Growth opportunities in Big Data Analytics in the Retail Market look promising over the next six years. This is mainly due to the integration of advanced technologies such as IoT and artificial intelligence and the rising need to deliver customized user experiences to expand supply.
Big Data Analytics in Retail Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Swiftly expanding retail sector along with the extending e-commerce platform led by the accelerating penetration of smartphones and internet services is the crucial driver responsible for the growth of the global big data analytics in the retail market. Also, the incorporation of sophisticated technologies such as artificial intelligence, the internet of things, and machine learning in extensive data analysis, the surge in demand for predictive analysis in the market, and personalized user experience to amplify sales will further strengthen the market size. Moreover, the augmenting implementation of these tools, including Tableau by Tableau Software, Llc; WebFOCUS by International Business Machines Corporation; Sspotfire by TIBCO Software Inc, International, and ThoughtSpot. for prescient analytics and improved decision-making in the business process will offer enormous growth opportunities for the market. However, excessive investment value and complications of these solutions will hamper the market growth. In addition, the rising apprehension concerned with data protection challenges to seize customer data and instability in data collection may further curb the big data analytics in the retail market share.
Application Segment Drivers
Based on application, merchandising, and supply chain analytics segment is projected to dominate the market during the forecast period. This is primarily attributed to their utilization in enormous applications, including tracking and discovering product flow in real-time, enhanced accuracy in forecasting customer buying patterns, and supervising supply chain and product distribution. Various prominent market players, including Amazon.com, Inc., Walmart Inc., Costco Wholesale Corporation, Asos Plc, Starbucks Corporation, and Inter IKEA Systems B.V, are making use of these tools for improving their businesses. This is further supplementing the market growth.
Regional Drivers
Based on regional coverage, North America is predicted to lead the market over the forecast period. This is mainly because of the prominence of several huge vendors, like Alteryx Inc., SAS Institute Inc., International Business Machines Corporation, and MicroStrategy Incorporated. Moreover, according to the National Retail Federation, the sales during 2020 will escalate in the middle of 3.5% and 4.1% to over USD 3.9 trillion, which contributes to the growth of the market.
Big Data Analytics in Retail Market’s leading Manufacturers:
- Teradata Corporation
- SAS Institute Inc.
- com, Inc.
- QlikTech International AB
- International Business Machines Corporation
- Adobe, Inc.
- Microsoft Corporation
- SAP SE
- Tableau Software LLC
- Oracle Corporation
Big Data Analytics in Retail Market Segmentation:
Segmentation by Application
- Merchandising and Supply Chain Analytics
- Social Media Analytics
- Customer Analytics
- Operational Intelligence
- Others
Segmentation by Business Type
- Small and Medium Enterprises
- Large-Scale Organizations
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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