Ocean View, DE -- (SBWIRE) -- 04/01/2020 -- The retail analytics market is poised to observe lucrative growth due to burgeoning proliferation of big data and cloud in the retail sector. Nowadays, large brands and retailers are actively employing retail analytics to understand their consumer's buying patterns and for deriving meaningful data insights. In a bid to offer accurate analytics, developers are incorporating latest technological advancements in these solutions to help businesses effectively identify and target potential customers.

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This could massively benefit prominent retailers as they leverage big data to streamline their merchandising strategies. Additionally, factors like rapid adoption of online shopping and e-commerce platforms for purchasing mundane items and escalating demand for data-intensive solutions could sway retailers to implement retail analytics solutions into their businesses.

Meanwhile, the rapidly changing consumer shopping habits and rampant growth of organized retail sectors could also boost the demand for retail analytics. As a result of these growth prospects, Global Market Insights, Inc., estimates that the retail analytics market could exceed USD 20 billion by the year 2026.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Adobe
2. HCL Technologies
3. IBM
4. Information Builders
5. Microsoft
6. MicroStrategy
7. Oracle
8. Qlik
9. Salesforce
10. SAP
11. SAS
12. Tableau Software
13. Teradata

Paradigm shift in consumer shopping behaviors alongside the proliferation of organized retail are expected to augment retail analytics market outlook considerably. In fact, the customer management segment is anticipated to depict an appreciable CAGR of over 20% through 2026. This growth is largely attributable to the intensifying focus on customer profiling by retailers to enhanced ad targeting and customer loyalty.

Retailers are able to glean in-depth actionable insights from consumer data through customer management. This insight provides the means to develop novel customer loyalty strategies by creating customized and relevant offers, which will in turn propel retail analytics market share.

To illustrate, Nokia launched an artificial intelligence-based customer management analytics software in March 2018, with index functionality experience. This system aided retailers in deploying real-time query resolution and automated recommendations to cater to customer concerns.

With regards to the solution spectrum, global retail analytics market is categorized into services and software. Of these, the services segment is poised to register a growth rate of over 25% CAGR through 2026. The integration & deployment subsegment is expected to witness significant growth over the estimated timeframe, owing to instances of retailers outsourcing operations related to data analytics to specialist service providers.

Based on deployment model, retail analytics market is segmented into on-premise and cloud. The cloud segment is set to exhibit a commendable growth rate of more than 30% through 2026, as a result of extensive integration of cloud solutions in retail operations. Cloud technologies possess high computing and storage power as well as scalability at economical costs, which is likely to drive retail analytics market growth over the projected timeline.

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On the regional front, Europe retail analytics market share is expected to record growth at a rate of over 20% through 2026, due to evolving customer preferences, supply chain inconsistencies, surging retail AI investments, etc. European retailers are extremely technologically savvy and show great propensity towards adopting novel analytical tools in order to expand their business outlook.

To illustrate, Symphony Retail AI and German hypermarket chain Globus joined hands in August 2018, to improve their customers' online shopping experience. This alliance provided support to Globus's efforts to enhance its multichannel logistics process, in turn cutting down on product delivery times.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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