Global Big Data Analytics in Retail Market Size, Status and Forecast 2021-2025
The Big Data Analytics in Retail Market report provides a unique tool for evaluating the market, highlighting opportunities, and supporting strategic and tactical decision-making. This report recognizes that in this rapidly-evolving and competitive environment, up-to-date Marketing information is essential to monitor performance and make critical decisions for growth and profitability. It provides information on trends and developments and focuses on market capacities and on the changing structure of the Big Data Analytics in Retail.
The big data analytics in retail market was estimated at USD 4.18 billion in 2019. This market is expected to reach USD 13.26 billion by the end of 2025, registering a CAGR of 21.20% during the forecast period (2020-2025).
– Costco, an American retail company contacted all of its customers who shopped for stone fruits to warn them of possible listeria contamination. This was only possible as the company uses Big Data to track what the customers buy.
– Recently, fashion retailer H&M started using Big Data to tailor its merchandising mix in its brick-and-mortar stores. The fashion retailer is using algorithms to gain insights from returns, receipts, and data from loyalty cards to enhance its bottom line.
– Also, Walmart, one of the largest retailer in the world, is undergoing a digital transformation. It is in the process of building the world’s largest private cloud system, which is expected to have the capacity to manage 2.5 petabytes of data every hour.
– Therefore, as Big Data is helping retailers to cater to the customers in a more personalized way via targeted advertising, product recommendations, and pricing, the technology is being increasingly preferred by the retailers.
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Top Leading Companies of Global Big Data Analytics in Retail Market are SAP SE, Oracle Corporation, Qlik Technologies Inc., Zoho Corporation, IBM Corporation, Retail Next Inc., Alteryx Inc., Salesforce.com Inc. (Tableau Software Inc.), Adobe Systems Incorporated, Microstrategy Inc., Hitachi VantaraÊCorporation, Fuzzy Logix LLC and others.
Industry News and Updates:
– May 2019 – Oracle partnered with Gap Inc. to deploy Oracle Retail Merchandising Cloud Service and Oracle Retail Integration Cloud Service, powered by Oracle Cloud Infrastructure, to drive operational agility and furnish the Banana Republic business teams with better intelligence to meet the evolving needs of our global customers and providing them with an excellent platform for shopping.
– May 2019 – SAP SE announced that NPC International (NPC), the world’s largest Pizza Hut and Wendy’s franchisee, has implemented SAP SuccessFactors solutions for human capital management (HCM) and SAP S/4HANA Cloud for enterprise resource planning (ERP). With the solutions rolled out to 40,000 U.S. employees, NPC has successfully streamlined operations and created a digital path for the future.
Key Market Trends:
Merchandising and Supply Chain Analytics Segment Expected to Hold Significant Share
– E-commerce has had an impact on the traditional brick and mortar retailers reducing their significance marking the data-driven revolution in the retail sector.
– An efficient supply chain, the optimised movement of goods from supplier to warehouse to store to customer, is very critical to every business. Therefore, big data analytics is at the core of revolutionising retail supply chain i.e tracking and tracing product flow and stock levels in real-time, leveraging customer data to predict buying patterns, even using robots to tirelessly fulfil orders in vast automated warehouses.
– In th UK, the supply chain Big Data analytics for retail is expected to grow significantly over the forecast period following manufacturing and energy sector.
– Owing to this, it is further expected that predictive analytics and machine learning AI will revolutionize the retail supply chain.
North America Region Expected to Hold the Largest Share
– The retail sector in the region is huge and is witnessing an increase in the sales. In the US, according to the National Retail Federation (NRF), retail sales are expected to rise between 3.8% and 4.4% to more than USD 3.8 trillion in 2019, citing high consumer confidence, low unemployment and rising wages.
– Besides, North America is among the leading innovators and pioneers, in terms of adoption, for Big Data analytics. The region boasts of a strong foothold of Big Data analytics vendors, which further contributes to the growth of the market. Some of them include IBM Corporation, SAS Institute, Inc., Alteryx, Inc., and Microstrategy Incorporated among others.
– With this increase in the creation and consumption of data in retail (with increased sales) that continues to grow rapidly calls for more significant investments in big data analytics hardware, software, and services.
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Highlights of the Big Data Analytics in Retail Market Report:
– Detailed overview of Big Data Analytics in Retail Market
– Changing the Big Data Analytics in Retail market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current and projected Big Data Analytics in Retail market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Big Data Analytics in Retail Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.
The research includes historic data from 2016 to 2021 and forecasts until 2025 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Finally, the Big Data Analytics in Retail Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and market development rate and figure, and so on. Big Data Analytics in Retail industry report additionally Presents a new task SWOT examination, speculation attainability investigation, and venture return investigation.
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