The Global Retail Analytics Market was valued at USD 1.97 billion in 2014 and is projected to reach USD 5.78 billion by 2020 during the forecast period.
Asia Pacific is expected to be the region with the highest growth due to the growing penetration of e-commerce and social media. Data has become of utmost importance in identifying the buying behavior and interests of consumers. With continuous developments in big data analytics, this data can now be used to generate meaningful insights that can help in the generation of revenue and capturing untapped potential in the market.
Retail analytics enables personalized services customized to the needs of individual customers; this is particularly useful in sectors, such as banking, and to help the companies in predicting the demand for a product in the upcoming future..
The global retail analytics market faces a few issues due to the lack of skilled personnel, who are not efficient enough to derive the required insights from the retail data.
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