The global retail analytics market is likely to gain impetus from an urgent need to provide enhanced customer service analytics as well as to make orderly decisions regarding businesses. According to a published report by Fortune Business Insights, titled, “Retail Analytics Market Size, Share and Global Trend By Type (Software, Services), By Deployment (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By Function (Customer Management, Supply Chain, Merchandising, In-Store Operations, and Strategy & Planning) and Geography Forecast till 2026,” the global market is projected to reach US$ 13,299.6 Mn by 2026, thereby exhibiting a CAGR of 19.3% during the forecast period (2019 – 2026). However, the global retail analytics market was valued at US$ 3,494.6 Mn in 2018.
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Increasing Adoption of Smartphones and Internet Usage to Favor growth in Asia Pacific
The global retail analytics market is geographically segmented into Asia Pacific, the Middle East and Africa, Europe, Latin America, and North America. Amongst these regions, North America was in the leading position in the global retail analytics market in 2018 by generating US$ 1280.6 Mn in terms of revenue. Fortune Business Insights predicts that the region will retain its position in the coming years. The growth is attributed to the increasing adoption of e-commerce services by numerous companies in and around the region. Furthermore, there has been a rise in the number of retail chains, growing demand for price enhancement, and increasing adoption of omnichannel business models. All these factors will contribute to market growth in North America during the forecast period.
Asia Pacific, on the other hand, is anticipated to exhibit notable retail analytics market growth in the forthcoming years. It would occur because of the increasing usage of smartphones, which has further given rise to the deployment of Internet services across the region. Retailers from Japan, China, India, and the other countries in Asia Pacific have begun focusing their interest in applying retail analytics for withstanding the huge market competition as well as for offering the customers various novelty services. This is likely to propel the retail analytics market in this region.
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FLIR Systems Launches People Counting Sensors to Filter Employees from Shoppers
FLIR Systems, an U.S.-based company specializing in the design and production of imaging sensors, components, and thermal imaging cameras, unveiled its latest Brickstream 3D Gen 2 people counting sensor in July 2019. The device offers an advanced employee filtering feature that aids in providing shopping and retail businesses with accurate sales conversion metrics and customer traffic data. The feature further utilizes a combination of employee-worn tags and Bluetooth Low Energy (BLE) technology to instantly identify staff from customer counts and eliminate them. The device can be installed above store entrances where staff, such as security guards and greeters, are located. The company declared that this device would aid in filtering employees efficiently which would mainly help the elite retailers where foot traffic is low as compared to other stores.
HCL Technologies, a multinational information technology service and consulting company, based in Noida, announced in March 2019 that it has launched HCL ADvantage Experience. The platform operates with Adobe Experience Cloud and allows the organizations to measure, personalize, and create consumer experience by using various touchpoints in a consumer’s journey. The platform also offers marketers with digital libraries and stores to launch products quickly. It can merge data from diverse legacy marketing systems. Apart from these two organizations, other prominent market players are also indulging in innovative product launches to sustain in the global retail analytics market.
- FLIR Systems, Inc.
- HCL Technologies Limited
- SAS Institute Inc.
- Fractal Analytics, Inc.
- Wipro Limited
- com, Inc.
- Tableau Software.
Table of Content
1.1. Definition, By Segment
1.2. Research Approach
- Executive Summary
- Market Dynamics
3.1. Drivers, Restraints and Opportunities
3.2. Emerging Trends
- Industrial Use cases
4.1. Use Case #1
4.2. Use Case #2
4.3. Use Case #3
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