Market Research Future (MRFR), in its latest the global retail analytics market 2020 report stated the market is under high influence of COVID-19 pandemic. The long term analysis for the influence of corona pandemic on the retail market is provided by MRFR. As per MRFR study, the expansion of the retail analysis market is likely to grow at 17% CAGR across the assessment period 2017 and 2023 and value at USD 7 Bn by 2023. The retail analytics market share across the globe can change in the years to come due to the pandemic. Another chief factor that can drive the retail analytics market are the availability of personalization and optimization of business procedures features provided by retail analytics solutions.
The increase in the utility of retail analytics for data and transforms of data into information, which can be deployed for making market decisions is expected to be the underlining cause for the expansion of the retail analytics market across the assessment period. The highly flexible and affordable solution offer by retail analysis to optimize market decisions can promote the expansion of the world retail analytics market in the years to come. The growing utility of big data analytics for customer information analysis is expected to promote the expansion of the world retail analytics market.
The segment study of the global retail analytics market is based on business function, services, solutions, and deployment. The business function based segments of the retail analytics market are supply chain analytics, marketing analytics, consumer analytics, merchandising, and in-store analytics. The deployment-based segments of the retail analytics market are cloud deployment and on-premise deployment. The services based segment of the retail analytics market are support & maintenance, consulting, and system integration. The solution-based segments of the retail analytics market are mobile applications, data management software, analytical tools, and reporting & visualization tools.
As per the report, the retail analytics market in the North America region can emerge as the dominating regional market on the conclusion of the review period. The increase in the expansion of the retail analytics market in North America can be attributed to the expansion of the telecom and consumer electronics sector.
The high utility of mobile devices, technological advancements, rise in electronic items, increase in consumerism, and rapid rise of mall culture can bolster the expansion of the retail analytics market across the review period. The US retail analytics market is expected to rise at a high pace in the near future due to the growing implication of retail analytics technologies in the rising number of shopping malls and other retail shops.
In Europe, the retail analytics market in the review period is expected to rise at a decent pace due to the deployment of technological advancement in major regions of Europe. The high density of population is observed to make the retail analytics market lucrative. The market. In the Asia Pacific region, the retail analytics market is expected to rise due to different factors, such as availability of data and robust analytical solutions. The high availability of data sorting tools and software can boost the expansion of the retail analytics market in APAC.
MRFR enlisted key players that are operating the world retail analytics market. They are; IBM Corporation (USA), Adobe Systems Incorporated (USA), HCL Technologies Ltd. (India), MicroStrategy, Inc. (the USA), Cisco Systems Inc. (USA), Microsoft Corporation (USA), Oracle Corporation (USA), SAS Institute Inc. (USA), SAP SE (Germany), and Tableau Software, Inc. (the USA).
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