Retailers around the world are increasingly adopting big data technologies to drive more value and data-driven decision making.
PORTLAND, PORTLAND, OR, USA, July 28, 2022 /EINPresswire.com/ — Rising spending on big data analytics tools, increasing need to deliver personalized customer experience to increase sales, and increasing growth in the e-commerce industry are driving the growth of the global market retail market big data analysis.
However, issues in collecting and compiling data from disparate systems and difficulties in capturing customer data are limiting growth to some extent. On the other hand, the integration of new technologies such as IoT, AI and machine learning in big data analytics in retail and the growing demand for predictive analytics in retail would create new opportunities in the years to come.
According to the report published by Allied Market Research, the global retail market big data analytics generated $4.85 billion in 2020 and is expected to bring in $25.56 billion by 2028, with a CAGR of 23. 1% from 2021 to 2028.
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• The retail sector experienced reduced growth during the initial phase of the covid-19 outbreak. Shortage of supply, changing consumer behavior and lockdown have further created challenges for market participants. This, in turn, has increased the adoption of big data analytics in retail.
• Although the retail sector has seen a decline in the growth rate, retail companies have focused on studying customer trends and analyzing future market dynamics. Thus, distribution companies should continue to invest in big data analytics. The fluoroscopy devices segment held the highest market share.
On a component basis, the software segment contributed the largest market share in 2019, holding more than two-thirds of the global big data analytics in the retail market, and is expected to continue to dominate in terms of revenue while throughout the forecast period.
Rising need to improve personalization at a transformational scale by enabling retail companies to improve customer experience and growing demands to provide more personalized recommendations to customers are driving the growth of the segment.
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However, the services segment is estimated to maintain the highest CAGR of 23.1% from 2020 to 2027. This is due to its adoption to ensure the efficient operation of software and platforms throughout the process of big data analysis.
Based on deployment, the on-premises segment accounted for approximately two-thirds of global big data analytics in the retail market in 2019 and is expected to maintain its leading position throughout the forecast period. The use of onsite data analytics in retail to ensure data security is primarily driving the growth of the segment.
However, the cloud segment would register the highest CAGR of 23.2% during the forecast period. The increase in the adoption of big data analytics in retail has been observed for the manufacturing of high-precision components. Less investment in hardware infrastructure, flexible vendor plans based on business usage, and higher scalability are increasing the growth of the segment.
By region, North America accounted for nearly two-fifths of global big data analytics in the retail market in 2019 and is expected to maintain its dominant share by 2027. Adoption of big data analytics By AI in retail software by service providers, continuous advancements in technology and the presence of a large number of big data analytics among retailers are driving the market growth in this province.
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On the other hand, the Asia-Pacific region is estimated to exhibit the fastest CAGR of 23.5% from 2020 to 2027. The adoption of cloud-based big data analytics in retail software, Rise in popularity of fast internet connectivity, ever-increasing smartphone penetration, and growing popularity of e-commerce businesses are the major factors propelling growth in this region.
Major market players profiled in the report are Qlik Technologies Inc., RetailNext, SAP SE, SAS Institute, Teradata, Alteryx Inc, IBM Corporation, Microsoft Corporation, and Oracle Corporation.
Main benefits for stakeholders:
• The study provides an in-depth analysis of big data analysis of the retail market along with current trends and future estimations to elucidate impending pockets of investment.
• Information on major drivers, restraints and opportunities and their market size impact analysis are provided in the report.
• Porter’s five forces analysis illustrates the power of buyers and suppliers operating in the industry.
• The quantitative analysis of big data in the retail storage market for the period 2020-2028 is provided to determine the market potential.
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