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Data Analytics in Retails Market Size, Industry Analysis Report By component (Software, Services), By deployment (On-premise, Cloud, Others), By organisation size (Large enterprise, Small and medium enterprise), By application (Sales and marketing analytics, Supply chain operations management, Merchandising analytics, Customer analytics) & Region - Forecasts

  • PUBLISHED ON
  • 08/08/2022
  • NO OF PAGES
  • 266
  • CATEGORY
  • Retails & Consumer

 

Global Data Analytics in Retails Market Analysis by component, deployment, organization size, application, Region and segments forecast till 2033

 

Market Overview

The global data analytics in retails market is presently worth USD 5975.27 million and is poised to amplify at a CAGR of 23.1% over 2023-2033, thereby amassing a valuation of USD 38786.47 million by end of the assessment timeline.

 

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 5975.27 million

Market Forecast in 2033

USD 38786.47 million

CAGR % 2023-2033

23.1%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more

Key Companies

Microsoft, IBM Corporation, Oracle, Adobe, SAP SE, Tableau Software LLC, TIBCO Software Inc., 10101Data, Retail Solutions Inc., RetailNext Inc., Alteryx Inc., Teradata Corporation, MicroStrategy Incorporated, SAS Institute Inc., Wipro Limited, HCL Technologies Limited, QlikTech International AB, Flir Systems Inc., Fractal Analytics Inc., and Happiest minds, among others.

 

Global Data Analytics in Retails Market- Description

Retail data analytics provide information about customers, sales, inventory, and other critical decision-making factors. This discipline includes a number of fine-grained fields that aid in constructing a broad picture of the state of the retail industry, sales, and other potential strengthening and improvement areas. Retail analytics therefore aid in better business decisions, company operations, and ultimately better customer service analytics.

It's crucial to remember that smaller merchants can benefit from in-store data analysis as much as big-box stores like Target and Walmart. SME retailers can also benefit from this technology and use the data insights to prepare for future store design, workforce management, marketing, and inventory control. This is due to the fact that data can be accessed from practically every point at which consumers and retailers interact, both online and offline. This is due to the fact that data can be accessed from practically every point at which consumers and retailers interact, both online and offline.

The global data analytics in retails market is anticipated to increase during the forecast period as a result of the rapidly expanding retail sector and expanding e-commerce retail platform brought on by the rising penetration of smartphones and internet services. Additional factors that are anticipated to support the development of big data analytics in the retail sector include the incorporation of cutting-edge technologies like IoT, artificial intelligence, and machine learning, a rise in the demand for predictive analytics in retail, and the requirement to provide a customized user experience in order to increase sales.

Additionally, it is anticipated that over the course of the forecast period, the market will experience lucrative growth opportunities due to the growing use of big data analytics tools such as Board BEAM by Board International, Tableau by Tableau Software, Llc, WebFOCUS by International Business Machines Corporation, ThoughtSpot, and Sspotfire by TIBCO Software Inc. for predictive analysis and better decision-making in the business process.

 

Global Data Analytics in Retails Market- Key trends

·         Increase usage of internet in retail processes will aid the market

Retail analytics technologies are in demand as the internet of things is being used in retail processes to boost productivity and efficiency. Retail analytics technologies are in high demand because they enable retailers to learn more about crucial data, consumer purchasing patterns, improve customer experience, and give actionable insight to boost all in-store operations. Another significant element driving the market expansion is the growing use of industry 4.0 in the retail sector.

 

·         Emergence of technologies will help the market to increase further in the forthcoming years

Artificial intelligence (AI), machine learning (ML), augmented reality (AR), and other emerging technologies are seen as opportunities for market players. It provides retailers with data insights that help boost sales while improving the customer experience. Retailers are given the capacity to consume enormous volumes of data in numerous different formats by integrating retail analytics with AI. A significant barrier to the growth of the global retail analytics industry is the high cost of implementation. Software licence fees, materials and connection charges, travel expenses, installation fees, and various technical labor costs are all part of the upfront expenditures for establishing a retail analytics plan.

 

Global Data Analytics in Retails Market- Segmental assessment

By component

•Software

•Services

•Others

The software segment is poised to amass notable gains over the stipulated timeline owing to their ease of use and affordability.

 

By deployment

•On-premise

•Cloud

•Others

 

By organization size

•Large enterprise

•Small and medium enterprise

•Other

 

By application

•Sales and marketing analytics

•Supply chain operations management

•Merchandising analytics

•Customer analytics

•Others

 

Global Data Analytics in Retails Market- Geographical landscape

The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, North America is projected to capture a substantial revenue share over 2023-2033. Focus is being placed on utilizing cutting-edge technologies, altering consumer behavior, and rising investment in retail analytics due to the existence of huge retail corporations.

 

Global Data Analytics in Retails Market: Recent Developments

·         In August 2021, AWS announced the launch of AWS Retail Analytics, a new set of data analytics tools designed specifically for the retail industry. The tools include pre-built dashboards and machine learning models to help retailers analyze their data and improve business outcomes.

·         In June 2021, IBM announced a new partnership with Adobe to help retailers leverage customer data and deliver personalized experiences across all channels. The partnership combines Adobe's Experience Cloud with IBM's Watson Customer Experience Analytics.

·         In May 2021, Salesforce announced the acquisition of the data analytics company, Tableau. The acquisition aims to strengthen Salesforce's data analytics capabilities for retailers, enabling them to make more informed business decisions.

·         In June 2021, SAP announced the launch of SAP Upscale Commerce, a new cloud-based e-commerce platform that includes built-in data analytics capabilities. The platform is designed to help retailers improve their online customer experience and increase sales.

 

 

Global Data Analytics in Retails Market: Key Companies

·         Microsoft

·         IBM Corporation

·         Oracle

·         Adobe

·         SAP SE

·         Tableau Software LLC

·         TIBCO Software Inc.

·         10101Data

·         Retail Solutions Inc.

·         RetailNext Inc.

·         Alteryx Inc.

·         Teradata Corporation

·         MicroStrategy Incorporated

·         SAS Institute Inc.

·         Wipro Limited

·         HCL Technologies Limited

·         QlikTech International AB

·         Flir Systems Inc.

·         Fractal Analytics Inc.

·         Happiest minds

·         Others

 

Global Data Analytics in Retails Market: Regional Scope              

North America

·         U.S.

·         Canada

·         Mexico

Europe

·         U.K.

·         Germany

·         France

·         Italy

·         Spain

·         Rest of Europe

Asia Pacific

·         China

·         India

·         Japan

·         South Korea

·         Australia

·         Rest of Asia Pacific

South America

·         Brazil

·         Argentina

·         Rest of South America

Middle East and Africa

·         Saudi Arabia

·         UAE

·         Egypt

·         South Africa

·         Rest of Middle East and Africa

 

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.


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