According to the latest market study released by Technavio on the global retail analytics market, the market is expected to grow at a rapid CAGR of over 20% from 2016 to 2020.

The research report is titled “Global Retail Analytics Market 2016-2020” and provides an in-depth analysis of both revenue and emerging market trends. The research report also includes up to date analysis and forecast estimates for various market segments and geographical regions.

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The report states he global retail analytics market was valued at USD 2.8 billion in 2015 and is likely to exceed USD 7 billion by 2020. The increasing need to develop competitive strategies and the need to reduce expenses and operational costs are driving the market. This has accelerated the interest of organizations in the retail sector in assessing the performance of business operations such as the supply chain, human resources, and financial performance from the perspective of enterprises as well as consumers.

“Competition among organizations in the retail sector is increasing due to the complexities of global expansion, currency fluctuation, rapid product cycles, and changing customer preferences. These companies are earning a significant return on their investments by using BI and other analytics tools,” said Technavio leadICT research analyst BrintaKusum De. These tools help companies analyze data in order to improve business performance with a focus on reducing operational costs and enhancing customer experience.”

Technavio research analysts segment the global retail analytics market into four functions:

  • Global consumer analytics market
  • Global supply chain analytics market
  • Global marketing analytics market
  • Global merchandising and in-store analytics market

Global consumer analytics market

The global consumer analytics market was valued at just over USD $1 billion in 2015 and is likely to reach USD 2.6 billion by 2020, growing at a CAGR of over 20%. The growing demand for consumer analytics software was driven by the need to retain more customers and to understand their buying behavior. There has been high demand for consumer analytics solutions from developing countries in APAC. This is the largest segment of the global retail analytics market, with a market share of over 36% in 2015.

Global supply chain analytics market

Supply chain analytics have several benefits including overcoming the challenges of supply chain management while reducing costs, generating purchasing orders, executing orders, and matching invoices with materials received. This segment held a market share of 32% in 2015 and is expected to reach USD 1.8 billion by 2020, up USD 900 million from its 2015 value.

Global marketing analytics market

Marketing analytics refers to the technologies and processes that help marketers evaluate the success of their marketing strategies return on investment (ROI). By measuring performance using business metrics like marketing attribution and ROI, marketers can determine how well their marketing initiatives are working.

The global marketing analytics market was valued at USD 780 million in 2015 and is likely to reach USD 1.37 billion by 2020, posting a CAGR almost 12%. The current and future economic market conditions are expected to increase the need for marketing analytics solutions to increase retailers' market effectiveness. This segment contributed 27% to the global retail analytics market in 2015.

Global merchandising and in-store analytics market

The global merchandising and in-store analytics market was valued at USD 110 million in 2015 and is predicted to reach USD 1.37 billion by 2020, skyrocketing to a CAGR of over 65%. This is the fastest growing segment in the global retail analytics market due to an increase in demand for in-store services worldwide. In 2015, most of the revenue was generated from large enterprises, but by 2020, SMEs are expected to be major revenue generators primarily because of their need for merchandising and in-store analytics solutions. This segment held a 4% share of the global retail analytics market in 2015.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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