Greater emphasis on retail operations that boost improved customer experience is primarily driving demand for retail analytics technologies. A new upcoming study of Fairfield Market Research suggests that the rapidly expanding smartphone, Internet, and m-Commerce userbase worldwide will bolster growth of global retail analytics market during 2022 – 2029. smartphones, and the rising use of m-commerce. The market will largely gain from soaring adoption of cloud services across retail.

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Demand for Retail Analytics Solutions Higher than Services in Global Retail Analytics Market

By the type of component, the retail analytics market has been segmented as services, and solutions. The latter registered a larger market value share in 2021, whereas the revenue contribution of the former was negligible. The trend will most likely continue throughout the period of assessment, suggests the primary findings of the study. Retail analytics solutions help retailers obtain the desired data on the vital variables like inventory, sales, and customers, demand will continue to be on an uptrend in the long run. Research shows that retailers would remain adhered to retail analytics solutions than services because the former offers a panoramic view of industry that enables retailers comprehend the key growth areas, and the areas of reinforcement. On the other side, the advantages that accompany with retail analytics services, include cost efficiency, greater scalability, and improved targeted communications and marketing.

Financial Strength Continues to Position Large Enterprises as the Key Consumer Segment in Retail Analytics Market

In terms of the company size, the global retail analytics market has been segmented as small and large enterprises, of which the latter would maintain the lead in market through the end of forecast year. In 2021, large enterprises registered a dominant market share, majorly on account of strong financial support that heightens the scope for them to augment investments in advanced technologies. Increasing investments in cutting-edge technologies like retail analytics will thus uphold the lucrative positioning of large enterprises in global retail analytics market. On the other hand, small enterprises are likely to register faster adoption of retail analytics solutions and services owing to the rise in cloud deployment. SMEs have been realizing significant role and potential of retail analytics in helping businesses stay ahead of the curve, which warrants faster uptake of retail analytics technologies across small enterprises.

Dominance of North America Prevails, Europe and Asia Pacific Poised to Emerge Highly Lucrative in Retail Analytics Market

A majority of participants in retail industry remain concentrated in North America, especially in the US. Adoption of retail analytics has thus been early and extensive when compared with the other retail industry players across the other key regional markets. Growing preference for outsourcing of the analytics technology for reliably gathering the accurate business intelligence for retail is expected to keep the market here afloat. Besides, Europe is also projected as an important market for retail analytics technology penetration as the region. On the other hand, the report also points to rising market attractiveness of Asia Pacific based on consistently sophisticating technology infrastructure, unprecedented expansion of retail, and increasing realization about the benefits of retail analytics technologies among retail industry participants. The report further spots ample opportunity across the Middle Eastern nations that house larger, sophisticated supermarkets and hypermarkets. The UAE represents a highly profitable retail analytics market.

Competition Landscape – Global Retail Analytics Market

Google, Microsoft, Salesforce, IBM, SAP, SAS Institute, AWS, Manthan, Qlik, Teradata, MicroStrategy, Fujitsu, HCL, Bridgei2i, Domo, FLIR Systems, WNS, 1010Data, Information Builders, Capillary, RetailNext, True Fit, Vend, Fit Analytics, Edited, Cubelizer, ThinkInside, Decision6

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