Retail Analytics Software Market Analysis
The retail analytics software market is set to witness a spend growth of over USD 5 billion with spend momentum to accelerate at a CAGR of more than 18% between 2019-2024. The advent of the e-commerce platform has brought radical changes in consumer's retail behavior. This is becoming a source of information about consumers that are critical for retailers to draw analysis of consumer's purchasing behavior and devise their business strategies accordingly. Most of the leading retailers are leveraging retail analytics software to gain such insights that are enabling them to streamline their operational cost across different functionalities such as in-store management, inventory management, and CRM. This is resulting in an exponential spend growth in the retail analytics software market.
Top Spending Regions in the Retail Analytics Software Market
According to the forecasts, North America will dominate the global retail analytics software market and last year this region accounted for 52.09% of the global market share.
North America
Retailers are being heavily reliant on the functionalities of retail analytics software to minimize their supply chain expenses, improve their in-store customer experience, and gain an edge in the competition. This is motivating service providers to integrate technologies such as cloud computing, Big data, and IoT to offer better user experiences and to gain a competitive advantage. This is driving the spend momentum in the retail analytics software market in North America.
APAC
Implementation of technologies like facial recognition, digital payments, rapid-fire delivery, Big data, and customized shopping is rendering the retail experience fast and convenient in APAC. Usage of these technologies is generating different sets of data which are being analysed by the retailers to gain actionable insights into the consumer world. This is driving the demand in the retail analytics software market in APAC.
Subscribe to our free web-based procurement platform to get instant and regular insights on the factors that are changing the dynamics of the retail analytics software market across regions.
What are the Key Price Trends in this Market?
- Most of the leading retailers are investing in technologies such as AI, IoT, and Big data analytics to automate their retail shops and reduce labor requirement. This is driving the technology expenses borne by retail analytics software service providers as they are developing superior-quality software to cater to buyer's needs.
- Retail analytics software service providers are increasing their spend on marketing activities to improve their visibility. While this is increasing their chances of gaining profitability and competitive advantage, it is expected to increase their marketing costs.
- Increase in taxes and rise in license renewal rate are expected to propel service provider's administrative expenses.
Download the free sample of this report to know what the key retail analytics software procurement best practices that you must adopt to address price dynamism in this market.
Insights Offered in this Retail Analytics Software Market Report
- Global and regional spend potential for the retail analytics software market for the period of 2019-2024
- Supplier relationship management practices in the retail analytics software market
- Supplier margins and selection criteria in the retail analytics software market
- Top retail analytics software service providers and their cost structures
- Top retail analytics software service providers in the US and their cost structures
- Retail analytics software market spend analysis in the US
- Retail analytics software price trends, and forecasts
- Cost drivers influencing the retail analytics software prices
Insights into Retail Analytics Software Supply Market
- The leading retail analytics software service providers are increasing their M&A to expand market share and increase penetration in the market. For instance, Salesforce has acquired Tableau to improve its technical capabilities and analytic skills to increase its profitability.
- High competition across retail chains to increase revenue streams has led service providers to customize pricing module strategies, thereby creating a greater relevance for dynamic pricing in the retail industry. Buyers are also increasingly depending on retail analytics software service providers due to their ability to assist them in optimizing customized modules to increase sales and profit margins.
- In the retail analytics software market, buyers can consolidate their spend by engaging with service providers that offer software related to demand forecast and planning and the optimization of supply chains. Therefore, by implementing bundling strategy, buyers can purchase all software from a single provider, thereby reducing procurement-related cost.
Insights into Some of the Leading Retail Analytics Software Service Providers
The supply market dynamics hint at a substantial hike in service provider's OPEX which will drive buyer's procurement spend. Keeping such dynamics in mind, strategic selection of service providers and maintaining an effective supplier relationship management are observed to facilitate buyers with optimized procurement expenditure and better category management in the retail analytics software market. This retail analytics software market procurement intelligence report has enlisted the top service providers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top retail analytics software service providers. The top retail analytics software service providers highlighted in this report include:
- Microsoft Corp.
- International Business Machines Corp.
- Salesforce.com Inc.
- SAS Institute Inc.
- Qlik Technologies Inc.
- Oracle Corp.
Criteria to select suppliers in this dynamic retail analytics software market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.
