Customers today have unique opinion on every product, which makes the job of the retailers even more difficult. As a result, retailers and enterprises from around the world analyze their customer for a better insight into their behavior and expectations from the products. The technique of retail analytics provides huge assistance to the retailers with impressive, scalable and reliable information about the customer opinion and approach. These tools assist the companies to come up with products and strategies to boost their sales and brand value amongst the targeted consumers. The global retail analytics market is expected to witness impressive rise in the coming years, especially with the impressive growth in the adoption trends in this market. As a result, potential as well as established players in this market are on the lookout for strong business opportunities around the world.
Reasons for Overall Market Growth
As per the analysis, the global retail analytics market is strongly driven by the increased rate of adoption from the retailers across different industrial verticals. Continuous rise in the big data market is also considered to be a vital factor for the growth of this industry. Positive utilization go social media in customer behavior and interaction is also a strong driver for the market. Apart from that, rise of m-commerce or mobile commerce and rising demand for customer analytics are also projected to be the key factors for the rise and fall of this industry in the years to come. Researchers expect emerging markets like Asia Pacific, Latin America, Middle East and Africa to play crucial role in creating growth opportunities in terms of the investments, revenue and demand.
The global retail analytics market is segmented on the basis of the types of business functions, solutions, software, and geographic regions. The types of business functions are sub-segmented into merchandizing, supply chain, in-store, strategy, planning, and marketing and consumer. The basic solutions in the market are sub-segmented into mobile applications, analytical tools, reporting tools and such other solutions. Major geographic regions in the market include North America, Asia Pacific, Europe and rest of the world. Analysis of all these segments provides details about the current trends, prevailing challenges, and future growth of the industry around the world.
Future Growth Trends
As per the researchers, the retail analytics market is anticipated to maintain a strong growth at a CAGR of over 18% from 2014 to 2019. At this projected growth rate, the market is expected to become worth $4.40 billion by the end of the year 2019. As of 2014, the market is estimated to be poised at $1.88 billion by 2014. North America is expected to maintain strongest share in the global market. While emerging regions like Asia Pacific and Latin America are projected to witness impressive growth in terms of the CAGR.