Market Overview

Retail analytics is the process of providing analytical data for supply chain management, merchandise intelligence, inventory management, cyber security, supply & demand processing, customer engagement, sales data modelling, and others. It helps in the process of decision-making, as it provides customer insights and scope for product marketing.

Rising adoption of new technologies such as big data, internet of things (IoT), and real-time analytics by various organizations to enhance business outcomes is driving growth of the retail analytics market. According to Coherent Market Insights’ analysis, around 70% of the retail industries are expected to adopt IoT by 2021. Retail analytics collects data from big data, machine learning, and artificial intelligence and business process, thereby delivering accurate information to solve business issues. Retail analytics provides customer insights from the real data, which helps the retailers to understand customer behavior and develop a customer centric product. This helps the organization to strengthen its foothold in the market, thereby fueling growth of the retail analytics market.

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Market Dynamics

North America is expected to hold a dominant position in the market over the forecasted period, owing to rising e-commerce sector. For instance, according to the U.S. Commerce Department analysis, in 2016, the sales from e-commerce was 41.6% and it increased up to 49.4% in 2017. Digitalization, rising disposable income, and rising adoption of IOT are some of the factors responsible for increasing the sales of the e-commerce sector. Therefore, increasing sales of e-commerce will lead to increasing demand for analytical tools, which will boost growth of the retail analytics market in the region.

North America is expected to hold a dominant position in the market over the forecasted period, owing to rising e-commerce sector. For instance, according to the U.S. Commerce Department analysis, in 2016, the sales from e-commerce was 41.6% and it increased up to 49.4% in 2017. Digitalization, rising disposable income, and rising adoption of IOT are some of the factors responsible for increasing the sales of the e-commerce sector. Therefore, increasing sales of e-commerce will lead to increasing demand for analytical tools, which will boost growth of the retail analytics market in the region.

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The key players operating in the global retail analytics market include IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Adobe Systems Incorporated, SAS Institute Inc., HCL Technologies Ltd., Cisco Systems Inc., MicroStrategy, Inc., and Tableau Software, Inc. The major players of the market such as IBM Corporation, Microsoft, and Oracle Corporation are adopting strategies such as mergers and acquisitions for product development, in order to retain the position in the market. For instance, in December 2014, Oracle Corporation introduced the Oracle Retail Merchandising Analytics 14.1 version, which helps the retailers to improve their business performance by leveraging the real data collected from the consumers.

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