Retail Analytics Software Market Procurement Intelligence Report | Evolving Opportunities with Microsoft and Salesforce in the Retail Analytics Software Market
LONDON--(BUSINESS WIRE)--Jan 8, 2020--
SpendEdge has been monitoring the global retail analytics software market and the market is poised to experience spend growth of more than USD 5 billion between 2019-2024 at a CAGR of over 18% during the forecast period. Request Free Sample Pages.
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Read the 123-page research report with TOC and LOE on “The Global Retail Analytics Software Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top service providers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
The dominance of the e-commerce platform in the purchase patterns of consumers is being capitalized by retailers to gain actionable insights into consumer behavior and devise their business strategies accordingly. To achieve these objectives buyers from the retail sector are implementing retail analytics software to gain these insights. Analysis of these insights is helping them to optimize their operational costs across different functionalities such as in-store management, inventory management, and CRM. These functionalities are bringing investments in the retail analytics software market to a significant extent.
North America is expected to gain prominence in the global retail analytics software market owing to the heavy reliance of buyers 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.
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The Top Retail Analytics Software Service Providers Enlisted in this Report:
Innovations and technological strides are the constant requirements for retail analytics software service providers to survive and compete in the market. Such pressing requirements are resulting in substantial increases in their technology expenses which are propelling their OPEX. To compensate for this, they will increase their service charge which will have an inflationary impact on the overall price structure in the global retail analytics software market. However, strategic cost-control initiatives, price forecasting techniques, and adequate technology adoption will aid retail analytics software service providers to sustain their profit margins. Such service providers will have the liberty to offer service to buyers at competitive rates without hurting their profit margins. On this note, this report has listed the top retail analytics software service providers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal procurement in this market. Insights into some of the suppliers’ portfolio are given below:
Microsoft - Despite chances of an increase in technology expenses retail analytics software service providers such as Microsoft will not experience a sudden surge in expenditure owing to the massive adoption of in-house technology platforms developed by them. Microsoft operates on high-profit margins due to its expertise in developing retail analytics software solutions for various industries. It is known to use advanced technologies such as cloud computing, ML, and IoT to fulfill customers’ needs and have a customer-centric approach.
Salesforce - This service provider engages in horizontal integration strategies to get access to new technologies and platforms to improve its efficiency and expand its service portfolio into different industries and gain a competitive advantage in the market. Salesforce acquired Tableau, a leading service provider that specializes in data visualization and analytics solutions. This acquisition is expected to enhance the productivity and customer base of Salesforce.
SAS Institute - In recent times, this service provider announced USD 1 billion investment which will be used in core areas of AI, thus making it easy for users with different skill sets such as data engineers and data scientists.
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