The global Retail Analytics Market size to grow from USD 4.3 billion in 2020 to USD 11.1 billion by 2025, at a Compound Annual Growth Rate (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 fianace business function to hold a larger market size during the forecast period
The finance business function segment is estimated to hold a larger market share in 2020. 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 operations segment is projected to grow at the highest CAGR during the forecast period.
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The merchandising analysis segment to hold the largest market size 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 merchandising analysis segment is estimated to hold a largest market share in 2020. The growth of the segment is due to companies across the retail industry using advanced technologies to leverage customer insights from huge data volumes of store-based operations. 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.
Retail analytics solutions provide organizations with the information they need to make important business decisions. Such tools and systems are used with both internal and external data sources to gain information, such as competitive intelligence and market trends, as well as internal insights, such as common customers and industry pain points, key stakeholders, and commonalities in lost opportunities.
Some of the key players operating in the retail analytics market include to Microsoft (US), IBM (US), Oracle (US), Salesforce (US), SAP (Germany), AWS (US), SAS Institute (US), Qlik (US), Manthan (India), Bridgei2i (India), MicroStrategy (US), Teradata (US), HCL (India), Fujitsu (Japan), Domo (US), Google (US), FLIR Systems (US), Information Builders (US), 1010Data (US), Capillary (Singapore), RetailNext (US), WNS (India), True Fit (US), Vend (New Zealand), Fit Analytics (Geramny), Edited (UK), Decision6 (Brazil), Cubelizer (Spain), ThinkInside (Italy), Dor Technology (US), Glimpse Analytics (India), Pygmalios (Slovakia), and Orenda Software Solutions (Canada). These retail analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global retail analytics market.
Salesforce was founded in 1999 and is headquartered in California, US. In June 2019, Salesforce acquired Tableau, a leading analytics platform provider, in a move that would strengthen its position in the digital transformation space. Its integrated platform provides a single shared view of every customer across departments, including marketing, sales, commerce, and services. Salesforce has a community of over 10 million innovators, disruptors, and community shapers known as Trailblazers. The company offers a wide range of products and services across segments, including sales, services, marketing, application, analytics, employee experience, trailblazers and reskilling, and enablement and collaboration, most of which operate on a single trusted cloud platform. Its service offerings can be easily deployed through mobile devices and internet browsers and can be integrated with other platforms and enterprise applications. Salesforce has a cross-cloud technology named Salesforce 360, which helps its clients obtain a single integrated, holistic customer profile for various departments. In the retail analytics market, the company offers Salesforce Einstein Analytics, which enables retailers to track inventory, store performance, and the entire health of the business. The company caters to various industries including BFSI, healthcare and life sciences, government, communications, retail, consumer goods, media, manufacturing, transportation and hospitality, automotive, and education. It has a geographic presence in North America, Europe, APAC, and MEA.
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Qlik was founded in 1993 and is headquartered in King of Prussia, US. The company has offices around the world, with more than 1,700 partners covering more than 100 countries. Qlik offers end-to-end, real-time data integration and analytics solutions that help organizations access and transform all their data into value. It helps companies with data to see more deeply into customer behavior, reinvent business processes, discover new revenue streams, and balance risks and rewards. The company’s platform allows for open-ended, curiosity-driven exploration, giving everyone – at any skill level – the ability to make real discoveries that lead to real outcomes and transformative changes. In the retail analytics market, the company offers the Qlik Analytics Platform that covers a wide spectrum of analytics use cases, from dashboards and reports to custom analytical apps. Developers can access the Qlik Associative engine and visualizations library to build visual analytics into the existing business process workflow apps for desktops, web, or mobile devices.
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