North America is Estimated to Dominate the Global Retail Analytics Market by 2022


Posted September 20, 2017 by akshb08

The market is expected to grow from USD 3.52 Billion in 2017 to USD 8.64 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.7%.

 
According to a new market research report "Retail Analytics Market by Application (Merchandising Analysis, Customer Analysis, Performance Analysis), Business Function (Finance, Sales, Marketing, Supply Chain and Store Operations), Component, End-User, and Region - Global forecast to 2022", published by MarketsandMarkets™, the market is expected to grow from USD 3.52 Billion in 2017 to USD 8.64 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.7%.

Browse 65 Market Data Tables and 43 Figures spread through 179 Pages and in-depth TOC on"Retail Analytics Market"

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Large enterprises have a high adoption rate as compared to the SMEs. Large size retailers have started investing in digital capabilities and analytic solutions to effectively compete and become better aligned with changing consumer preferences. The adoption of analytics solutions enables retailers to make quick and effective business decision based on real-time data.

The offline end-user is expected to have the largest market size during the forecast period. The emergence of real-time analytics is one of the drivers that trigger the adoption of retail analytics software. Vendors are deploying the software either on-premises or on-cloud to gain actionable insights on customers shopping behavior. Retail chains have deployed sensors and cameras to gain the understanding of the products that customers are more liable to buy. Moreover, the analytics is also being used to forecast demand analysis, proper inventory management, and to formulate a proper risk management process for the company. Retail stores are sub-segmented into supermarkets, department stores, specialty stores, and others which include convenience stores and kiosks.

North America is expected to dominate the retail analytics market during the forecast period

The retail analytics market is segmented based on regions including North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America has always been a frontrunner in embracing advanced analytical technologies to offer best-in-class products to its customers. The unprecedented success witnessed by retail chains such as Walmart and The Kroger Company with their super efficient inventory management, logistics capabilities ensures other retailers to follow similar suit to gain a competitive advantage in the market. Key companies in the retail analytics market including Microsoft Corporation, Oracle Corporation, International Business Machines Corporation, SAP SE, SAS Institute Inc., and others have a strong presence in the North American region. The companies operating in this region have adopted varied strategies to gain a competitive edge in the market. 

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Major vendors in this market include 1010data, Inc. (US), Angoss Software Corporation (Canada), BRIDGEi2i Analytics Solutions Private Limited (India), Capillary Technologies (Singapore), Diaspark Inc. (US), FLIR Systems, Inc. (US), Fujitsu Limited (Japan), GainInsights Solutions Pvt. Ltd. (India), Happiest Minds (India), Information Builders (US), IntelliVision (US), International Business Machines (IBM) Corporation (US).

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Issued By MarketsandMarkets
Website Retail Analytics Market worth 8.64 Billion USD by 2022
Phone 1-888-600-6441
Business Address 701 Pike Street, Suite 2175
Seattle, WA 98101, United States
Country United States
Categories Software , Technology , Telecom
Tags retail analytics market
Last Updated September 20, 2017