The global big data analytics in retail market reached a market size of USD 4.56 Billion in 2020 and is expected to register a robust CAGR of 21.2% over the forecast period, according to latest analysis by Emergen Research. Growing need to enhance customer experience with personalized offerings in the retail industry is among some of the key factors expected to drive growth of the global big data analytics in retail market during the forecast period. Retail businesses analyze in-store surveillance recordings and data from sensors to enhance consumer experience. Retailers calculate how many buyers tend to move to a storage area and better represent the products individuals are more likely to choose initially.
The use of big data analytics in retail software has grown over time to support decision-making capabilities of organisations and to enhance business insights of retail enterprises, according to many interviews that were done with high level CXOs. Additionally, the popularity of big data analytics in retail software is growing as a result of its capacity to offer various business chances and produce fresh insights for effective business management.
Large data sets, including structured, unstructured, and semi-structured data, originating from various sources, including networks, mobile devices, sensors, video/audio, transactional applications, and web and social media, are gathered, managed, and processed using big data analytics. Organizations all over the world are benefiting from the technology’s quick and accurate decision-making, reliable business intelligence, and improved modelling and forecasting of future business outcomes.
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Our report contains current and latest market trends, market shares of companies, market forecasts, competition benchmarking, competition mapping and an in-depth analysis of the most important sustainability tactics and their impact on market growth and competition. To estimate quantitative aspects and segment the global Big Data Analytics in Retail Market , we used a recommended combination of top-down and bottom-up approaches.
Competitive Landscape
The big data analytics in the retail market is fragmented. The growth of e-commerce, online shopping, and high competition for customer loyalty, provides lucrative opportunities in big data analytics in the retail market. Overall, the competitive rivalry among existing competitors is high. Moving forward, different kind of innovation strategies of large companies boosting the market growth effectively. Some of the key developments in the area are: Oracle Corporation, Zoho Corporation, SAP SE, Qlik Technologies Inc., International Business Machines Corporation, Retail Next Inc., Salesforce.com Inc., Microstrategy Inc., Alteryx Inc., and Fuzzy Logix LLC.
Some Key Highlights from the Report :
Increasing adoption of big data analytics software in the retail industry is driving revenue growth of the software segment currently, which is expected to register a significantly high CAGR over the forecast period.
In terms of market share, the on-premises segment is expected to lead during the forecast period due to increasing implementation of on-premises-based big data analytics solutions for better data privacy in the retail industry.
The growth of the e-commerce industry, the rise in the demand for predictive analytics in retail, and the incorporation of new technologies like IoT, AI, and machine learning in big data analytics in retail are the main drivers of the market’s expansion. However, difficulties in gathering and combining data from various systems are anticipated to impede market expansion during the anticipated period.
In terms of revenue, the customer analytics segment is expected to register significant growth with a high CAGR during the forecast period due to increasing usage of big data analytics software in the retail industry for customer-based analysis.
Due to high presence of international players such as Oracle Corporation, Zoho Corporation, and International Business Machines Corporation in countries in North America, the market in the region is expected to account for comparatively higher revenue share among other regional markets during the forecast period.
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The report also studies the key companies of the Big Data Analytics in Retail Market along with analysis of their business strategies, M&A activities, investment plans, product portfolio, financial standing, gross profit margin, and production and manufacturing capacities.
Key questions answered in the report:
Which are the five top players of the Big Data Analytics in Retail Market ?
How will the Big Data Analytics in Retail Market change in the next five years?
Which product and application will take a lion’s share of the Big Data Analytics in Retail Market ?
What are the drivers and restraints of the Big Data Analytics in Retail Market ?
Which regional market will show the highest growth?
What will be the CAGR and size of the Big Data Analytics in Retail Market throughout the forecast period?
Emergen Research has segmented the global big data analytics in retail market on the basis of component, deployment, application, and region.
Component Outlook (Revenue, USD Billion; 2021–2028)
Services
Software
Deployment Outlook (Revenue, USD Billion; 2021–2028)
Cloud-Based
On-Premises
Application Outlook (Revenue, USD Billion; 2021–2028)
Customer Analytics
Sales & Marketing Analytics
Merchandising Analytics
Supply Chain Operations Management
Social Media Analytics
Others
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The study paper dissects the total market potential of major regions with strengths, opportunity and challenge, constraints, and dangers.
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It examines each submarket in terms of a single improvement design and its contribution to the market.
It examines the recent developments, such as advancements, business strategies, new product releases, and acquisitions.
It purposefully profiles the major market players and thoroughly investigates their advancement strategies.
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Emergen Research is a Market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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