Key Companies Covered in Retail Analytics Market Research Report are FLIR Systems, Inc. HCL Technologies Limited, IBM, Oracle, SAS Institute Inc., Qlik, Fractal Analytics, Inc., Wipro Limited, Tableau Software., Microsoft, Adobe.
Pune, May 25, 2020 (GLOBE NEWSWIRE) — The global retails analytics market size is likely to reach USD 13,299.6 Million by 2026 while exhibiting a promising CAGR of 19.2% between 2019 and 2026. This is ascribable to factors such as increasing implementation of modern technologies such as machine learning, internet of things (IoT), and artificial intelligence (AI), among others. Fortune Business Insights, in its latest report, titled “Retail Analytics Market Size, Share and Industry Analysis By Type (Software, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By Function (Customer Management, Supply Chain, Merchandising, In-Store Operations, and Strategy & Planning) and Regional Forecast 2019-2026.”, observes that the market was worth USD 3,494.6 Million in 2018.
Retail Analytics involves providing crucial analytical data such as inventory levels, consumer demands, supply chain movement, and sales to facilitate effective procurement and marketing decisions. Emergence of modern technology has enabled the retail companies to incorporate data analytics to create a better understanding of the customer’s need based on this purchasing history. In addition to this, analytics model helps the retail business to attract and gain potential customers by improving operational activities. Therefore, several companies are adopting analytics to forecast inventory and manage the existing resources.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Drivers and Restraints:
Increasing Adoption of AI and Machine Learning to Spur Demand
Artificial Intelligence (AI) is one of the key element involved in the digitalization of retail stores. It helps the business to create engaging interaction between them and the consumers by personalizing the purchasing experience. In addition to this, modern technologies such as AI and machine learning benefits the retail industry by detecting latest trends regarding the consumers’ buying pattern to help the companies plan effective business strategies. Increasing adoption of AI by the companies in their operations is anticipated to drive the growth of the market during the forecast period. For instance, in May 2020, Simons, a leading Canadian fashion retailer, adopted AI in its retail merchandising by collaborating with Retalon, an AI and predictive analysis firm. According to the company, they partnership will enable them to precisely forecast demand and generate shipments. Furthermore, it will assist in allocating products and calculate replenishment accurately.
COVID-19 Pandemic to Aid Retail Industry
Several regions are bracing for a post-coronavirus period to put back the economy on track that came to a complete halt owing to lockdown announced by the government agencies. For instance, in the United States the government is mulling of partially and phased lifting of the lockdown that is being supported by Tango, a tech company that provides integrated workspace management system. The company provides a tool for the retailers to plan strategies to re-open the stores. Furthermore, the tool aids the retailers visualize live locations on the map that informs them about the exposure of the virus per million incidents where their stores are located. Additionally, the tech company is providing its technology free of charge to several clothing, F&B stores, and convenience stores across the region.
High Adoption of E-Commerce in North America to Promote Growth
Among the regions, North America is expected to remain at the forefront owing to rapid adoption of e-commerce services and a growing number of retail stores during the forecast period. In addition to this, the region was worth USD 1280.6 million in 2018 and is likely to hold highest global retail analytics market revenue in the forthcoming years. Asia-Pacific, on the other hand, generated a revenue of about USD 735.1 million in 2018 and is likely to rise gradually. This is ascribable to factors such as increasing adoption of smart phones and broad deployment of internet services in the region. Furthermore, the retailers in countries such as India, Japan, and China are highly adopting retail analytics in their business that will bode well for the growth of the market during the forecast period.
Product Launches by the Companies to Propel Demand
In July 2019, FLIR Systems, Inc. announced its launch of Brickstream, a 3D people counting sensors. The sensor technology is adept in integrating with the analytics software for the beneficial for the retailers. Additionally, it provides enhanced data accuracy that aid the business to take efficient business decision. The companies in the market according to Fortune Business Insights are striving to gain major market share by adopting strategies such as product launches, collaboration, and merger and acquisition.
List of the Companies Operating in the Retail Analytics Market are:
- FLIR Systems, Inc.
- HCL Technologies Limited
- SAS Institute Inc.
- Fractal Analytics, Inc.
- Wipro Limited
- Tableau Software.
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Detailed Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Industrial Use cases
- Use Case #1
- Use Case #2
- Use Case #3
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Retail Analytics Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Type (Value)
- Professional Services
- Implementation and Consulting Services
- Training and Support
- Managed Services
- Professional Services
- By Deployment Type (Value)
- By Organization Size (Value)
- Large Enterprises
- By Function (Value)
- Customer management
- Supply chain
- In-store operations
- Strategy & planning
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Type (Value)
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