Retail Analytics Market Segmentation, Forecast, Market Analysis, Industry Size a
Posted by shibaomrglobal on February 4th, 2020
The global retail analytics market expected to grow at a Compound Annual Growth Rate (CAGR) of 19.7% during forecast year 2019-2015. Retail analytics is a process to offer analytical data on consumer demand, inventory level, sales, supply chain movement, and so on. The demand for retail analytics is estimated to grow significantly due to growth in retail sector coupled with rising competition in the retail industry. For instance, total retail sales for the fourth quarter of 2018 were estimated at ,345.2 billion, a rise of 0.4% from the third quarter of 2018, as per the US Department of Commerce. The US has a well-established distribution channel for all kinds of retail companies. The retail service industry offers an openly competitive environment those results in significant innovations and strong business operations.
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Hence, the major retailers, such as Walmart, and Kroger is using retail analytics solutions to get real-time and relevant insights into their inventory, business management and customers. Moreover, there are several small, medium and large-scale retailers in the US. With the rising competition in the retail sector, the demand for retail analytics solution is expected to increase significantly for proper inventory management and customer management. The market has a significant opportunity due to the advent of machine learning, and artificial intelligence platforms.
The global retail analytics market is segmented on the basis of the application and deployment model. Based on the deployment model, the market is further classified into cloud based and on-premise. Based on application, the market is further segmented into merchandising analysis, customer management, pricing analysis, performance analysis, inventory analysis, yield analysis, and supply chain management. On the basis of geography, the market is segmented into four major regions, such as North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is anticipated to hold the largest share in 2018, due to the presence of major retailers coupled with growth in retail sales in the US. However, Asia-Pacific is anticipated to witness lucrative growth in the market due to rapid digitalization and growth in the e-commerce industry in the region.
The major players in the market comprise IBM Corp., Oracle Corp. Johnson Controls International PLC, RetailNext, Inc. Microsoft Corp., The Nielsen Company (US), LLC, and so on. The strategies followed by these major companies include merger and acquisitions, product launches and partnership and collaborations. This enables companies to expand market share and gain a competitive advantage globally.
Key Market Players of Retail Analytics Market
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Retail Analytics Market Key Segmentation:
By Deployment Model
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