In terms of solution, the retail analytics market has been segmented into service and software. The service segment has further been bifurcated into integration and deployment, managed service, and training & consulting. The training & consulting segment held a sizeable market share of about 20% in 2020 and is expected to observe notable growth by 2027 due to mounting demand for analytics consultation services.
Recently, surging prominence of social media and online marketplaces has unveiled massive opportunities for product penetration as retail analytics seamlessly analyzes commonly purchased items, preferences, and consumer demographics. As a result, there is an upsurge in the demand for accurate retail insights among companies worldwide to hone their marketing strategies, which has bolstered retail analytics market adoption.
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Retail analytics refers to the process of delivering analytical data on inventory levels, supply chain movement, consumer demand, sales, and other factors, which are important for marketing and procurement choices. Demand and supply data analytics can be utilized to keep procurement levels up to date as well as make marketing decisions.
Notably, many key retail analytics market players are engaging in strategic partnerships and acquisitions among other lucrative business plans to gain a competitive edge in the market, thereby propelling business growth. For instance, in July 2021, Salesforce, a leading CRM firm, completed the acquisition of Slack Technologies, a US-based software company. The acquisition was purposed to help Salesforce build an effective digital platform for various employees, customers, and partners to connect with each other.
The retail analytics market is set to witness staggering growth by 2027 on account of growing prevalence of e-commerce across the globe. Moreover, favorable shift in consumer preferences is expected to further support market growth over the forecast period.
The Middle East and Africa retail analytics market is projected to grow considerably at over 20% CAGR through the estimated timeline driven by the robust development of the retail industry in the region.
To cite another instance, in May 2021, 1010data, a key provider in the retail analytics sphere, inked a partnership agreement with Fractal, a major AI and analytics technology company, to provide improved consumer behavior and market trend analytics. The alliance was focused on enabling retail and consumer packaged goods (CPG) organizations to help customers identify current and future trends by leveraging strong expertise in strategy and digital transformation.
Similarly, in May 2021, Qlik Technologies, a data analytics solutions provider, announced the expansion of its strategic partnership with Databricks, an American software company, with support for introducing Databricks' secure data sharing platform, Delta Sharing. With the deal, joint customers could safely share relevant analytical insights through cloud and the platform of their preference.
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With respect to field crowdsourcing, the retail analytics market has been divided into documentation and reporting, customer insights, on-shelf availability, and promotion campaign management. The documentation and reporting segment is anticipated to amass substantial gains by 2027, expanding at a CAGR of around 15% over the forecast period owing to escalating demand for retail reporting services.
The retail analytics market has been categorized based on function, enterprise size, solution, field crowdsourcing, deployment model, and region. As per function, the market has further been differentiated into merchandising, strategy & planning, customer management, store operations, and supply chain management. The strategy & planning function segment is slated to grow at a CAGR of approximately 15% through the study timeline owing to increased demand for business growth strategies based on data analytics among retailers.
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