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The global retail analytics market exhibited strong growth during 2015-2020. Retail analytics is the process of providing analytical data on inventory levels, sales, consumer demand and supply chain movement. It helps companies to identify customer insights, such as emerging trends and changing preferences, by combining data from different areas with scope and need for improvement. Retail analytics has emerged as one of the most powerful tools to maintain procurement levels and empower businesses by enabling a quick and effective decision-making process.
As the coronavirus disease (COVID-19) pandemic continues to spread around the world, there has been a significant impact on consumer behavior, product demand and the availability of logistics services. Consequently, store owners are adopting retail analytics solutions to assess risks and create suitable re-opening strategies. For instance, Tango, a US-based Integrated Workspace Management System firm, is enabling retailers to analyze how exposed their stores have been to the coronavirus during the lockdown using its retail location-visualization tool. Apart from this, with the growing e-commerce and retail industries, cloud-based retail analytics solutions are widely being deployed as they offer retailers the on-demand computing power to handle large volumes of data and deliver useful insights within a short timeframe. Besides this, the emergence of big data and predictive analytical models has allowed merchants to predict future outcomes through data integration across apps, sensors, social media platforms and other channels. The leading companies in the retail industry are opting for advanced analytics solutions, which is positively impacting the market growth. For instance, Gap Inc., a global fashion retailer, has deployed the Retail Merchandising Foundation Cloud Service (RMFCS) offered by Oracle Corporation to simplify its store operations and increase customer satisfaction. Looking forward, IMARC Group expects the global retail analytics market to grow at a CAGR of 20.6% during 2021-2026.
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The report has also analysed the competitive landscape of the market 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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