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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.
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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:
Significant Industry Developments:
Further Report Findings-
The global market can be segmented in the following way:
Value (USD billion)
By Retail Store Type