Retail Analytics Market Rising Through Development of Intelligent Business Tools

Posted by industryarc on August 9th, 2019

The need for applications which help to maintain customer records of previous transactions and individual sales count of inventory for future reference purposes is propelling the demand for retail analytics market, according to a market intelligence report published by IndustryARC.The report further estimates that the retail analytics market was valued at .56 billion as of 2018. The market will acquire a noticeable demand from e-commerce websites and will experience growth with an outstanding compound annual growth rate (CAGR) of 20.97% during the forecast period of 2019-2025.

The report is titled “Retail Analytics Market: By Analytics (Predictive, Omni channel, Location, Big Data and IOT); By Function (Marketing Sales, Risk Management, Supply Chain, Employee Engagement, Customer Analytics and Finance & Executive Management) - Forecast (2019-2025).” It includes all the factors which are driving the growth of the industry and explains about opportunities that exist in the market, along with showcasing the latest innovative trends.

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Global Retail Analytics Market: Demand Analysis

Retail analytics is a process of providing analytical data on inventory levels, supply chain movement, customer demand, and sales which are crucial for making marketing and procurement decisions. These analytics form a reliable base using which stocks can be purchased, sold and maintained. Since this performance intelligence process is entirely automated and formulated via machines, it is very reliable in nature and is now being adopted by every other firm operating both in high stakes and low stakes market spaces. Thus retail analytics are fulfilling the need for a methodological approach of customer data maintenance.

Global Retail Analytics Market: Leading Segments

North America led  the geographical segment in  retail analytics market with 35.32% demand share in 2018 as the levels of digital penetration all across the country is very high due to the development which has taken place in the last decade. Retail analytics are observed to be highly adaptable by firms in the form of online applications. In North America, there are multiple firms working towards full-scale adoption of online technology tools to make their work easier in individual customer identification and per sale ratification.

The number of companies which are interested in investing in retail analytics market are growing owing to the increasing number of smart internet applications which are available out in the open markets now. Also, certain supply chain management tasks such as moving merchandise is one of the more efficient goals made possible by the use of retail analytics processes. The growth of retail analytics market is superlative with the application CAGR of online retail analytics tools evaluated to be 26.37% during the time period of 2019-2025.

Global Retail Analytics Market: Disruptive Trends

Stock management techniques used by companies worldwide have already been influenced by global retail analytics market. There are other trends as well which are at play when it comes to global retail analytics market such as:

• Growing Internet Penetration: As we have reached the vision of global village as was defined by Marshall McLuhan already, we can see internet encompass a wide array of applications to serve different uses. Many of these applications help even the most basic of end users to perform their business efficiently thus helping them scale up. By making use of the enormous data which is localized across servers around the world, retail analytics market is heading towards considerable growth in the future.

• Increased Use of Data-Intensive Platforms: Data these days has attained enormous power in human life. From enlightening customers regarding purchase decisions to helping them differentiate between two choices of commodities, information is all around us. Due to advancements in technologies such as big data, more amount of data is now being stored online thus elevating the level of crucial data access anywhere and anytime. As customers are now very much familiar with the use of these data-intensive platforms, it comes as a no surprise that demand for retail analytics tools by the businesses is gaining traction.

• Rapid Adaptation of Social Media: We can now see that everyone is now active on social media during one time of the day or other. The scale of adoption of social media has been exponential especially over the past decade. This is not only helping customers grow wiser about their purchase decisions but is also permitting businesses to sense its customers better and deliver better quality goods and services.

Global Retail Analytics Market: Competitive Landscape

Companies working in the domain of retail analytics and having decent progress are listed as 1010data , Angoss Software, BRIDGEi2i, Capillary Technologies, Diaspark, FLIR Systems, Fujitsu, GainInsights Solutions, Happiest Minds, Information Builders, IntelliVision, IBM, LoyaltyOne, Manthan Software Services, Microsoft, MicroStrategy, Oracle, QBurst, Qlik Technologies, RetailNext, SAP, SAS Institute, Trax, Visual BI Solutions and Zebra Technologies.

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 About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.