At 19% gains, Retail Analytics Market to be valued $13bn by 2024

The growth of retail analytics market can be attributed to the early adoption and embracing of advanced analytical technologies by retailers in North America along with growth of the e-commerce sector in the U.S., led by Amazon.

Selbyville, Delaware, USA - December 5, 2018 /MarketersMedia/ —

The global retail analytics market is set to grow from its current value of USD 3 billion to over USD 8 billion by 2024. Advancements in technologies, such as Augmented Reality (AR), Artificial Intelligence (AI), and machine learning are anticipated to drive the retail analytics market growth. The surge in the internet penetration, rapid adoption of social media, and increased use of data-intensive platforms have augmented demand for the technology.

The trend toward merging of in-store and digital operations coupled with the proliferation of cloud-based software offers strong opportunities for revenue growth of the retail analytics market. Large retailers have been leveraging digital capabilities to effectively align with changing consumer preferences. Thus, adoption of the solutions enables to make efficient and quick business decisions in real-time, thereby driving the retail analytics market growth.

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Digitalization and internet penetration, particularly in BRIC nations, have led to technological awareness within customers and consolidation in the retail sector. Key factors driving the retail analytics market are the proliferation of smartphones and social media, which has led to an increasing online shopping. Partnering with social media platforms, such as Facebook, enables retailers to better understand the customers’ needs, loyalty, brand perception, and feedback.

Traditional brick-and-mortar retailers can leverage the technology to optimize and plan inventory management and track customer behavior. However, the high cost of analytics software coupled with the inability of staff to comprehend the behavior of customers can severely challenge the retail analytics market growth. Lack of skilled analysts and staff personnel acts as pitfalls for the industry. Increasing demand for the solutions in the retail industry to alleviate the customer shopping experience is expected to positively impact the retail analytics market growth.

Retail analytics software collects data from various modes including smartphones, social media activity, purchasing medium, in-store weight sensors, cameras, RFID, and motion sensors to track customer behavior. Applications of algorithms enable decision-makers to quickly analyze the inventory demands, product preferences, and take actions for increasing the customer satisfaction and loyalty. The growth of e-commerce can be attributed as a key driver of the retail analytics market growth.
The supply chain business function is expected to play a vital role in the retail analytics market growth owing to its benefits of revenue optimization. Analytical software for managing the supply chain function enables retailers to track inventory management, forecast demand and supply as well as track customer purchasing behavior. With the stiff market competition among retailers, non-availability of stock or inventory can result in the loss of customers to rivals, which can significantly impact the revenue growth of the retailer.

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The retail analytics market is segmented by solution into software and services. Demand for the services is estimated to rise over the projected timeframe owing to the lack of competent IT staff by certain retailers. The software programs, such as NetSuite, Tableau, SAS, and RetailSTAR, have dashboards and interface that require expertise to operate. As some retailers do not possess such skills and competencies; partnering with managed service providers enables them to gain assistance with the functioning and implementation of the software.

Cloud-based software programs, such as NetSuite combines POS, order management, and e-commerce functionalities, offer integrated back office solutions. Epos Now offers integrated customer management, retail accounting, and inventory management in addition to managing the POS needs. COMCASH ERP, a cloud-based software, caters to multi-location and multi-channel retailers. In September 2017, IBM announced the deployment of its cloud-based retail analytics at the 8,100 locations of Walgreens in the U.S. Other retailers in the U.S. using IBM cloud services include 1-800-Flowers, Pets at Home and Bernhardt Furniture.

The growth of retail analytics market can be attributed to the early adoption and embracing of advanced analytical technologies by retailers in North America. The growth of the e-commerce sector in the U.S., led by Amazon is anticipated to play a prominent role in the adoption of software. According to the National Retail Federation (NRF), the eCommerce market in the U.S. is projected to grow between 8–12% in 2017. The presence of prominent retail analytics solution providers in the region including Oracle Corporation, Microsoft Corporation, IBM, SAS Institute, Inc., SAP SE, has favorably impacted growth in the North American region.

The retail analytics market is characterized by a high degree of competition among solution providers. Market players are mainly large corporations with a global presence deploying both organic and inorganic strategies to drive their revenue growth in the industry. Mergers & acquisitions and strategic partnerships with technology providers are among the key strategies adopted by vendors in the market.

Browse key industry insights spread across 180 pages with 133 market data tables & 26 figures & charts from the report, “Retail Analytics Market Size By Function (Customer Management, Merchandising, In-Store Operations, Supply Chain, Strategy & Planning), By Solution (Software [Data Management Software, Analytical Tools, Mobile Application, Reporting & Visualization], Services [Managed Service, Professional Service]), By Deployment Mode (Cloud-based, On-Premise), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, Australia, Brazil, Mexico, UAE, Saudi Arabia, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/retail-analytics-market

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