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Retail Analytics Market Expected to Witness High Growth over the Forecast Period 2020 - 2026

Author : Ronak Bora | Published Date : 2020-09-03 

Retail Analytics market is projected to surpass USD 20 billion by 2026. The market growth is attributed to the increasing proliferation of big data in the retail industry. Retailers & 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.

Retail analytics market is projected to record momentous gains over the forthcoming timeframe. Retail analytics primarily focuses on giving insights that are usually related to customers, sales, inventory, and other key aspects that are crucial for the merchants in their decision-making process.

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The discipline comprises numerous granular fields to create a broad picture of a retail business' health as well as sales alongside all areas of reinforcement and improvement. Retail analytics, basically is used to help make better choices, deliver enhanced customer service analytics, and to run businesses more effectively.

The retail analytics field goes ahead of superficial data analysis, by using techniques such as data discovery and data mining to cleanse datasets to produce actionable BI insights which could be applied in the short-term.

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 market solutions
  • The changing shopping habits of customers and the growth of organized retail are expected to augment the growth of retail analytics market
  • The rising trend of outsourcing data analytics technologies by retailers to focus on core competencies will increase the demand for managed services over the forecast timeline
  • Strategy & planning analytics will gain significant traction over the forecast timespan 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

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Companies operating in the retail analytics market are focusing on new product launches and entering into new alliances to complement the existing partner network. In addition, these vendors are also targeting new markets in developing economies to strengthen their market presence. For instance, in January 2020, First Insights, Inc., a digital merchandising and retail analytics firm based in the U.S., expanded its technology platform by launching the Voice of Customer Analytics. The new solution will help the company to offer precise sales forecasting and insights into customer purchasing behavior.

Table of Contents (ToC) of the report:

Chapter 1.   Methodology & Scope

1.1.  Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definitions

1.1.6. Methodology & forecast parameters

1.2.  Data Sources

1.2.1. Secondary

1.2.1.1.   Paid sources

1.2.1.2.   Public sources

1.2.2. Primary

Chapter 2.   Executive Summary

2.1.  Retail analytics industry 360º synopsis, 2015 - 2026

2.2.  Business trends

2.3.  Regional trends

2.4.  Function trends

2.5.  Solution trends

2.6.  Enterprise size trends

2.7.  Deployment model  trends 

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

3.4.2. Transactional

3.4.3. Collaborative

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

3.5.2. Europe

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

3.7.1.1.   Growing e-commerce industry in China and India

3.7.1.2.    Increasing penetration of big data in the retail industry in the U.S.

3.7.1.3.   Growing proliferation of smartphones in Asia Pacific

3.7.1.4.   Increasing competition among retailers and increasing need for differentiation in North America

3.7.1.5.   New generation of highly informed and demanding customers in Europe

3.7.1.6.   Growing need for analytics maturity in Asia Pacific

3.7.1.7.   Growing adoption of e-commerce in Latin America

3.7.1.8.   Expanding retail sector in Middle East & AfricaIndustry pitfalls & challenges

3.7.2. Industry pitfall & challenges

3.7.2.1.   Lack of technical expertise

3.7.2.2.   Data privacy concerns

3.8.  Growth potential analysis

3.9.  Porter’s analysis

3.10.  Competitive Landscape, 2019

3.10.1.    Strategy dashboard

3.11.   PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/retail-analytics-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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