The Big Data Analytics in Retail Market is Segmented by Component (Software and Services), Deployment (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Application (Sales & Marketing Analytics, Supply Chain Operations Management, Merchandising Analytics, Customer Analytics, and Others). The report covers global opportunity analysis and industry forecast from 2020 to 2027. It is published on Valuates Reports in the Retail Trade Category.
The global big data analytics in retail market size was valued at USD 4.43 Billion in 2019 and is projected to reach USD 17.85 Billion by 2027, growing at a CAGR of 20.4% from 2020 to 2027.
Major factors driving the growth of big data analytics in retail market size are:
- Driving decisions based on data in order to generate more value and rise in need to deliver personalized customer experience to increase sales.
- Companies are spending on big data analytics tools to improve customer facing experiences, employee productivity, operational improvement, product innovation and more. It also improves marketing, price optimization, merchandising, and others.
- Integration of new technologies such as IoT, AI, and machine learning in big data analytics in retail, and rise in demand for predictive analytics in retail.
TRENDS INFLUENCING BIG DATA ANALYTICS IN RETAIL MARKET
An increase in spending on big data analytics tools is expected to drive big-data analytics in retail market size. Big data technologies are being increasingly adopted by retailers around the world in order to make data-driven decisions. Big data applications in the retail industry include consumer analytics, operational analytics, fraud & compliance and others.
Raise in the growth of the e-commerce sector is expected to increase the growth of big data analytics market size. Much of the growth for the e-commerce industry has been triggered by an increase in internet and smartphone penetration. Retailers can improve the performance of their online stores and generate more revenue using big data analytics in retail software. Retailers can improve product landing pages by using website analytics, clickstream data, and heatmap studies to ensure higher engagement and conversion rates.
The growing demand for predictive analytics in retail is expected to fuel the growth of big data analytics in retail market size. Predictive analytics in retail can help retailers extract valuable information from large amounts of data that can be used to provide accurate insights, enhance existing processes, and anticipate future customer buying patterns, among other things. It also aids in the development of a retail sales strategy and boosts the return on marketing investments.
Furthermore, due to COVID-19, the trend of preference for buying from e-commerce platforms over physical stores is accelerating. By using big data analytics in retail, enterprises will be able to analyze business continuity scenarios and formulate relevant business strategies as per the market trend.
BIG DATA ANALYTICS IN RETAIL MARKET SHARE ANALYSIS
Based on the component, the software segment dominated the overall big data analytics in the retail market share in 2019. This is due to the benefits of big data analytics in retail solutions, which include providing business-critical insights into forecasting future trends based on historical data, customer behaviour insights, pricing analysis, supply chain management, and more.
Based on application, The supply chain operations management segment has the largest big data analytics in retail market share in 2019. However, due to the growing need to gain valuable insights into customer preferences, buying patterns, and behaviour, the customer analytics segment is expected to expand at the fastest rate during the forecast period.
In 2019, Because of high spending on big data analytics tools and early adoption of modern technologies such as IoT, AI, and more in this region, North America held the largest big data analytics in retail market share. Furthermore, the presence of key market vendors in North America is driving the big data analytics in retail market size in this region. However, during the forecast period, Asia-Pacific is expected to exhibit the highest CAGR of 23.5%.
