Market Synopsis of Retail Analytics Market:
Retail analytics relies on data and transforms that data into information that can be used for making market decisions. It is a flexible and cost effective solution to optimize market decisions. It is a part of big data analytics. Retailers receive huge amount of data related to customer needs and preferences which needs to be analyzed. Retail analytics helps in understanding customer analytics and businesses better.
Retail Analytics MarketAs there is major growth in availability of data, there is requirement of analytical solutions to make efficient use of that data. The increasing availability of data is one of the major factors driving the market share globally. Another major factor driving the growth of the market is the retail analytics provides personalization as per the individual's needs. This helps in optimization of business procedures.
The retail analytics market has been segmented on the basis of business function, deployment model, solutions and services. Based on business function, the supply chain analytics is expected to contribute the largest market share whereas, merchandising and in-store analytics is expected to gain maximum popularity during the forecast period.
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Retail Analytics MarketThe global retail analytics market is expected to grow at approx. USD 7 Billion by 2023, at 17% of CAGR between 2017 and 2023.
The regional segmentation of the global retail analytics market segments the market into many continent-based regional markets namely North America, Europe, Asia Pacific, and the rest of the world (RoW). According to the report, North America has been estimated to emerge as the largest regional market. The major market growth in North America has been attributed to the increasing use of mobile devices in this region, technological advancements in the world all kinds of electronic items, rising consumerism, and rapidly rising shopping and mall culture. The most important country-specific markets in this region are the United States of America (USA) and Canada.
During the forecast period, Europe has been estimated to be considered an important market. Its technological advancement does not match North America but it is decent, and its high density of population makes it a lucrative market. The most important country-specific markets in this region are France, Germany, Italy, and the United Kingdom (UK). According to the report, Asia Pacific has been estimated to emerge as the fastest growing market during the forecast period. Countries with a high population like China and India are always a lucrative market for any product and service.
The key players in the global retail analytics market, Adobe Systems Incorporated (USA), Cisco Systems Inc. (USA), HCL Technologies Ltd. (India), IBM Corporation (USA), Microsoft Corporation (USA), MicroStrategy, Inc. (the USA), Oracle Corporation (USA), SAP SE (Germany), SAS Institute Inc. (USA), and Tableau Software, Inc. (the USA).
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