The retail analytics market size is estimated to grow from USD 2.2 billion in 2015 to USD 5.1 billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 18.9% from 2015 to 2020. The retail analytics market is driven by factors, such as continuous rise in volume, variety, and velocity of data and increasing demand for Omni-channel insights.
Merchandising and in-store analytics solutions are expected to gain maximum traction during the forecast period
The marketing and customer analytics is estimated to contribute the largest market share duing the forecast period. Furthermore, due to increasing need of understanding the consumer behavior, merchandising and in-store analytics is expected to gain traction and grow at the highest CAGR in the next five years. Retail analytics consulting and system inetgration services are expected to grow with highest rate from 2015 to 2020. North America holds the largest share of the retail analytics market, however, MEA is expected to grow at the highest CAGR during the forecast period.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted. Various key people in Tier 1(30%), Tier 2(40%) and Tier 3(30%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level (72%), Director level (14%) and other executives (14%) from various key organizations operating in the retail analytics marketplace. The primary interviews were conducted worldwide covering regions such as North America (37%), Europe (27%), APAC (18%), and RoW (18%).
As the role of shrink management is evolving, the retail analytics market offers tremendous upcoming opportunites for growth in the next five years. To mitigate such losses, retailers are rapidly deploying data analytics tools that can provide effective prediction, analysis, and reporting for alleviating shrink. In the complete value chain of the retail industry globally, the shrink rate has been rising.
Various key retail analytics vendors and service providers profiled in the report are as follows:
1. IBM
2. Microsoft
3. Oracle
4. SAP
5. SAS
6. Tableau
7. Adobe
8. Angoss
9. Qlik
10. Information Builders
