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Retail Analytics Market to Exhibit 21.4% CAGR till 2027; Rising Demand for Personalized Shopping Experience to Accelerate Growth

July 06, 2020 | Information & Technology

The global retail analytics market size is projected to reach USD 17.84 billion by 2027. It is set to gain momentum from the increasing inclination of people towards personalized shopping experience. Therefore, the companies are using advanced tools to understand the customer’s needs and develop products as per their requirements. Fortune Business Insights™ published this information in a new study, 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 study further states that the market stood at USD 4.12 billion in 2019. However, it is expected to showcase a CAGR of 21.4% during the forecast period between 2020 to 2027.


Sportina Uses Oracle Retail to Modernize Operations & Surge Focus on Customers


In May 2020, Sportina, a renowned fashion retailer based in Europe, adopted Oracle Retail for better serving its customers and upgrading its operations. The company creates fashion collections for men, women, and children. It possesses approximately 90 brands, such as Marx, Hugo Boss, Jack & Jones, Burberry, Tom Tailor, Superdry, and Dsquared across 11 nations globally. The software solution from Oracle is capable of standardizing Sportina’s diverse portfolio on a unique retail analytics platform to eliminate the obstacles between brands and geographies for optimizing inventory availability. It would also help the company in increasing productivity and improving efficiency.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/retail-analytics-market-101273


High Demand for Edge Computing to Favor Growth


Many retail analytics companies are currently focusing on providing state-of-the-art solutions, including the edge computing model and the cloud. These would help in developing intelligence to make befitting decisions. In today’s technology-driven world, edge computing is being implemented in the brick-and-mortar stores to bring about analytics and artificial intelligence (AI). With the help of this technology, retailers can now analyze, store, and collect vast amounts of data locally. It also enables storing highly sensitive data near its source to keep up with the data locality and privacy laws. It helps in lowering latency and enabling real-time analytics. However, a few of the multinational companies are being affected by the stringent privacy regulations put forward by the ruling bodies. It is increasing the complexity and reducing reliability. This factor may obstruct the retail analytics market growth in the forthcoming years.


Oracle to Remain on Top Backed by Persistent Development of Innovative Solutions  


The market consists of several big, small, and medium companies. Amongst them, Oracle Corporation is considered to be one of the major companies providing innovative retail analytics solutions worldwide. Its main focus is on the development of latest technologies, such as AI, predictive analytics, and cloud. Additionally, it is blending numerous retail services and solutions on its Oracle Retail Solution Suite to generate more sales.


Fortune Business Insights™ provides a list of all the manufacturers operating in the global market. They are as follows:



  • ALTEN Calsoft Labs Private Limited

  • FLIR Systems, Inc.

  • Fractal Analytics Inc

  • HCL Technologies Limited

  • IBM Corporation

  • Microsoft Corporation

  • Oracle Corporation

  • QlikTech International A.B.

  • Salesforce.com, Inc.

  • SAP SE

  • Tableau Software, LLC

  • Wipro Limited


Significant Industry Developments:



  • September 2019: Salesforce.com, Inc. introduced Consumer Goods Cloud, its newest industry product. It would support every consumer goods company to accelerate revenue growth and surge return on investment (ROI). It is equipped with intelligent CRM capabilities that would further augment sales by making better account decisions.

  • October 2019: SAP SE declared that it extended partnership with GK Software SE, a retail application specialist to provide industry-specific solutions. SAP will be able to develop industry-oriented retail analytics solutions and participate in new trends together.


Further Report Findings-



  • In 2019, North America procured USD 1.61 billion in terms of revenue. This region is set to dominate the market in the near future backed by the emergence of a large number of supermarkets, hypermarkets, and retail chains in this region. Some of them are Kroger and Walmart.

  • Europe is expected to grow significantly owing to the major contributions of several well-developed countries, such as Spain, Italy, France, and Germany. These countries house some of the topmost retailers worldwide.

  • In terms of function, the customer management segment held 21.6% market share in 2019. This growth is attributable to the rapidly changing consumer demand. Hence, numerous companies are adopting innovative platforms to achieve better sales and revenue.


The global market can be segmented in the following way:


















































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



By Type




  • Software

  • Services



By Deployment




  • On-Premise

  • Cloud



By Retail Store Type




  • Hypermarkets and Supermarkets

  • Retail Chains



By Function




  • Customer Management

  • Supply Chain Management

  • Merchandising

  • In-Store Operations

  • Strategy and Planning



By Region




  • North America (the U.S. and Canada)

  • Europe (Germany, Italy, France, Spain, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, Egypt, GCC and Rest of the Middle East & Africa)

  • Latin America (Brazil, Argentina, Mexico and Rest of Latin America)


Retail Analytics Market
  • PDF
  • 2019
  • 2016-2018
  • 140

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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