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Retail Analytics Market: Outlook, Opportunity and Demand Analysis, Forecast 2020- 2026

Author : Ronak Bora | Published Date : 2020-09-16 

The expanding penetration of big data across the retail sector is likely to prompt global retail analytics market to surge at a prodigious pace over 2020-2026. Vivid brands and retailers are massively adopting retail analytics to comprehend the customer buying patterns along with deriving meaningful data insights. What more has fostered the growth of retail analytics is the advancement in big data analytics which has effectively supported businesses to target and identify potential customers.

In this aspect, the customer management enables the retailers to obtain actionable insights from myriad customer data and develop novel strategies to augment customer loyalty. As a matter of fact, Nokia, in 2018, rolled out an AI-based customer management analytics software supporting the retailers address customer issues via automated recommendations and real time query resolution. That said, the customer management segment is anticipated to depict a CAGR of 20 per cent through 2026.

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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.

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.

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 industry 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 4.   Retail Analytics Market, By Function

4.1.  Key trends, by function

4.2.  Customer management

4.2.1. Market estimates and forecast, 2015 – 2026

4.3.  Merchandizing

4.3.1. Market estimates and forecast, 2015 – 2026

4.4.  Store operations

4.4.1. Market estimates and forecast, 2015 – 2026

4.5.  Supply chain

4.5.1. Market estimates and forecast, 2015 – 2026

4.6.  Strategy & planning

4.6.1. Market estimates and forecast, 2015 – 2026

Chapter 5.   Retail Analytics Market, By Solution

5.1.  Key trends, by solution

5.2.  Software

5.2.1. Market estimates and forecast, 2015 – 2026

5.3.  Service

5.3.1. Market estimates and forecast, 2015 – 2026

5.3.2. Training & consulting   Market estimates and forecast, 2015 – 2026

5.3.3. Integration & deployment   Market estimates and forecast, 2015 – 2026

5.3.4. Managed services   Market estimates and forecast, 2015 – 2026

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.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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