Retail Analytics Market size to exceed USD 5.5 billion by 2023
Retail analytics market size was estimated at over USD 2 billion in 2015 and is likely to grow at a CAGR of over 19% and exceed USD 5.5 billion by 2023. These systems create personalized shopping experience for customers by offering solutions to the retail industry in order to surge the customer loyalty. Large number of SMBs has conventional mortar retail outlets and is rapidly entering the online retail and thus offering huge opportunities to the vendors.
These analytics provide personalized as well as customized services according to the needs and wants of the customers. This mainly assists several sectors such as banking, where banks could utilize the business intelligence and customer’s information in order to deliver solutions based on each account holder’s financial needs. In addition, it is also expected to help the key companies in predicting the demand for a product in the next few years. This in turn would help the players to keep a check on their inventory before the peak demand for a particular product arises. These factors are fuelling the demand over the forecast period. In addition, the mounting volume of demand and data of omni-channel insights is likely to play a vital role in driving retail analytics market.
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Continuous rise in volume, variety, and velocity of data coupled with the rising demand for in-store analytics are the major factors driving the demand over the forecast period. However, complex system integration is expected to be a critical retail analytics challenge. Increasing need to mitigate shrink is identified as the potential growth opportunity for the global retail analytics market.
Analysis of in-store data for superior operations and marketing is likely to gain traction over the forecast period. In-store analytics & merchandising, customer & marketing analytics, and planning & strategy are the top three fastest growing business functions in the industry. In-store & merchandising, and customer & marketing facilitate retailers to contact directly with the consumers and play foremost role in boosting the performance of the retail chain. Hence, are essential for revenue optimization as well. Accurate and effective data collection, management and integration increase the analytical maturity. Data management software is estimated to have the largest retail analytics market size and will continue its dominance in the solution segment over the forecast period.
The industry can be segmented on the basis of types which include services and solutions. By solution, the industry is segregated as analytical tools, data management software, mobile applications and reporting and visualization tools. In addition, the industry is bifurcated by service as support & maintenance and consulting and system integration. Moreover, the industry is also segmented on the basis of business function which includes merchandising and in-store analytics, strategy and planning, marketing and customer analytics and supply chain analytics. Furthermore, the industry can be divided on account of geography which includes North America, Europe, Asia Pacific, Latin America and MEA. North America retail analytics market is likely to continue its dominance and holds largest share from 2016 to 2023.
Asia Pacific retail analytics market is anticipated to witness significant gains owing to the rising penetration of social media and e-commerce over the forecast period. Easy accessibility of internet among the population results in more number of online shopping customers. Nowadays, it has become a necessity, and the data from the same has extreme importance in identifying the buying behavior and interests of the users in this region. These factors are expected to fuel demand in the region over the forecast period. Asia Pacific region offers potential growth opportunities due to the adoption of smart phones coupled with the development in communication and network infrastructure. This in turn drives the sales through m-commerce and e-commerce.
Some of the major companies with retail analytics market share include International Business Machines Corporation (IBM), Oracle Corporation, Microsoft Corporation, SAS Institute, Inc., SAP SE, Adobe Systems Incorporated, Information Builders, Microstrategy Incorporated, Tableau Software, Inc. and Qlik Technologies, Inc. among others.
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