London, Sept. 14, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled "Retail Analytics Market by Component (Software, Services), Organization Size, and Application (Finance Management, Marketing, Price Optimization, Human Resource Management, Operations Management)– Global Forecast to 2027," published by Meticulous Research®, the retail analytics market is expected to grow at a CAGR of 19.1% from 2020 to 2027 to reach $23.8 billion by 2027.
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Retail analytics is the process of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc., that are crucial for making marketing and procurement decisions. The analytics on demand and supply data can be used to maintain procurement levels and take marketing decisions. Retail analytics gives detailed customer insights and insights into the organization's business and processes with a scope and need for improvement. The use of retail analytics developed as a response to the retail transformation being driven by unprecedented changes in consumer behavior, intensified pressure on margins, the changing role of stores, and intensified competition from the e-commerce websites.
The retail analytics market is driven by the growing e-commerce market and their adoption of analytics for better and more personalized experiences and easy access to product information and exceptional services. In addition, with the advent of computer vision, retailers are installing computer vision cameras that can track customers' movements across the store to identify their purchase patterns, most liked and most time spent areas, and behavior in relation to certain products. With this information, retailers can make informed decisions about product placement, store layout, and staffing. However, the whole retail sector is highly unorganized, and most of the retail owners are financially weak, which has further weakened by the COVID-19 pandemic. This has reduced the technology adoption for retail analytics from the sector, thereby impacting the market growth.
The Impact of COVID-19 on the Retail Analytics Market
The COVID-19 pandemic has adversely hit many economies around the globe. The combat measures like complete lockdown and quarantine to fight against COVID-19 have a strong adverse impact on many industries globally, including the retail industry. For instance, a recent survey by London Business School indicated that household spending declined by almost 40-50% in the U.K., and similar trends are emerging across the globe. This will have a significant impact on the retail industry overall. Similarly, the ‘Work from Home' model will impact the fashion and hospitality business.
Most of the COVID-related information is available on public domains from government or local agencies. This localized information is indispensable to plan operations, but it may not be available in a consumable format for retailers to source and may have data quality issues. Current reports and dashboards do not carry lockdown and pandemic-related insights. Data processing is mostly in batch than real-time. COVID is a rapidly evolving scenario, and the business's need is to have access to near real-time information, often several times a day.
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The impact on the retail industry has been both positive and negative, with dramatically increased sales of food and grocery items and pharmaceuticals but reduced sales at many retail outlets such as clothing and jewelry stores. One in five retailers considers COVID will have a positive effect on their business. For instance, a new Oracle Grocery Retail survey shows that 53% of respondents in the U.S. have shopped online for groceries during the pandemic, with 37% stocking up more frequently online than in-store. Overall, the retail industry has been severely impacted by the COVID-19 pandemic and the succeeding lockdown. However, with the adoption of retail analytics, the retail industry can estimate consumer behavior changes and attract more customers to their stores.
To provide efficient analysis, Meticulous Research® has segmented this market based on component (solutions, services), application (marketing & price optimization, operations, human resources, finance), organization size (large enterprises, small & medium enterprises), and geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa).
Based on component, the retail analytics market is segmented into solutions and services. In 2021, the solutions segment is expected to command the largest share of the overall retail analytics market. The high volume of data generated from consumers has influenced the adoption of analytics software solutions in the retail sector. Technological advancements in retail analytics in faster data collection and analysis, real-time data visualization, and access to cross-channel sales analytics are further expected to propel the adoption of retail analytics solutions.
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Based on application, the retail analytics market is segmented into finance, marketing & price optimization, human resources, and operations. In 2021, the marketing & price optimization segment is anticipated to command the largest share of the overall retail analytics market. The large share of this segment is due to the high demand for analyzing the buying pattern of customers and their pricing preferences. However, the finance segment is expected to grow with the highest CAGR during the forecast period, owing to the rising need of retailers to generate deeper insights across the entire value chain of retail operations, including procurement, supply chain, and sales & marketing.
Based on organization size, the market is segmented into large and small & medium enterprises (SMEs). In 2021, the large enterprises segment is expected to command the largest share of the overall retail analytics market. The overall adoption of retail analytics solutions among large enterprises is much higher than SMEs. However, many SMEs are ramping up their digital transformation initiatives considering their profitability and getting insights into the local consumers' data. It is estimated that the SMEs segment will grow with the fastest CAGR during the forecast period.
Geographically, the global retail analytics market is segmented into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa. In 2021, North America is expected to command the largest share of the global retail analytics market. The highest adoption percentage among regional retail players and a very competitive business environment have helped the region grab the largest share of the lucrative retail analytics market. However, the Asia-Pacific market is offering immense opportunities for the growth of the retail analytics market. A large number of SMEs and growing e-commerce business is driving the growth of the regional market. It is estimated that the Asia-Pacific retail analytics market will grow with the highest CAGR during the forecast period.
The key players operating in the global retail analytics market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Salesforce.com, Inc. (U.S.), SAP SE (Germany), HCL Technologies Limited (India), SAS Institute, Inc. (U.S.), Qlik (U.S.), Manthan Software Services Pvt. Ltd. (India), BRIDGEi2i Analytics Solutions (India), MicroStrategy Incorporated (U.S.), Teradata (U.S.), Amazon Web Services (U.S.), Fujitsu (Japan), Oracle Corporation (U.S.), Domo, Inc. (U.S.), and Tableau Software, Inc. (U.S.), among others.
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Scope of the Report
Retail Analytics Market, by Component
- Solutions
- Business Intelligence Solutions
- Sales Forecasting Solutions
- Demand Forecasting Solutions
- Other Solutions
- Services
- Professional Services
- Managed Services
Retail Analytics Market, by Application
- Marketing & Price Optimization
- Catalog Management
- Merchandising Analytics
- Pricing Analytics
- Promotional Analysis & Planning
- Operations
- Inventory Analytics
- Digital Supply Chain Analytics
- Customer Analytics
- Order Management
- Human Resources
- Finance
- PoS Management
- Payment Management
Retail Analytics Market, by Organization Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
Retail Analytics Market, by Geography
- North America
- U.S.
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Europe
- Germany
- U.K
- France
- Italy
- Spain
- Rest of Europe
- Latin America
- Middle East & Africa
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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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