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August 27, 2019 | Information & Technology
According to a report published by Fortune Business Insights, titled, “Retail Analytics Market Size, Share and Global Trend By Type (Software, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By Function (Customer Management, Supply Chain, Merchandising, In-Store Operations, and Strategy & Planning) and Geography Forecast till 2026,” the global market was worth US$ 3,494.6 Mn in 2018. The market is projected to reach US$ 13,299.6 Mn by 2026, thereby exhibiting an astonishing CAGR of 19.3% during the forecast period from 2019 – 2026.
2019: The retail analytics market in Asia Pacific was valued at US$ 3271.7 Mn in 2018. The region is anticipated to witness significant growth during the forecast period owing to the increasing usage of mobile phones and Internet services across this region.
Ability to Detect the Number of Visiting Customers to Boost Growth of In-Store Analytics
The report further states that there has been a rising requirement of data-driven decision making processes, affordable media, and in-store analytics across the globe. Often, retailers utilize Wi-Fi network to detect the total number of consumers visiting their outlets. This data plays a very important role in finding out the actual number of customers as well as demographic details, namely, their gender and age group. As per this particular data, the in-store analytics establish relationships between the customers and the retailers. All these factors are expected to boost the global retail analytics market growth during the forthcoming years.
Moreover, retailers usually seek to provide novelty services to consumers to compete with online stores. For this purpose, these retailers have to possess detailed information regarding their consumers. One again, in-store analytics comes to the rescue by offering even the minute details about seasonal sales, employee activities, store displays, and other related information. These factors frequently enhance the consumer shopping experience in specific outlets. Additionally, the availability of cost-effective channels of media, such as newspaper adverts, location-specific advertising, etc. have made it easier for marketers to attract consumers.
Software Segment to Exhibit Growth Fueled by Fast Data Collection and Other Multiple Benefits
In terms of type, the global retail analytics market is divided into services and software. Out of these, the software segment is expected to generate the highest global retail analytics revenue during the forecast period. This is because retail analytics software aids the companies in customizing consumer data in order to avoid unnecessary information. Such software solutions also help in limiting security purpose and information database. They generally provide a forecasting platform, dynamic, and well-connected planning for the organizations. Furthermore, they offer plenty of mobility advantages, visualization, and ad-hoc functions. All these benefits would support the companies to achieve a deeper understanding of the ongoing trends that would, in turn, enhance their performances. Other advantages include hassle-free access to cross-channel and high-level sales analytics, analysis of merchandising strategies, visualization, and rapid data collection, and real-time notifications and alerts of unacceptable activities.
Increasing Usage of Smartphones and Consumption of Internet to Drive Market Growth
The rising consumption of Internet services across the world has transformed the global retail analytics market. Increasing usage of smartphones has further led to the rising adoption of online banking, cloud computing, and social media. All these have enhanced the way consumers engage with the virtual world. Hence, technologies, such as Augmented Reality (AR), smart cities, connected devices, IoT is productively using more and more data every other day. In developing countries across the globe, the Internet is emerging slowly and all the new users belong to those countries with low or middle income. All these are further transforming the traditional ways of shopping. For this, cognitive analysis of consumer data has to be conducted in order to proceed with strategies, namely, social media advertising and targeted email campaigns. All these factors are projected to fuel the global retail analytics market growth in the forthcoming years.
Fortune Business Insights has profiled some of the major market players operating in the global market. They are IBM, Wipro Limited, Adobe Systems Incorporated, FLIR Systems, Inc., Fractal Analytics, Inc., HCL, Microsoft Corporation, Oracle Corporation, Tableau Software, Inc., SAS Institute, Salesforce.com, Inc., Qlik Technologies, Inc., and other key market players.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/retail-analytics-market-101273
The global retail analytics market is segmented into:
o Professional Services
§ Implementation and Consulting Services
§ Training and Support
o Managed Services
By Organization Size