The retail industry is quickly transforming into digitized POS-based operations from using manual checkout processes. Retail analytical tools are adopted by the retailers for replacing the existing business intelligence solutions. These retail analytical tools offers high customization solutions and has the ability to handle big data across various storage platforms. Digitalization has contributed to the technological awareness within customers that offers various options that helps to save sufficient time of the customer. The digitalization tools used for reporting & visualization enables the retailers to visualize these big data graphically in the form of graphs, charts, tables, and infographics. This big data required for the visualization process is collected from various social media sites, from customer buying preferences and by customer’s needs, brand perception, loyalty and feedback.
Retail Analytics Market: Key Players
The research study includes profiles of leading companies operating in the global retail analytics market. Key players profiled in the report include: IBM Corporation, Adobe Systems Incorporated, HCL Technologies Ltd, Fractal Analytics Inc., Oracle Corporation, Tableau Software, SAS Institute Inc., Manthan, SAP SE and Wipro Ltd.
Adobe Systems Incorporated Expanded its Partnership with Prada Group:
Adobe Systems Incorporated on May 2019, partners with Prada Group, a foremost fashion brand. This partnership helps to deploy advanced experience management solutions on a global scale and supports Prada’s marketing and communication activities with consumers across its retail global network.
Drivers for the Global Retail Analytics Market:
Increasing use of smartphones, tablets, and laptops for shopping that is helping analytics software to collect data and acquire insight about customer behavior is one of the major factor that is driving the growth of retail analytics market. Along with this, increasing demand for retail analytics in customer purchase monitoring and inventory planning and management is also one of the factor that is enhancing the growth of retail analytics market.
Opportunities for the Global Retail Analytics Market:
Rise in adoption of IoT (Internet of Things) solutions and devices to decipher data, use of beacons, Wi-Fi, and RFID tags for developing a digital ecosystem across various stages of the supply chain are some of the factor that will drive the growth of global retail analytics market in forecast period. Along with this, retail analytics helps to target right customer by analyzing the buying pattern of customers and also help to attract new customers by providing more lucrative offers to them, will increase the demand in the growth of global retail analytics market.
Restrains for the Global Retail Analytics Market:
Lack of highly skilled employees to furnish the rising demand of retail analytics is one of the factor that is hampering the growth of retail analytics market. Along with this, small and medium scale retail stores lack in the network components and infrastructure that is required for IoT and AI applications also hampers the growth of the global retail analytics market. In addition to this, another factor that is hampering the growth of global retail analytics market is the high initial investment and deployment cost required for small and medium scale retailers.
Region Wise, Global Retail Analytics Market Analysis:
On the basis of region, the AIOps market is segmented into North America, South America, Europe, Asia Pacific, and the Middle East and Africa. North America held the largest share in the market because of high implementation rate of retail analytics solutions and availability of high working capital at the disposal of several retailers. European countries are also having the maximum share in retail analytics market followed by the Asia Pacific countries.
Global Retail Analytics Market: Deployment analysis
Global Retail Analytics Market: Application analysis
- Supply Chain Management
- Merchandizing Intelligence
- Customer Analysis
- Data Management
Global Retail Analytics Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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