In this world of retailing; finding and understanding your potential customer regarding their purchase behavior and attracting them is quite complicated. As, a lot of raw and unstructured data is generated from multiple systems but segmentation, analyses and finding patterns in data still remains a key challenge for providing critical business decisions. This is where retail analytics plays a key role. Retail analytics is the process of providing analytical data on sales, supply chain movement, consumer demand, etc. that are crucial for marketing, finding consumer behavior and making procurement decisions.
The main drivers for growth of global Retail Analytics Market is due to rapid use of data-intensive platforms, growing internet penetration, and rapid adoption of social media, and advancement in technologies, such as artificial intelligence, machine learning, and augmented reality. However the shortage of skilled analysts and experts is acting as a major restraint in Retail Analytics Market.
The global Retail Analytics Market can be categorized on the basis of application, by business function, by component, by deployment model, by organization size, by end-user and region. In global Retail Analytics Market, the application segment can be further classified into merchandising analysis, pricing analysis, customer management, performance analysis, yield analysis, inventory analysis, and others. On the basis of business function, the global Retail Analytics market can again be categorized into finance, sales, marketing, supply chain, and store operations. On the basis of component segment, the global Retail Analytics Market can be categorized into software and services.
On the basis of service, the global Retail Analytics market can further be categorized into professional services, and managed services. On the basis of deployment model, the global retail analytics market can be categorized into on premises, and on demand. On the basis of organization size, the global retail analytics market can be categorized into SMEs or small and medium-sized enterprises and large enterprises. On the basis of the end user, the global retail analytics market can be categorized into online and offline. On the basis of geography, the global retail analytics market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Among the application segment in global retail analytics market customer management application is expected to grow at the greater CAGR during the forecast period. Among the deployment model in global retail analytics market, on demand deployment model is expected to grow at the greater CAGR during the forecast period.
The growth of on demand deployment model is due to multiple benefits it offers, such as easy customized deployments, reduced operational costs, and higher scalability, when compared to on premises solutions. North America is the largest shareholder of global Retail Analytics market and is expected to lead during the forecast period. It is mainly due to large investments in digital capabilities and analytic solutions to be aligned with changing consumer preferences. Also among the regions in global analytics market Asia Pacific region is expected to grow at a higher rate during the forecast period.