Retail Analytics Market, by Component Type (Software and Services), by Deployment Model (On-Premises and On-Demand), by Organization Size (SMEs and Large Enterprises), by Application (Merchandising Analysis, Customer Analysis, Performance Analysis, Inventory Analysis, and Others), by End User (Online and Offline ), and by Region - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

  • To Be Published : Aug 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Retail analytics is the process of providing analytical data for supply chain management, merchandise intelligence, inventory management, cyber security, supply & demand processing, customer engagement, sales data modelling, and others. It helps in the process of decision-making, as it provides customer insights and scope for product marketing.

Increasing adoption of new technologies is one of the major factors driving growth of the market

Rising adoption of new technologies such as big data, internet of things (IoT), and real-time analytics by various organizations to enhance business outcomes is driving growth of the retail analytics market. According to Coherent Market Insights’ analysis, around 70% of the retail industries are expected to adopt IoT by 2021. Retail analytics collects data from big data, machine learning, and artificial intelligence and business process, thereby delivering accurate information to solve business issues. Retail analytics provides customer insights from the real data, which helps the retailers to understand customer behavior and develop a customer centric product. This helps the organization to strengthen its foothold in the market, thereby fueling growth of the retail analytics market.

Rising number of unstructured data is a major factor driving growth of retail analytics market.

Rising number of unstructured data is driving growth of the retail analytics market, owing to the increasing number of organizations and rising demand for structured data. For instance, according to the International Data Group, unstructured data is growing at the rate of around 62 percent per year and around 93 percent of all data is expected to be unstructured by 2022. Unstructured data helps in understanding the market trend, customer demand, product description, and others. The rapid growth of unstructured data volume generated by various organizations have raised the trend of analytical tools, which helps in extracting insights from real data, thereby driving growth of the retail analytics market.

High cost of analytical tools is one of the major factors hampering growth of the market

The high cost of analytical tools is one of the major factors restraining growth of the market. Moreover, lack of unskilled workforce is also expected to hamper growth of the market over the forecast period.

Global Retail Analytics Market: Regional Insights

North America is expected to hold a dominant position in the market over the forecasted period, owing to rising e-commerce sector. For instance, according to the U.S. Commerce Department analysis, in 2016, the sales from e-commerce was 41.6% and it increased up to 49.4% in 2017. Digitalization, rising disposable income, and rising adoption of IOT are some of the factors responsible for increasing the sales of the e-commerce sector. Therefore, increasing sales of e-commerce will lead to increasing demand for analytical tools, which will boost growth of the retail analytics market in the region.

Global Retail Analytics Market: Competitive Landscape

The key players operating in the global retail analytics market include IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Adobe Systems Incorporated, SAS Institute Inc., HCL Technologies Ltd., Cisco Systems Inc., MicroStrategy, Inc., and Tableau Software, Inc. The major players of the market such as IBM Corporation, Microsoft, and Oracle Corporation are adopting strategies such as mergers and acquisitions for product development, in order to retain the position in the market. For instance, in December 2014, Oracle Corporation introduced the Oracle Retail Merchandising Analytics 14.1 version, which helps the retailers to improve their business performance by leveraging the real data collected from the consumers.

Global Retail Analytics Market: Taxonomy

On the basis of component type, the global retail analytics market is segmented into:

  • Software
  • Services

On the basis of deployment model, the global retail analytics market is segmented into:

  • On-Premises
  • On-Demand

On the basis of organization size, the global retail analytics market is segmented into:

  • SMEs (Small and Medium Enterprises)
  • Large Enterprises

On the basis of application, the global retail analytics market is segmented into:

  • Merchandising Analysis
  • Customer Analysis
  • Performance Analysis 
  • Inventory Analysis
  • Others

On the basis of end user, the global retail analytics market is segmented into:

  • Online
    • Personal Computers
    • Laptops
    • Mobiles
  • Offline
    • Supermarkets
    • Departmental Store
    • Specialty Store
    • Others

On the basis of region, the global retail analytics market is segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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