Big Data Analytics in Retail Market Outlook
According to the report by Expert Market Research (EMR), the Global Big Data Analytics in Retail Market Size is projected to grow at a CAGR of 23.40% between 2023 and 2028. Aided by the mounting demand for data-driven insights and the rising investments in big data analytics, the market is expected to grow significantly by 2028.
Big data analytics involves examining large and varied data sets to uncover hidden patterns, correlations, and other insights. It is increasingly adopted in retail, a sector marked by high customer interaction and substantial transactional data. Big data analytics enables retailers to understand customer preferences, manage supply chains, enhance sales, and improve overall business operations. It also supports critical functions such as predictive analytics, customer analytics, and merchandising analysis.
The burgeoning customer demand for personalized experiences is a significant driver of the global big data analytics in retail market growth. With the increase in awareness of the benefits of data-driven decision-making, there has been a notable shift towards personalised marketing strategies, leading to a surge in demand for big data analytics solutions. Moreover, the growing trend of digitalization and e-commerce has further bolstered the popularity of big data analytics in the retail sector.
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The broadening applications of big data analytics across various retail operations also play a substantial role in big data analytics in retail market development. It is widely used in the management of inventory and supply chains, facilitating real-time tracking and forecasting to optimise operational efficiency. The marketing sector utilises big data analytics for customer segmentation, targeted marketing, and improving customer loyalty programs. Moreover, big data analytics assists in merchandising decisions, offering insights on product placement and promotion strategies.
Furthermore, the escalating demand for data-driven decision-making in the retail sector has led to an increased focus on big data analytics as a valuable tool for enhancing operational efficiency and customer experience. The advent of technologies such as artificial intelligence (AI) and machine learning (ML) has further reinforced the role of big data analytics in providing predictive insights and automated decision-making, boosting the big data analytics in retail market expansion.
Big Data Analytics in Retail Market Segmentation
The market can be divided based on component, deployment, organisation size, and region.
Market Breakup by Component
- Software
- Service
Market Breakup by Deployment
- On-Premise
- Cloud
Market Breakup by Organisation Size
- Large Enterprises
- SMES
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global big data analytics in retail companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Cisco Systems Inc.
- Adobe Inc.
- IBM Corporation
- Oracle Corporation
- SAP SE
- Others
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