce.com Inc.) and Tibco Software Inc.
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