May 25, 2020
According to the research report titled ‘Retail Analytics Market Size By Function, By Solution, By Deployment Model, By Enterprise Size Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, global retail analytics market is expected to record significant growth by the year 2026.
For the record, retail analytics focuses on providing information related to inventory, sales, customers, and other major aspects which aid merchants in taking business centric decisions. Retail analytics process involves various granular fields to develop a broad picture regarding the health and performance of the retail business while elaborating on the areas which need improvement.
Retail analytics uses technologies such as data discovery as well as data mining to develop business-centric insights. Rising adoption of these analytics by various companies in order to develop a summary of their target demographics is further aiding the market expansion. Retailers can easily detect their ideal type of customers as per buying patterns, location, age, and preference using retail analytics. Moreover, it helps in improving inventory management by highlighting products as per the consumer needs and related overhead costs which further assists in minimizing wasted space. Organizations can also use retail analytics to improve their marketing strategies by developing an understanding of consumer buying behaviour.
As per the function type, merchandising segment held 25% market share in the year 2019 and is presumed to expand significantly during the study period. This function type offers better merchandising strategies and helps in efficient planning, assortment, and negotiations.
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In terms of solution, the training & consulting segment is expected to exhibit a CAGR of 25% during 2020-2026. Increasing utilization of consulting services in order to develop personalized promotional offers is fueling the segmental growth. Consulting services also help organizations to adapt to changing industrial trends, thereby promoting segmental contrbution.
Considering the geographical landscape, the retail analytics market in Latin America is set to record a 25% growth rate through 2026, primarily due to rapid commercialization and urbanization and increasing disposable income.
The prominent companies operating in worldwide retail analytics market are TIBCO Software Inc., Teradata Corp., Tableau Software Inc., SAS Institute Inc., SAP SE, Salesforce.com Inc., Qlik Technologies Inc., Oracle Corp., MicroStrategy Inc., Microsoft Corp., Information Builders Inc., IBM Corp., HCL Technologies Ltd, FLIR Systems Inc., Bedrock Analytics Corp., ANGOSS Software corp., Adobe Inc. and 1010data Inc.