Europe Retail Analytics Market Size, Trends & Growth Opportunity, By Type (solutions and services), By Module Type, By Business Type (small and medium business types and large-scale operations. Small & medium enterprises), By Region and Forecast till 2030

Europe Retail Analytics Market

The Europe Retail Analytics Market was valued at US$ 1,019.43 Mn in 2020, estimated to reach US$ 2,600.45 Mn in 2030 with a CAGR of 11.68% from 2021-2030.

Market Drivers: Increase In Digitalization to enhance customer experience and retail operations is expected to drive the Europe Retail Analytics Market

Digitalization has contributed to the technological awareness within customers to go for easy purchase with a variety of options while saving sufficient time consolidating retail industry. Thus, bulk volume, velocity, and variety of big data are expected to have a significant impact on the retail analytics industry growth. As digital acceleration takes hold, the retail & consumer goods community is adapting more quickly than anyone ever thought possible. The digital revolution is transforming the way products are designed, developed, and delivered to customers. It offers tremendous implications for the retail value chain. Enterprises & users have started realizing that digital transformation is about taking a data-driven approach to every aspect of their business to create a competitive advantage. For example, for a retailer, digital transformation might be about delivering real-time best offers while customers are in physical stores or optimizing inventory to provide a better online & in-store experience. Major factors boosting the market are growing online shopping, consecutive increase in big data, and utilization of social media as well as proliferation of smartphones, which have made shopping easy for customers.  Prominent retailers have successfully managed to harness the benefits provided by several social media platforms like Facebook, which have resulted in a better understanding of customers’ needs, brand perception, loyalty & feedback. Furthermore, the increase in demand for retail analytics in inventory management & planning and customer purchasing monitoring are some other prominent factors expected to drive the growth of Europe retail analytics market growth throughout the forecast period. Moreover, Substantial technological advancements in Europe retail analytics market are expected to increase the perceived value for retail analytics.

Market Challenges: Lack of Skilled Personnel expected to hamper the Europe retail Analytics Market Growth

The Retail Analytics Market faces several issues due to the lack of skilled personnel, who are not efficient enough to derive the required insights from the retail data. Also, retailers face a data deficit in the wake of the COVID-19 outbreak which expected to hinder the market growth. The retail industry is finding it challenging to get business back on track after being under complete lockdown for almost 3 months. Like other customer-driven sectors, retail too thrives on customer behavior & engagement, and is struggling to keep up with lockdown-induced changes in customer behavior. Along with plummeting sales, retail industry is facing a data deficit. This data is normally the key to ensuring enhanced customer experience. With the drying up of such important information based on sales, the retail industry has lost access to relevant insights to sustain customer loyalty schemes, AI-driven products & services recommendations.

Market Opportunities: Proliferation of data analytics to understand customer data during COVID-19 Pandemic

Companies are setting up analytics capabilities in a matter of weeks to inform business responses to COVID-19 challenges and prepare for the future. Organizations will need to leverage powerful data & analytical capabilities to predict & act upon fluctuating baselines during & post-COVID-19.  The retail sector is becoming more and more competitive, and it has become crucial to optimize business processes while satisfying customer expectations. Data analytics is being implemented at all stages of the retail process that helps to keep track of all emerging products, forecast sales & predict future demand. Also, it can be used to optimize placements of offers & products through the heat-mapping of customers. Furthermore, the increase in adoption of clod services in retail industry will create the opportunities for Europe retail analytics market in near future. For instance, in May 2020, Oracle Corporation had launched its new Oracle Analytics for Cloud HCM. Built on Oracle Analytics Cloud & powered by Oracle Autonomous Database, Oracle Analytics for Cloud HCM offers HR executives, analysts & line-of-business leaders with deeper insights into workforce management by enabling a comprehensive view into data from across the organization.

Europe Retail Analytics Market Analysis by Type

The Retail Analytics systems market is categorized into two segments, namely, solutions and services. The solutions segment is further classified into Analytics, Visualization Tools and Data Management. Services segment is further segmented into Integration and support & consulting. Solutions segment altogether is expected to dominate the retail analytics segment. The presence of visualization and data management’s tools in the solutions segment makes it easier to draw a conclusion for retail industry thereby, boosting the market growth of the Retail Analytics in Europe. Services segment is expected to grow at a highest CAGR during the forecast period.

