The new report by Expert Market Research titled, ‘Global Big Data Analytics in Retail Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global big data analytics in retail market, assessing the market based on its segments like components, deployments, organization sizes, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 5,898.3 Million
• Forecast CAGR (2022-2027): 23.40%
• Forecast Market Size (2027): USD 20,826.6 Million
The increasing adoption of cloud-based big data analytics software by retailers in order to boost the profitability, optimize the prices, enhance the experience of consumers, and bolster customer retention is driving the market. In addition, the surging deployment of big data analytics by MSMEs to boost the transparency and visibility of supply chains is driving the market growth. Geographically, the Asia Pacific accounts for a significant share in the market owing to the growing population in countries like India and China, coupled with the robust development of retail outlets, supermarkets, and convenience stores. Moreover, rapid digitization in the retail sector in the region is further fueling the market for big data analytics in retail.
Industry Definition and Major Segments
Big data analytics in retail is defined as the process of analyzing the data on sales and shopping history of customers in order to identify customer behavior, discover shopping patterns of customers, and improve the quality of customer service. In other words, big data analytics focuses on helping a retail outlet retain customers and improve their satisfaction. Moreover, it also bolsters supply chain management, demand forecasting, and fixed asset management.
On the basis of component, the market can be segmented into:
Based on deployment, the market can be classified into:
The market, based on organization size, can be segmented into:
• Large Enterprises
The regional markets for big data analytics in retail include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The market for big data analytics in retail is being fueled by the emerging e-commerce industry owing to the increasing number of digital buyers. Online platforms bring convenience to the customers by providing door-step-delivery facilities. Hence, this factor is anticipated to provide impetus to the utilization of big data analytics as it can track shoppers’ buying journey and improve the demand forecasting process. Furthermore, some of the major trends in the market for big data analytics in retail include advancements in cloud-based analytical software, the increasing adoption of smartphones and laptops, and the expanding product portfolio of consumer electronics manufacturers.
Key Market Players
The major players in the market are Cisco Systems Inc., Adobe Inc., IBM Corporation, Oracle Corporation, and SAP SE, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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