Retail Analytics Market Growth at 20.59% CAGR Forecast to 2020 Driven by Predictive Analytics Tools
PUNE, India, January 28, 2016 /PRNewswire/ --
The global retail analytics market report says ability of analytic tools to help organizations to link financial and operational plans and track performance against their strategic goals will result in its augmented adoption during the forecast period. Analysts say factors such as the rising need to develop competitive strategies and to reduce expenses and operational costs will incite the prospects for growth in retail analytics market. The market is predicted to grow at a CAGR of 20.59% during the period 2016-2020.
Complete report on retail analytics market spread across 43 pages, analyzing 7 major companies and providing 13 data exhibits is now available at http://www.sandlerresearch.org/global-retail-analytics-market-2016-2020.html .
The rising need to develop competitive strategies is the key factor driving retail analytics market. Due to intense competition in the retail business environment, enterprises in the retail sector have to develop new competitive strategies by acquiring data about the performance of business operations. Analytic tools help these organizations to analyze consumer behavior, design strategic marketing campaigns and identify customer segments to identify and retain new consumers. The ability of such tools to automate the decision-making process will help organizations to eliminate delays associated with human decision making.
In retail analytics solutions, there has been an aggressive introduction of user-friendly predictive analytics tools, which are offered either independently or as an embedded feature of BI and analytics tools. These predictive analytics solutions include interactive visualization and automation. This accelerates information processing through complex methods for developing, monitoring, and analyzing predictive models. Order a copy of Global Retail Analytics Market 2016-2020 report @ http://www.sandlerresearch.org/purchase?rname=50260.
According to the retail analytics market report, retail analytics tools include a series of applications for making better decisions in an organization by providing accurate, dependable, consistent, and understandable data and reports in a useful format. BI is used to get the right information to the right people at the right time in order to support better decision making. Analytics helps companies make important decisions, as it provides useful analysis and insights.
Function-based Segmentation of the Retail Analytics Market - Consumer analytics, Supply chain analytics, Marketing analytics and Merchandising and in-store analytics. Analysts estimate consumer analytics segment to be the largest market segment during the predicted period. The high demand for consumer analytics software is driven by the growing need to retain more customers and to understand their buying behavior.
In 2015, the Americas accounted for around 51% of the total market share and are expected to grow at an impressive CAGR of more than 20% during the forecast period. Much of this region's high growth can be attributed to the presence of major companies like IBM, Oracle, and Microsoft in this region. The growing importance of BI and analytics tools, specifically in the areas of merchandise intelligence, customer intelligence, and operational intelligence, will augment market growth in this region until 2020.
The leading vendors analyzed in this retail analytics market are Angoss software, Experian, IBM, Microsoft, Oracle, SAP, and SAS Institute. Other leading vendors in the market include Adobe, Information Builders, Infor, MicroStrategy, QlikTech, Tableau, and Tibco Software.
Another related report is Global Predictive Analytics market 2015-2019 that says predictive analytics market is expected to grow significantly at a CAGR of around 25% in the next four years. Using predictive analytics, organizations can gain insights through the data collected from social media platforms. Organizations use this data to study consumer behavior and collect the views of consumers on new product launches. Comprehensive Table of Contents and more for this research is available at http://www.sandlerresearch.org/toc/global-predictive-analytics-market-research-report-2015-2019.html .
Key players in the global predictive analytics market are: IBM, Oracle, SAP, and SAS.
Explore other new reports on Information Technology Market at http://www.sandlerresearch.org/market-research/information-technology.
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