The "Retail Analytics Market by Application (Merchandising Analysis, Customer Analytics, and Promotional Analysis and Planning), Business Function (Finance and Operations), Component, Organization Size, End User, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global retail analytics market size to grow from USD 4.3 billion in 2020 to USD 11.1 billion by 2025, at a CAGR of 21.2% during the forecast period.
Major factors contributing to the growth of the retail analytics market are the rising demand for dashboards for data visualization, growing adoption of cloud, and continuous increase in data generation. The objective of the report is to define, describe, and forecast the retail analytics market size based on component, business function, application, organization size, end-user, and region.
The COVID-19 has impacted all elements of the technology sector. It has slowed down the growth of IT infrastructure owing to disruptions in the hardware supply chain and reduced manufacturing activities. This health crisis has had an unprecedented impact on businesses across industries; while some are struggling, others are thriving. Rising support from governments and several data analytics companies can help in the fight against this highly contagious disease. Businesses providing retail analytics solutions and services are also expected to witness a decline in their growth for a short span of time. However, the adoption of collaborative applications, IoT, analytics, security solutions, and AI is set to increase in the remaining part of 2020.
The service segment to grow at a higher CAGR during the forecast period
The services segment is expected to grow at the highest CAGR during the forecast period. The growing concern of organizations to gain visibility for diagnosing and troubleshooting problems before they impact operations or end-user experiences will drive the adoption of retail analytics solutions and services.
The operation business function segment to grow at the highest CAGR during the forecast period
The operations segment is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to the rising need of retailers to generate deeper insights across the entire value chain of retail operations, including procurement, supply chain, sales and marketing, store operations, and customer management.
The inventory analysis segment to grow at the highest CAGR during the forecast period
The retail analytics market is segmented into various applications, such as merchandising analysis, pricing analysis, customer analytics, promotional analysis and planning, yield analysis, inventory analysis, and others (order management, transportation management, assortment and cluster planning, and real-estate planning). The inventory analysis segment is projected to register a higher CAGR during the forecast period due to the growing need to enhance business processes by keeping track of stocked goods and ensure surplus inventory.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to record the highest CAGR during the forecast period, as it is home to many developed and emerging economies, which offer major opportunities for the growth of retail stores and technology development. China, India, and Japan in particular are focusing on the management of data to enable data-based business decisions and enhance business processes in the retail market.
Digitalizing to Enhance Customer Experience and Retail Operations
Rising Adoption of Disruptive Technologies to Forecast Future Market Trends
Growing Number of Smartphones, and Increasing Use of M-Commerce
Lack of Technology Adoption by Unorganized Retail Sector
Legal Concerns and Data Privacy Issues
Growing Adoption of Cloud Services in Retail
Proliferation of Data Analytics to Understand Customer Data During COVID-19
Retailers Face a Data Deficit in the Wake of the COVID-19 Pandemic
Cumulative Growth Analysis
Orenda Software Solutions
For more information about this report visit https://www.researchandmarkets.com/r/17ggb8
View source version on businesswire.com: https://www.businesswire.com/news/home/20201203005867/en/
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