The growing e-commerce industry and increasing adoption of cutting-edge technologies such as artificial intelligence, internet of things (IoT), big data and others has boosted the efficiency of retail intelligence tools thus driving the growth of the market. Business intelligence tools, specifically designed for its application across the retail sector to perform analytics on the consumer data and draw key insights, are termed as retail intelligence tools. Retailers, online as well as offline, are using latest technologies with an aim to digitally transform their end-to-end processes, thus aiding for smart shopping. Latest technologies such as machine learning, deep learning and other forms of artificial intelligence are assisting retailers to draw patterns from customer’s behavioral data. This patterns can be utilized for modifying promotions, offers and recommendations to deliver customized experience and increase customer engagement and retention. Machine learning also enables shelf condition monitoring. For instance, Ricoh, an innovative technology provider, assists retailers by providing machine learning powered planogram tools for smart management of shelf through automated analysis of shelf condition. On similar lines, SAS Institute Inc. provides artificial intelligence powered solution for merchandise/assortment planning and price optimization. Internet of Things (IoT) is another technology which is increasingly being adopted for retail digitalization. For instance, Acuity Brands Lighting, Inc. provides IoT based solutions for retail industries to monitor indoor traffic, navigation, asset tracking and other purposes. This solution can give customers location based promotions in the store, assists in store management and delivers retail intelligence by analyzing customer traffic patterns and helps in generating more sales. Thus, with adoption of these solutions the global retail intelligence market is poised to gain dominance.
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The COVID-19 epidemic has affected the retail industry owing to the global shutdown of stores, as measure to fight the spread of coronavirus. This has transformed the shopping habits of consumers from physical stores to online channels. In the post COVID-19 phase, brick and mortar stores will have to cater the changing habits of customers such as contactless delivery, automated payment and checkout process, virtual trial room and others. Artificial Intelligence and other technologies are assisting retailers to cater these requirements of customer. For instance, in November 2018, Trigo Vision partnered with Shufersal, Israel’s major supermarket chain to provide automated checkout solution which utilizes camera network of the store and machine vision algorithms to identify shopping items. This solution also provides retail intelligence on buying behavior and shopping habits of customers. Thus, the advantages of advanced technologies to cater changing customer habits post and in-COVID phase are further anticipated to drive the global retail intelligence market.
The detailed research study provides qualitative and quantitative analysis of retail intelligence market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- The global retail intelligence market was valued at US$ 1,681.2 Mn in 2018 and is anticipated to witness a compound annual growth rate of 34.45% over the forecast period.
- Large enterprises account for dominant share of global retail intelligence market in 2018 owing to high investment capacity in latest technologies
- Based on offering software is expected to grow at highest CAGR owing to the introduction of cloud based deployment for reducing operational costs.
- North America accounted for the highest market share in global retail intelligence market in 2018. Latin America is expected to register the highest compound annual growth rate (CAGR) over the forecast period owing to increasing investment in retail sector.
- Some of the players operating in the retail intelligence market are ARpalus, Badger Technologies, LLC., BeMyEye Holdings Ltd, Bossa Nova Robotics, Focal Systems Inc., Inspector Cloud, Lakeba Corporation Pty Ltd, Market6, Inc., Maxerience Electrosystems Pvt Ltd., Pensa Systems, Inc., Retail Solutions Inc., ReTech Labs, Inc., Shelfwatch, Simbe Robotics, Inc., Trax Technology Solutions Pte Ltd., Vispera Information Technologies and Zippedi amongst others.
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Global Retail Intelligence Market:
- By Application
- Product Tagging and Recognition
- Assortment Intelligence
- Pricing Intelligence
- Competitor Intelligence
- In-Store Analytics
- By Store Type
- Departmental Stores
- Discount Stores
- Warehouse Stores
- Specialty Stores
- By Organization Size
- Small and Medium Enterprises
- Large Enterprises
- By Offering
- On Premise
- By Region
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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