Retail Intelligence Market Scope
The ability to optimize servicing business processes while meeting consumer needs has never been more critical as the retail industry becomes highly competitive. As a result, controlling and channeling data to work for consumer delight while still generating healthy revenues is critical in order to thrive. A number of major retailers Data, or rather big data analytics, is now being used at every stage of the retail process, including monitoring new popular products, predicting sales and potential demand through predictive simulation, optimizing product placements, and many other applications using Retail Intelligence
The Retail Intelligence market study is segmented by Type (Promotional Insights, Geo Marketing, Retail Analytics, Pricing Intelligence, Competitive Intelligence, Assortment Intelligence, Category Management and Other products) and major geographies with country level break-up.
Retail Intelligence market is characterised by higher degree of competition, key players are in search for enhanced capabilities in order have An edge in the tense competition to cater to changing consumer taste & preferences, the motive to which is cost-efficiency & accuracy. Since global pandemic has disrupted the market, firms are considering mergers & acquisitions to ensure their presence across regions thereby hedging against the risk of market shocks. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Retail Intelligence market throughout the predicted period.
Information Builders (United States), 1010Data (United States), Capillary Technologies (India), RetailNext Inc (United States), WNS Global Services (India), True Fit Corporation (United States), Vend (New Zealand), Fit Analytics (Germany), EDITED (England) and Decision6 (Brazil) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Cubelizer (Spain), Thinkinside (Italy), Dor Technologies (United States), Orenda Software Solutions (Canada) and Wiser Solutions (United States).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global Retail Intelligence market by Type, Application and Region.
On the basis of geography, the market of Retail Intelligence has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 10th April, 2019 – Shopin Launched Retail Intelligence Data Engine (R.I.D.E.), that creates Amazon Like Data Insights Available to its users, it is a patent-protected Artificial Intelligence (AI) Powered Engine., On 12th August, 2020 – EDITED (A retail market intelligence firm) launched its mobile app that will enable its user to Better Monitor and Respond to the changing market Dynamics. and On 19th January, 2021 - Google launched AI-powered solutions for retailers, this will enable retailers to Deliver Customized & Personalized service to its Customers.
- Partnership and collaboration are shaping across different regions.
- Integration of Data Analytics Tools across different Business Verticals.
- Greater computing power and readily available predictive algorithms, enables to build more complex Data Analytics solutions.
- Retailers can improve their profits and margins by using predictive analytics tools to optimise real-time pricing and product assortment.
- New technology elements like Big Data and AI promote the growing usage of Data analytics in Retail industry.
- Raw data for new generation is readily available online which can be then analysed to deliver precise insights regarding consumer behaviour.
- Data Analytics is already used by Ecommerce giants, Integrating Data Analytics to Retail Industry will bring Retail Business at par to Ecommerce.
- Market shocks such as Climate change and COVID, these Slow Down the Growth in Retail & IT sector.
- Lack of Skilled Personnel.
- To bridge the wide gap between Data Analytics and business arena.
- Implementation of Retail Intelligence across small Retail units would be Frictional.
Key Target AudienceNew Entrants & Investors, Analysts and Strategic Business Planners, Analytical software providers, Venture Capitalists, Government bodies, Research and educational institutions and End Use Industries
Frequently asked questions:1. Is it possible to have certain customization in the study?
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a study that suits your business objectives.
2. How big is the Retail Intelligence Market?
Yes, the study does represent market size by key business segment, application/end users and major geographies forecasted till 2026.