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Thursday, June 30, 2022

Global Big Data Analytics in Retail Market to be Driven by the Increasing Adoption of Cloud-Based Big Data Analytics Software by Retailers in the Forecast Period of 2022-2027

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:

• Software
• Service

Based on deployment, the market can be classified into:

• On-Premise
• Cloud

The market, based on organization size, can be segmented into:

• Large Enterprises

The regional markets for big data analytics in retail include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Market Trends

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company’s expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.


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