SELBYVILLE, Del., Feb. 12, 2020 /PRNewswire/ -- According to the latest report "Retail Analytics Market by Function (Customer Management, Merchandising, Store Operations, Supply Chain, Strategy & Planning), Solution (Software, Service) Deployment Model (On-Premise, Cloud), Enterprise Size (Large Enterprises, SMEs), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast 2026," by Global Market Insights, Inc., the market valuation of retail analytics will cross $20 billion by 2026.
The retail analytics market growth is attributed to the increasing proliferation of big data in the retail industry. Retailers and brands are adopting retail analytics to understand the customer buying patterns hidden in enterprise big data and derive meaningful data insights. Developments in big data analytics are helping businesses to target and identify potential customers, helping retailers leverage big data to develop strategies for merchandising processes.
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The services segment is set to witness around 25% growth in the retail analytics market from 2020 to 2026. Integration & deployment services are increasingly becoming popular as retailers are outsourcing data analytics-related operations to specialist service providers. Service providers are offering pre-defined retail analytics software suites, which bundles the most common retail analytics solutions for a fixed price.
The customer management segment will expand at more than 20% till 2026 due to increasing stress on profiling customers for better ad targeting and increased customer loyalty. Customer management enables retailers to derive actionable insights from customer data and develop new strategies to improve customer loyalty through highly relevant and customized offers.
The large enterprises segment is anticipated to register a CAGR of over 20% through 2026 owing to the increasing adoption of data analytics by leading retailers to ensure business growth and efficient operation of multiple stores. In addition, a large number of retailers have been early adopters of cloud computing due to the extensive use of CRM and ERP applications, which is expected to augment the growth of SaaS-based retail analytics solutions.
The cloud segment held over 35% retail analytics market share in 2019 and is slated to exhibit a growth of around 30% between 2020 and 2026. This is driven by extensive uptake of cloud technologies due to their scalability, high storage & compute power, and affordable subscription. Retailers are increasingly generating vast volumes of unstructured data, making it difficult to obtain customer insights and outcomes from the data through traditional business intelligence tools. Cloud solutions in retail analytics provide agility to businesses and the capability to improve collaboration and communication with business partners and customers.
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Europe market is predicted to witness around 20% CAGR during the forecast period due to rapid digitalization, changing customer preferences, increasing retail shrinkage, inconsistency in supply chain, and growing investments in retail AI. Retailers in the region have a high level of technological preparedness and are continuously embracing new analytical tools to augment their business capabilities.
Some major findings of the retail analytics market report include:
- The increasing penetration of data-intensive solutions with the rising adoption of e-commerce and online shopping will encourage retailers to adopt retail analytics solutions.
- The changing shopping habits of customers and the growth of organized retail are expected to augment the growth of the market.
- The rising trend of outsourcing data analytics technologies by retailers to focus on core competencies will increase the demand for managed services.
- Strategy & planning analytics will gain significant traction during the next few years as retailers look to streamline operations between various business functions to enhance product sales and devise new marketing strategies.
- On-premise retail analytics solutions offer better control over sensitive customer data and reduced network latencies. However, high upfront investments and lack of scalability may hinder the growth of the segment.
- Some of the key players operating in the retail analytics market include 1010Data, Adobe Systems, Inc., Angoss Software, Bedrock Analytics Corporation, FLIR Systems, Inc., HCL Technologies, IBM Corporation, Information Builders, Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, Qlik Technologies, Inc, Salesforce.com, Inc., SAP SE, SAS Institute, Tableau Software, Teradata, and TIBCO Software, Inc.
- Retail analytics solution providers are making significant R&D investments to introduce solutions with newer capabilities, such as real-time reporting and tracking, to gain a competitive edge.
Table of Contents (ToC) of the report:
Chapter 3. Retail Analytics Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.4. Technology & innovation landscape
3.4.1. Advanced Analytics
3.4.4. Trade Promotion Optimization (TPO)
3.4.5. Optimization & collaboration
3.4.6. Single photon technology
3.5. Retail industry outlook
3.5.1. North America
3.5.3. Asia Pacific
3.5.4. Latin America
3.5.5. Middle East & Africa
3.6. Regulatory landscape
3.6.1. Standards on Privacy and Web Analytics (Canada)
3.6.2. Health Insurance Portability and Accountability Act (HIPAA) of 1996 (U.S.)
3.6.3. General Data Protection Regulation (EU)
3.6.4. Exception of Text & Data Mining (TDM) in Copyright in Digital Single Market (DSM Draft Directive - EU)
3.6.5. Information Security Technology- Personal Information Security Specification GB/T 35273-2017 (China)
3.6.6. The General Data Protection Law (Brazil)
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.2. Industry pitfall & challenges
3.8. Growth potential analysis
3.9. Porter's analysis
3.10. Competitive Landscape, 2019
3.10.1. Strategy dashboard
3.11. PESTEL analysis
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Global Retail Analytics Market value to hit USD 20 Billion by 2026: GMI
Europe retail analytics market is predicted to witness around 20% CAGR during the forecast period due to rapid digitalization, changing customer preferences, increasing retail shrinkage, inconsistency in supply chain, and growing investments in retail AI.
SOURCE Global Market Insights, Inc.