The global Retail Analytics Market has witnessed significant traction and is projected to grow at a Compound Annual Growth Rate (CAGR) of 19.7% during the forecast period, to reach the market size of USD 8.64 billion by 2022. Growing internet penetration, increased use of data-intensive platforms and rapid adoption of social media, and advancement in technologies, such as machine learning, artificial intelligence, and augmented reality fosters the growth of Retail Analytics Market.
The advent of cloud-based analytics and growing inclination of vendors toward merging in-store and digital operations are the major opportunities present in the Retail Analytics Market. However, lack of skilled personnel and high initial setup costs are among major factors restraining the market growth.
Merchandising analysis, customer management, and performance analysis are among the major applications leveraging the benefits of retail analytics tools and services substantially.
On-premises deployment is expected to hold the largest market size during the forecast period. This is mainly due to the major deployment by large scale organizations owing to various factors including reduced initial price, data security, higher customization options, and control over the implementation process, leading to the large market size in 2017.
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Retailers are widely adopting various analytics solutions for integrating and analyzing customer data from multiple channels and is utilizing generated insights to improve their store operations and find new opportunities to engage and serve their customers. Retail analytics solutions are mainly focused on performance management, accounting (project management), and others to assist product strategy and planning. These application areas are very critical and play a vital role in implementation of business strategies for the retailers. The retail analytics software operates across all business functions and provides information and insights for the entire organization. These software solutions help the top-level management and decision makers in retail organizations to have a holistic view across different business functions for taking strategic decisions. Analytics provides the ability to gain deeper insight into each physical, online, and mobile customer interaction enabling companies to deliver differentiated customer experiences across every channel and touch point. The retailers can proactively connect with customers using these insights and address concerns that satisfy the changing consumer needs.
Retail analytics is widely adopted by offline retailers as it enables them to analyze their multichannel customer behavior and their inbound and outbound store operations. To meet the rapidly changing customer expectations, retailers are inclining toward retail analytics solutions which can provide them with a complete overview of all their customer communications and also provides crucial insights to improve the performance of their store operations. The offline retail organization segment is expected to hold the largest market share in 2017 and is projected to grow at a notable CAGR of 18.8% during the forecast period.
Asia Pacific (APAC) is estimated to grow at the highest CAGR during the forecast period. Increasing digitalization and growing internet penetration have resulted in higher adoption of eCommerce retailers in the APAC region. In addition, the rapid growth of faster internet service coupled with higher mobile uptake is creating stiff competition in the Retail Analytics Market. The region is witnessing increasing demand for cloud-based analytics solutions owing to the increasing size of SMB retailers in developing countries such as China and India. Companies operating in the region provides customized and advanced analytics solutions to the offline as well as online retailers thereby enhancing their overall reach. For instance, in June 2016, BRIDGEi2i Analytics Solutions Private Limited raised Series A funding, from Edelweiss to optimize its product offerings and expand the user base. The company tries to scale its range of products across different markets for achieving long-term expansion. BRIDGEi2i Analytics Solutions Private Limited offers its products and solutions through direct channels as well as indirect channels. The highly competitive environment in the region drives the need to promote and manage sales and marketing activities to build brand awareness and increase overall profitability.
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