New York, According to a new market research report published by Global Insight Services “Retail Analytics Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Key Trends
There are four key trends in retail analytics technology:
1. The shift from on-premise to cloud-based solutions: Retailers are increasingly moving away from on-premise analytics solutions to cloud-based ones. This is because cloud-based solutions are more flexible and scalable, and they allow retailers to access data and insights from anywhere.
2. The rise of artificial intelligence (AI): AI is becoming increasingly important in retail analytics, as it can help retailers to make better decisions about pricing, promotions, and product assortment. AI can also be used to personalize the shopping experience for individual customers.
3. The growth of big data: Retailers are collecting more data than ever before, from a variety of sources. This data can be used to gain insights into customer behavior, optimize operations, and identify new opportunities.
Key Drivers
There are several key drivers of the retail analytics market. The first is the ever-increasing volume of data being generated by retailers. This data can come from a variety of sources, including point-of-sale systems, customer loyalty programs, and online transactions. This data can be used to track customer behavior, understand trends, and make predictions about future behavior.
Another key driver is the need for retailers to better understand their customers. In a highly competitive market, retailers need to know who their customers are, what they want, and how to best reach them. Retail analytics can provide this information, helping retailers to tailor their offerings and marketing messages to better meet the needs of their target audience.
Market Segments
The Retail Analytics Market is segmented into component, deployment model, application, and region. Based on component, it is bifurcated into software and service. Based on deployment model, it is categorized into on-premise and cloud. On the basis of application, it is divided into supply chain management, merchandizing intelligence, customer analysis, data management, and others. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players
The Retail Analytics Market report includes players such as IBM Corporation, HCL Technologies Limited, Oracle Corporation, SAS Institute Inc., Wipro Limited, SAP SE, Adobe Systems Incorporated, Fractal Analytics Inc., Manthan, and Tableau Software.
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Reasons to buy Retail Analytics Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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