Rising Penetration of Smartphones Expected to Steer the Growth of the Retail Analytics Market
" The global retail analytics market is expected to witness a CAGR of over 18% during the forecast period to surpass $9.5 billion by 2025 "
Bangalore, India, August 28, 2019: With its recently published study “Global Retail Analytics Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research estimates that there will be huge adoption of retail analytics solutions predominantly due to changing consumer demand and need for actionable insights to identify customer buying patterns by retailers.
Retail analytics is analyzing data which is collected from multiple sources for supply chain visibility and movement, inventory levels, consumer demand, sales, and other sources. The insights gained are used in taking strategic decisions on procurement levels, customer experience, and marketing. Other applications of analytics in retail are data-driven insights in strategy, operations, finance, merchandising, customer intelligence, and customer engagement. Several organizations are significantly investing in developing retail analytics solutions and are leveraging diverse technologies to distinctively position their competitive advantage.
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The growing penetration of smartphones and social media is boosting the growth of e-commerce, which is creating a positive environment for the growth of the retail analytics market. Retailers are rapidly moving towards implementation of digital methods to understand customers behavior and adopting different technological advances to gain market share. Additionally, brick and mortar retailers are adopting advanced technologies such as AI, cloud, and IoT to drive sales. Increasing adoption of these technologies is expected to drive the demand for retail analytics in the coming years. Key players including SAP, Capillary Technologies, Happiest Minds, and IBM have a significant presence in the retail analytics market.
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The Asia Pacific is expected to grow at the highest rate in the retail analytics market due to growing retail business in the region, especially in the e-commerce domain which is expected to reach over $95 billion by 2020. Retailers are increasingly adopting digital transformation over the traditional retail businesses to offer an improved retail buying experience. Countries including India, China, and South Korea are among the leaders in adopting digitalization.
“Exponential growth of smartphones and social media has boosted the e-commerce industry and in such a scenario retail analytics will provide a better understanding of consumer buying pattern,” pointed out Rahul Kumar Pandey, Research Analyst, Infoholic Research
Few of the Key Vendors in the Retail Analytics Market:
- Happiest Minds
- Capillary Technologies
- Zebra Technologies
Segmentation of the Report:
Retail Analytics Market Segmentation By Deployment
Retail Analytics Market Segmentation By Organization Size
- Large Enterprises
Retail Analytics Market Segmentation By Application
- Customer Engagement
Retail Analytics Market Segmentation By Business Process
- Accounting and Finance
Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Kathakali Basu
Infoholic Research LLP