North America Retail Analytics Market, By Offering (Software and Services), Deployment Model (Cloud and On-Premises), Organization Size (Large Enterprises and Small and Medium Enterprises (SMES)), Business Functionality (Sales and Marketing, Supply Chain, Finance, Operations, Procurement, Human Resource), Application (Customer Management, Inventory Analysis, Yield Analysis, Order and Fulfilment Management, Merchandising Analysis, Performance Analysis, Pricing Analysis, Cluster Planning and Transportation Management and Others), End User (Offline and Online (E-Commerce)), Country (U.S., Canada and Mexico) Industry Trends and Forecast to 2028
Market Analysis and Insights: North America Retail Analytics Market
North America Retail analytics market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with the CAGR of 20.3% in the forecast period of 2021 to 2028 and expected to reach USD 11,893.29 million by 2028.
Retail analytics is the process of providing analytical tools in the retail industry to provide analysis of business trends, patterns and performance. Retail business analytics allow retailers to leverage data-driven insight from business and customers to improve the consumer experience, increase sales and optimize business operation. Retail analytics is the tool for providing analytical data on inventory levels, consumer demand, supply chain movement, sales and others which are crucial for taking marketing and procurement decisions.
The retailers need to digitize and centralize their services to sustain in the digitally evolving market to provide better experience for the customer thus acting as major driver for the retail analytics market. For unorganized retail sector, retail analytics is a significant problem due to high costs and technological requirements which leads to low adoption rate and thus is restraining the retail analytics market growth.
Retail businesses seeing growth from integrating cloud services to their retail analytics to reduce operation infrastructure costs, provide real-time access to inventory, improve security and to provide enhanced customer experience which increases the adoption rate of cloud services amongst the retailers and creates an opportunity for the retail analytics market growth. The retail industry faces huge legal concerns and data privacy issues due to increasing data breaches and awareness of consumers which is acting as a challenge for the retail analytics market growth.
This retail analytics market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Retail Analytics Market Scope and Market Size
The retail analytics market is segmented on the basis of offering, deployment model, organization size, business functionality, application and end user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of offering, the retail analytics market is segmented into software and services. Software held largest share in the market in 2021. This is mainly due to surging demand for retail analytics software for purposes areas such as inventory analysis, customer management, point of sale, and others.
- On the basis of deployment model, the retail analytics market is segmented into cloud and on-premises. In 2021, cloud segment held larger share due to the shift towards digital transformation and growing demand for huge storage capacity.
- On the basis of organization size, the retail analytics market is segmented into large enterprises and small and medium enterprises (SMES). In 2021, large enterprises segment held larger share due to increasing adoption of analytics software by large organizations for several application areas such as merchandising analysis, sales forecasting among others.
- On the basis of business functionality, the retail analytics market is segmented into sales and marketing, supply chain, finance, operations, procurement and human resource. In 2021, sales and marketing segment held the largest share due to actionable insights provided by the retail analytics software which further supports in increased sales for the company and improved decision making.
- On the basis of application, the retail analytics market is segmented into customer management, merchandising analysis, inventory analysis, performance analysis, pricing analysis, yield analysis, order and fulfilment management, cluster planning and transportation management and others. In 2021, customer management segment held the largest share due to effectively managing interaction with past and potential customers and gaining valuable insights for enhanced customer experience.
- On the basis of end user, the retail analytics market is segmented into offline and online (e-commerce). In 2021, offline segment held larger market share owing to factors such as increasing demand for personalized shopping, tracking of product sales, surging adoption of digital media and streamline operations.
North America Retail Analytics Market Country Level Analysis
North America retail analytics market is analysed and market size information is provided by country, offering, deployment model, organization size, business functionality, application and end user as referenced above.
The U.S. accounted for maximum share in the retail analytics market, due to presence of large number of physical retail stores, focus on integration of next-generation technologies, changing consumer behaviour, and increasing investments in retail analytics.
The country section of the retail analytics market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Diffusion of Big Data in Retail Industry
The retail analytics market also provides you with detailed market analysis for every country growth in installed base of different kind of products, impact of technology using life line curves and changes regulatory scenarios and their impact on the retail analytics market. The data is available for historic year 2011 to 2019.
Competitive Landscape and Retail Analytics Market Share Analysis
The retail analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to retail analytics market.
Some of the major players operating in the retail analytics market are IBM Corporation, HCL Technologies Limited, SAP SE, Wipro Limited, Oracle, SAS Institute Inc., QlikTech International AB, Teradata, Retail Solutions, Inc., TABLEAU SOFTWARE, LLC, A SALESFORCE COMPANY, 1010data, Inc., TIBCO Software Inc., Microsoft, Happiest Minds, Adobe, FLIR Systems, Inc., MICROSTRATEGY INCORPORATED, RetailNext, Inc., Fractal Analytics Inc. and ALTERYX, INC. and among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
For instance,
- In October 2020, TIBCO Software Inc. announced agreement to acquire Information Builders, Inc. which is a data and analytics software company. Through this acquisition, the company will augment TIBCO’s Connected Intelligence platform with the company’s data management and analytics capabilities to more deeply address customer’s needs. This will help the company to enhance their presence and better meet consumers demand.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for retail analytics market through expanded product range.
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