Europe Retail Analytics Market Analysis by Module Type

The Europe Retail Analytics market is expected to grow at a significant rate over the forecast period due to increase in digitalization and related analytics technology. Based on module type, the Europe Retail Analytics systems market is segmented into Strategy & Planning (Macro Trends, KPI, Value Analysis), Marketing (Pricing, Loyalty and Segment Analysis), Financial Management (Accounts Management), Store Operations (Fraud Detection, Workforce Analytics), Merchandising (Assortment Optimization, Shopper Path Analytics) and  Supply Chain Management (Inventory, Vendor and Supply-Demand Modelling). Finance management is leading the module type market during the analysis period. It had an estimated market share of 23.35% in 2020. The supply chain management includes inventory, vendor and supply-demand modelling. It is expected to seize highest market share after finance management. The growth in the supply chain management is owing to the fact that retail business is mainly depended upon the proper inventory and vendor management of the product, for this purpose the supply chain management is a crucial segment of the retail analytics segment. Another important segments are marketing and merchandizing which are playing a significant role in the development of retail analytics market in Europe.

Europe Retail Analytics Market Analysis by Business Type

On the basis of business type, the market is segmented into small and medium business types and large-scale operations. Small & medium enterprises are growing at a highest CAGR during the forecast period, which is attributed to the rising demand of digitalization and growing needs of analytics in retail segment, in order to understand the buying pattern of customer in the particular region.

Europe Retail Analytics Market Analysis, By Region

Germany, The U.K, France, Italy are the prime countries in the Retail Analytics Market.  The market is witnessing a change in lifestyle and buying pattern of the customers, thereby, the various analytics suite provided by small companies striving to advance the needs of retail analytics along with the services offered by established players to the retail industry. Growth in the Europe Analytics market is due to presence of popular and huge retailers such as Tesco, Carrefour, Lidl, Metro AG and Aldi in the region.

The retail segment is focusing upon giving a personalized touch to its loyal and esteemed customers, by knowing there buying behavior and pattern with the help of data available pertaining to each region or area. The above mentioned factors have supported the growth of retail analytics market in the country such as Germany, UK, Italy and Spain.

Recent Developments:

In October 2020: SAP SE had announced the expansion of industry cloud solutions portfolio to serve the needs of three new industries including, retail, industrial machinery & components, and professional services. The company’s industry cloud solutions portfolio provides specialized applications designed to address specific industry needs. This platform is built up by SAP Se and their partners on an open platform as a service, these solutions help customers to rapidly adopt innovations as part of their IT landscape.

Key Players

Various key players are listed in this report such as SAP SE, Oracle Corporation, Qlik Technologies, Inc, Zoho Corporation, IBM Corporation, RetailNext, Inc, CrossCan, Tableau Software, Inc., Adobe Systems Incorporated, Microstrategy, Inc, etc.

Market Taxonomy

By Type

• Solutions

• Analytics
• Visualization Tools

• Services

• Integration
• Support & Consulting

By Module Type

• Strategy & Planning (Macro Trends, KPI, Value Analysis)
• Marketing (Pricing, Loyalty and Segment Analysis)
• Financial Management (Accounts Management)
• Store Operations (Fraud Detection, Workforce Analytics)
• Merchandising (Assortment Optimization, Shopper Path Analytics)
• Supply Chain Management (Inventory, Vendor and Supply-Demand Modelling)

By Business Type

• Small and medium business types
• Large-scale operations

By Country

• Germany        
• UK
• France
• Turkey
• Switzerland
• Norway
• Sweden
• Spain
• Italy
• Denmark
• Finland
• Iceland
• Poland
• Luxembourg
• Netherlands
• Belgium

Key Questions Addressed by the Report

• What are the Key Opportunities in Europe Retail Analytics Market?
• What will be the growth rate from 2020 to 2030?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?