The retail analytics market is anticipated to witness considerable growth over the forecast period on account of its increasing use across various end-use industries such as entertainment, utilities, consumer goods and transportation. Major factors driving the market include increasing m-commerce adoption, continuous rise in Big Data, and proliferation of smartphone application technology. Increasing demand for retail analytics in inventory management and planning, customer purchasing monitoring are some of the other factors which are expected to drive retail analytics market.
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Rising social media utility with increased demand for consumer analytics is expected to be a key factor driving the overall market. Various retail analytics vendors offer high end solutions such as visualization tools, mobile applications, analytics software and data management software. These solutions are cater to number of enterprise level business functions such as inventory management, cluster planning, space planning, customer segmentation, optimization and campaign management.
However, lack of technical expertise and unavailability of standardization may hamper retail analytics market growth. Technological advancement into this sector is expected to increase demand for retail analytics over the forecast period. The solutions provided can be utilized to track down customer purchasing behavior and in return provide enhanced user experience which is considered to be a key opportunity for the retail analytic market. The retail analytics solutions for mortar and traditional houses are also useful for area optimization and planning, inventory management and cluster planning
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The retail analytic market can be segmented on the basis analytics software, solutions, services, business functions, deployments, data management software, visualizing tools and mobile applications. On the basis of services, the market includes professional services & support and maintenance services. Based on the deployment, the market can be bifurcated into deployment models such as on-premise deployment and cloud deployment. The retail analytics market can be segmented on the basis of solutions, into analytics software, mobile applications, visualization tools, reporting, and data management software.
This Report Can Be Access @ https://www.linkedin.com/pulse/retail-analytics-market-analysis-trends-growth-2020-devesh-billore
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