The new report by Expert Market Research titled, ‘Global Big Data Analytics in Retail Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global big data analytics in retail market, assessing the market based on its segments like components, deployments, organisation 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 analysing the market based on the SWOT and Porter’s Five Forces models.
Big Data Analytics in Retail Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): 5,898.3 Million
• Forecast CAGR (2023-2028): 23.40%
• Forecast Market Size (2027): 20,826.8 Million
The increasing adoption of cloud-based big data analytics software by retailers in order to boost the profitability, optimise the prices, enhance the experience of consumers, and bolster the customer retention, is driving the market. The surge in the amount of data owing to the increasing sales of FMCGs, consumer electronics, and clean-labelled branded products is further propelling the demand for big data analytics in the retail sector.
Moreover, the increasing standards of living and rising disposable income are contributing to the market growth. Geographically, the Asia Pacific region accounts for a significant share in the market owing to the presence of large population base in countries like India and China, coupled with the robust development of retail outlets, supermarkets, and convenience stores.
Big Data Analytics in Retail Industry Definition and Major Segments
Big data analytics in retail is defined as the process of analysing the data on sales and shopping history of customers in order to identify customer behaviour, discover shopping patterns of customers, and improve the quality of customer service. In other words, big data analytics focusses on helping a retail outlet retain customers and improve their satisfaction. It also bolsters the 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 can be segmented based on organisation size into:
• Large Enterprises
The regional markets for big data analytics in retail include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Big Data Analytics in Retail Market Trends
The key trends in the big data analytics in retail market include 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 facility. Hence, this factor is anticipated to provide impetus to the big data analytics, as it can track shopper’s buying journey which can improve the demand forecasting process.
Furthermore, the some of the major trends in the market include the advancements in cloud-based analytical software, increasing adoption of smartphones and laptops, and expanding product portfolio of the consumer electronics manufacturers. Therefore, these developments are anticipated to accelerate the market growth in the forecast period.
Key Market Players
The major players in the market are:
- Cisco Systems Inc
- Adobe Inc
- IBM Corporation
- Oracle Corporation
- SAP SE
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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