Retail Analytics Market

Market Leader - Retail Analytics Market

The retail market has been a key focus area of the world economy for so many years and is still a backbone of the increasing globalized environment. Changing customer demands, constructive profit margins, unstable and perpetually fluctuating markets are some of the factors restraining the market growth. The constantly changing consumer behavior patterns can be better understood by analyzing large scale patterns and prominent adoption of advanced retail analytics solutions. The increasing adoption of advanced retail analytics and business intelligence software helps in improving business models and ensuring stable business profits to the online and brick-and-mortar retailers. By utilizing various technologies, such as machine learning and Artificial Intelligence (AI),, retail analytics solutions are providing better analysis results to various retailers for a better decision-making process and for framing proven business strategies. Moreover, high attention toward applications, such as customer behavior analysis and experience management and inventory control, has increased the adoption rate of retail analytics solutions, globally.

The major drivers of the retail analytics market include growing internet penetration, increased use of data-intensive platforms and rapid adoption of social media, and . The global market size for retail analytics is projected to reach USD 8.64 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 19.7% during the forecast period.

Major vendors in this market include 1010data, Inc. (US), Angoss Software Corporation (Canada), BRIDGEi2i Analytics Solutions Private Limited (India), Capillary Technologies (Singapore), Diaspark Inc. (US), FLIR Systems, Inc. (US), Fujitsu Limited (Japan), GainInsights Solutions Pvt. Ltd. (India), Happiest Minds (India), Information Builders (US), IntelliVision (US), International Business Machines (IBM) Corporation (US), LoyaltyOne (Canada), Manthan Software Services Private Limited (India), Microsoft Corporation (US), MicroStrategy Incorporated (US), Oracle Corporation (US), QBurst (India), Qlik Technologies Inc. (US), RetailNext Inc. (US), SAP SE (Germany), SAS Institute Inc. (US), Trax (Singapore), Visual BI Solutions (US), and Zebra Technologies Corporation (US). Players in this market have adopted different strategies such as new product launches, product developments, partnerships and collaborations, and acquisitions to expand their presence and enhance their market shares. Acquisitions and partnerships are the major growth strategies adopted by the vendors in this market. Microsoft Corporation, Oracle Corporation, IBM, SAS Institute Inc., and SAP SE are some of the major players existing in this market having their presence across the globe.

Oracle Corporation is a global provider of a wide range of products for online as well as brick and mortar retailers. The company caters to large enterprises, and SME retailers across the globe. In the retail analytics market, Oracle Corporation, in January 2017, introduced its analytics offering – Oracle Retail Release 16 Suite for retailers with varied requirements. In addition, Oracle Corporation’s R&D expenditure, which was around USD 5.78 billion in 2016, is utilized to launch new products and enhance its existing product portfolio, including the analytics segment, to maintain its competitiveness in the retail analytics market.
Microsoft Corporation, one of the leading players of retail analytics, provides Cortana Analytics Suite. The company focuses on strengthening its expertise in specific domains for targeted industries by undergoing strategic partnerships and collaborations with significant industry players. Recently, in March 2017, the company has partnered with Publicis Groupe to integrate marketing and data capabilities with Microsoft Azure and the Cortana Intelligence Suite. This partnership is expected to strengthen Microsoft Corporation analytics portfolio by enabling it to leverage from Publicis Groupe’s domain expertise. The company also focuses on expanding its analytics portfolio with new product launches. The latest initiative in this series is the launch of new Azure data and cloud services, designed to update existing apps and design new intelligent apps with the inherent power of AI services, in May 2017. This product launch was one of the many initiatives taken up by the company to build on its analytics portfolio.

Related Reports:

Retail Analytics Market by Application (Merchandising Analysis, Customer Analysis, Performance Analysis), Business Function (Finance, Sales, Marketing, Supply Chain and Store Operations), Component, End-User, and Region - Global Forecast to 2022

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