According to new market research report “Retail Analytics Market by Business Function (Marketing and Customer, Merchandizing and in-Store, Supply Chain, Strategy and Planning), & by Solutions (Analytical Tools, Mobile Applications, Reporting Tools) - Worldwide Forecasts and Analysis (2014 – 2019)”, published by MarketsandMarkets, defines and segments the retail analytics market into various sub-segments with an in-depth analysis and forecasting of revenues. It also identifies the drivers and restraints for this market with the insights on trends, opportunities, and challenges.
Browse 65 market data tables and 48 figures spread through 180 pages and in-depth TOC on “Retail Analytics Market - Worldwide Forecasts and Analysis (2014 – 2019)”
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According to recent studies, various sources of shrink such as theft, Organized Retail Crime (OCR), fraud from supplier’s end, shoplifting and others caused an overall loss of around $112 Billion in 2012. Minimizing such monetary losses is one of the functionalities that the retail analytics solutions offer today. Thus, a number of Small and Medium Businesses (SMBs) and large enterprises are rapidly deploying data analytics tools that can provide effective prediction, analysis and reporting for alleviating shrink.
MarketsandMarkets has broadly segmented the retail analytics market by business functions into marketing and customer analytics, merchandizing and in-store, supply chain and strategy and planning; by solutions into data management software, analytics software, mobile applications, and reporting and visualization tools; by services into professional services and support and maintenance services; by deployment type into on-premise and on-demand and by regions into North America (NA), Europe, Latin America (LA), Asia-Pacific (APAC), and Middle East and Africa (MEA).
Though the retail analytics solutions are applied for numerous functionalities such as campaign management, customer acquisition, retention and loyalty management, space planning and optimization, cluster planning, demand and supply forecasting, inventory management, workforce management, fraud and risk management and others. MarketsandMarkets believes that spend shift at the consumer end attributed to the economic slowdown and technological constraints are the major issues in the retail analytics market. These challenges carry significant potential of hampering the adoption rate of retail analytics solutions by numerous retailers.
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The Retail Analytics Market is estimated to grow from $1.88 billion in 2014 to $4.40 billion in 2019, at a Compound Annual Growth Rate (CAGR) of 18.6% from 2014 to 2019. Geographically, North America is expected to be the biggest market in terms of revenue contribution while Latin America (LA) and Asia-Pacific (APAC) are expected to emerge rapidly in this market with high CAGRs for 2019.
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