DUBLIN--(BUSINESS WIRE)--The "Retail Analytics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The retail analytics market is anticipated to register a CAGR of over 19% during the forecast period 2019-2024.
The robust outlook of the retail industry, coupled with the digital revolution that is aided by technological advancements and proliferation of smartphones, has encouraged retailers to rethink their business strategies and make the most of the opportunity. With the growth of e-commerce, customer preferences and behaviors have changed drastically.
- The rising adoption of IoT to decipher data, the use of beacons, Wi-Fi, and RFID tags have become common in the retail sector. Retailers have already begun experimenting with IoT solutions and devices, to revolutionize services and customer experience, by developing a digital ecosystem across various stages of the supply chain.
- The changing consumer behavior, with an inclination toward a personalized and tailored shopping experience, has played a significant role in the adoption of analytics to derive searches that are more personalized, based on the individual shopper's unique preferences and context.
- The lack of general awareness and expertise is expected to hamper the growth of the market.
Scope of the Report
Retail analytics is the process of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc., which are crucial for marketing and procurement decisions. It also offers detailed customer insights, along with insights into the business and processes of the organization, with the scope and need for improvement.
Key Market Trends
Customer Management to Hold Major Share
- Market factors, like rapidly changing demographics and uncertain economic recovery, often present retailers with challenges. Thus, retailers try to understand which products, services, and offers are more attractive to customers.
- A dramatic increase in online shopping and bargain hunting have disrupted the traditional customer engagement paradigm of retailers. Therefore, attracting, retaining, and offering value-added services to customers have become retail imperatives, with retailers recognizing the new capabilities that are required to capture and take action upon consumer insights.
- Understanding which customers represent sales helps the retailers to make necessary adjustments in assortments, pricing, service behaviors, marketing communication, and other customer experience elements that can potentially produce incremental revenue.
- Owing to these benefits, SAP has been investing in enhancing digitization, by trying to convince small- and medium-sized enterprises across the globe, particularly developed markets to invest in tech software, so as to better engage with customers.
Europe to Hold Significant Share
- The European segment is strong, owing to the presence of large players like IBM Corporation and SAP SE, which are the leading providers of predictive analytics and advanced retail analytics software.
- Moreover, more than six million companies are active in this region and employ more than 33 million people. Europe is home to many of the large-scale retailers in the world, such as Tesco, Carrefour, Lidl, Metro AG, and Aldi.
- Online shopping has emerged as one of the most popular internet activities, by providing a wide variety of products for consumers and a multiplicity of sales challenges for the e-commerce players.
- Thus, the use of advanced analytics for making online shopping smarter and merging offline and online data can help retailers to customize their targeting, thus resulting in incremental increases in e-commerce revenues and contributing to the growth of the European segment of the market studied.
The Retail Analytics Market is moderately competitive. The players in the market are innovating in providing strategic solutions to increase their market presence and customer base. This is enabling them to secure new contracts and tap new markets.
- September 2018 - SAP at the Strata Data Conference announced that it has injected an array of machine learning algorithms into the SAP Analytics Cloud as part of an effort to deliver real-time analytics that proactively suggests actions to be taken as data is captured.
September 2018 - SAP launched new features to digitally optimize the supply chain and infuse it with intelligence from product design and production to delivery, operations and service. With the integration of SAP S/4HANA to digital supply chain solutions from SAP, companies can gain new insights, make predictions and instantly adapt in an agile supply chain that extends to customers and supplier networks.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing E-retail Sales
4.3.2 Rising Demand for Predictive Analysis
4.3.3 Technological Advancements in AI and AR/VR
4.4 Market Restraints
4.4.1 Lack of General Awareness and Expertise
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 TECHNOLOGY SNAPSHOT
6 MARKET SEGMENTATION
6.3.1 Customer Management
6.3.2 In-store Operation
6.3.3 Strategy and Planning
6.3.4 Supply Chain Management
6.3.5 Marketing and Merchandizing
6.3.6 Other Functions
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 SAP SE
7.1.2 IBM Corporation
7.1.3 Alteryx Inc.
7.1.4 Tableau Software Inc.
7.1.5 Oracle Corporation
7.1.6 Retail Next Inc.
7.1.7 SAS Institute Inc.
7.1.8 Fujitsu Ltd
7.1.9 Angoss Software Corporation
7.1.10 Hitachi Ltd.
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
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