Global Retail
Analytics Market Scenario
Market Research
Future (MRFR), in its latest the global Retail
Analytics Market 2020 report stated the market is under high influence of
COVID-19 pandemic. The long term analysis for the influence of corona pandemic
on the retail market is provided by MRFR. As per MRFR study, the expansion of
the retail analysis market is likely to grow at 17% CAGR across the assessment
period 2017 and 2023 and value at USD 7 Bn by 2023. The retail analytics market
share across the globe can change in the years to come due to the pandemic.
Another chief factor that can drive the retail analytics market are the
availability of personalization and optimization of business procedures
features provided by retail analytics solutions.
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The increase in the
utility of retail analytics for data and transforms of data into information,
which can be deployed for making market decisions is expected to be the
underlining cause for the expansion of the retail analytics market across the
assessment period. The highly flexible and affordable solution offer by retail
analysis to optimize market decisions can promote the expansion of the world
retail analytics market in the years to come. The growing utility of big data
analytics for customer information analysis is expected to promote the
expansion of the world retail analytics market.
Segment Study
The segment study
of the global retail analytics market is based on business function, services,
solutions, and deployment.
The business
function based segments of the retail analytics market are supply chain
analytics, marketing analytics, consumer analytics, merchandising, and in-store
analytics. The deployment-based segments of the retail analytics market are
cloud deployment and on-premise deployment.
The services based
segment of the retail analytics market are support & maintenance,
consulting, and system integration. The solution-based segments of the retail
analytics market are mobile applications, data management software, analytical
tools, and reporting & visualization tools.
Regional
Analysis
As per the report,
the retail analytics market in the North America region can emerge as the
dominating regional market on the conclusion of the review period. The increase
in the expansion of the retail analytics market in North America can be
attributed to the expansion of the telecom and consumer electronics sector.
The high utility of
mobile devices, technological advancements, rise in electronic items, increase
in consumerism, and rapid rise of mall culture can bolster the expansion of the
retail analytics market across the review period. The US retail analytics market
is expected to rise at a high pace in the near future due to the growing
implication of retail analytics technologies in the rising number of shopping
malls and other retail shops.
In Europe, the
retail analytics market in the review period is expected to rise at a decent
pace due to the deployment of technological advancement in major regions of
Europe. The high density of population is observed to make the retail analytics
market lucrative. The market. In the Asia Pacific region, the retail analytics
market is expected to rise due to different factors, such as availability of
data and robust analytical solutions. The high availability of data sorting
tools and software can boost the expansion of the retail analytics market in
APAC.
Key Players
MRFR enlisted key
players that are operating the world retail analytics market. They are; IBM
Corporation (USA), Adobe Systems Incorporated (USA), HCL Technologies Ltd.
(India), MicroStrategy, Inc. (the USA), Cisco Systems Inc. (USA), Microsoft
Corporation (USA), Oracle Corporation
(USA), SAS Institute Inc. (USA), SAP SE (Germany), and Tableau Software, Inc.
(the USA).
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