Rising Internet and Smartphone Penetration to Drive Asia Pacific Retail Analytics Market to $ 1.5 Billion by 2023: TechSci Research
Growing deployment of technologically advanced analytic solutions coupled with increasing smartphone and internet penetration to drive Asia-Pacific retail analytics market through 2023
According to TechSci Research report, “Asia-Pacific Retail Analytics Market By Component, By Deployment Mode, By Application, By End User Sector, By Country, Competition Forecast & Opportunities, 2013 – 2023’’, retail analytics market in the region is projected to reach around $ 1.5 billion by 2023, on the back of growing penetration of internet and smart devices, such as smartphones and tablets. Changing consumption patterns, rising income levels and increasing deployment of public Wi-Fi systems across various offline retail stores are expected to propel Asia-Pacific retail analytics market. Increasing demand for automated retail-based services, surging adoption of IoT devices, growing competition among various retail businesses to offer enhanced retail-based services to the customers, and rising spending of various central governments on big data and analytics are the other key factors anticipated to positively push the market during forecast period.
Cloud-based data storage is gaining momentum across the Asia Pacific region, owing to its increasing adoption across various SMEs and cost benefits over on-premise data storage systems. Consequently, various sectors in the Asia Pacific countries are shifting their focus towards cloud storage and computing services to minimize their efforts of keeping databases for day-to-day activities. Cloud deployment mode in the region’s retail analytics market is expected to grow at the fastest rate during forecast period. China accounted for the largest market share in 2017, backed by growing technological advancements across various sectors and increasing internet and mobile phone penetration across the country. IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation and SAS Institute Inc. are the major companies operating in the Asia-Pacific retail analytics market.
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“Deployment of public Wi-Fi systems is increasing across the region, owing to rising digitization and growing internet penetration across various Asian countries. Moreover, demand for new and advanced analytics solutions and services is also growing across the retail sector of the region due to presence of various major developing economies such as China, Malaysia and India, which are witnessing huge deployment of various advanced technologies such as IoT and cloud services. Consequently, retail analytics market in Asia-Pacific is anticipated to grow at a rapid pace in the coming five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Asia-Pacific Retail Analytics Market By Component, By Deployment Mode, By Application, By End User Sector, By Country, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of Asia-Pacific retail analytics market and provides statistics and information on market size, structure and future market growth. 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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