Increase in spending on big data analytics tools, surge in need to deliver personalized customer experience to increase sales, and rise in growth of the e-commerce sector drive the growth of the global big data analytics in retail market.
However, issues in collecting and collating the data from disparate systems and challenges in capturing customer data restrain the growth to some extent.
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On the other hand, integration of new technologies such as IoT, AI and machine learning in big data analytics in retail and growing demand of predictive analytics in retail would create new opportunities in the coming years.
According to the report, the global big data analytics in retail market size was valued at $4.43 billion in 2019, and is estimated to reach $17.85 billion by 2027, registering a CAGR of 20.4% from 2020 to 2027.
COVID-19 scenario-
- During COVID-19 the demand for big data analytics in retail has been accelerated owing to the increasing trend of e-commerce platforms. In addition, the change in the buying behavior of the customers has further enhanced demand.
- On the other hand, the optimization of business continuity has increased the adoption of big data analytics in retail, during the lockdown.
The big data analytics in retail market is segmented on the basis of component, deployment, organization size, application, and region. Based on enterprise size, the large enterprises segment dominated with the largest market share, accounting for nearly four-fifths of the total market share in 2020, and is projected to lead its status throughout the forecast period. Conversely, the SMEs segment is also projected to manifest the largest CAGR of 24.2% from 2021 to 2028.
Based on application, the supply chain operations management segment accounted for the highest share in 2020, holding nearly one-third of the global big data analytics in retail market, and is expected to maintain its lead throughout the forecast period. However, the customer analytics segment is estimated to cite the highest CAGR of 26.3% from 2021 to 2028.
Based on region, the market is studied across regions including Asia-Pacific, North America, Europe, and LAMEA. The region across North America held the largest market share in 2020, holding nearly two-fifths of the total share, and is expected to dominate in terms of revenue by 2028. Simultaneously, the Asia-Pacific region is estimated to exhibit the largest CAGR of 27.4% during the forecast period.
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Leading market players profiled in the report include Qlik Technologies Inc., RetailNext, SAP SE, SAS Institute, Teradata, Alteryx Inc, IBM Corporation, Microsoft Corporation, and Oracle Corporation.
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