Growing smartphone and internet penetration coupled with increasing adoption of SMACT technologies and rising competition in the retail sector, to drive global retail analytics market through 2023
According to TechSci Research report, “Global Retail Analytics Market By Component, By Deployment Mode, By Application, By End User Sector, By Region, Competition Forecast & Opportunities, 2013 – 2023”, the global retail analytics market is forecast to grow at a CAGR of over 20% during 2018-2023. Some of the key factors expected to drive the market include increasing user base of smartphones and internet, surging adoption of SMACT technologies, and increasing technology penetration across the retail sector resulting in rising technological and network complexities. IBM Corporation, Microsoft Corporation, Oracle Corporation and SAP SE are some of the leading global players operating in the global retail analytics market.
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“Global Retail Analytics Market” https://www.techsciresearch.com/report/global-retail-analytics-market/1274.html
On the basis of components, the global retail analytics market has been segmented into software and service. Of these two categories, software segment accounted for the largest share in 2017 and the trend is anticipated to continue in the coming years as well, owing to the availability of analytical tools in SaaS form, coupled with easy purchase and licensing features. However, during the forecast period, the service segment is expected to emerge as the fastest growing component segment, backed by increasing personalization and customization trends across the retail sector. With rising penetration of advanced technologies in the retail segment, retail analytics market in North America is anticipated to grow at a robust pace in the coming years, thereby enabling it to maintain its dominating position in the global marketplace.
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“Over the last few years, there has been an increase in the usage of analytics across the global retail sector, owing to the increasing presence of extensive data repositories, requiring data storage, maintenance and insight extraction capabilities across stores as well as e-tailing formats. During next five years, adoption of retail analytics is anticipated to witness a steady growth across store-based retailers, as they seek to compete with giant e-tailers. This emergence of next-generation hyperconnected retail sector is poised to be an emerging trend in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Retail Analytics Market By Component, By Deployment Mode, By Application, By End User Sector, By Region, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of the retail analytics market and has also provided the statistics and information on market structure, size, share and future growth of the global retail analytics market. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities existing in the market.
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