Big Data Analytics in Retail Market is estimated to grow at a significant CAGR of 20.1% during the forecast period, 2022-2029.
The factors driving the growth of Big Data Analytics in Retail Market includes rising penetration of smartphones and internet services, increasing focus by major corporations on enhancing customer’s experience, changes in consumer’s purchasing patterns and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) by major companies, rise in the launch of innovative products and commercialization of 5G technology, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, rapid urbanization, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
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However, growth of the Big Data Analytics in Retail Market is hindered due to high cost of big data solutions.
The major players operating in the Big Data Analytics in Retail Market are QlikTech International AB, Teradata Corporation, SAP SE, Salesforce.com, Inc., Oracle Corporation, International Business Machines Corporation, Tableau Software LLC, Microsoft Corporation, SAS Institute Inc. and Adobe, Inc. among others.
Based on Application, the Merchandising and Supply Chain Analytics segment is predicted to grow at a faster CAGR during the forecast period
Big data analysis solutions help in tracking and tracing product flow in real-time and aids managing supply chain and product distribution, are some of the factors responsible for the segment’s growth.
Based on Business Type, the Small and Medium Enterprises segment is projected to robust CAGR over the forecast period
Big Data solution helps SMEs in forecasting and making decisions with help of market data, increasing number of customer interactions, rise in the volumes of data generated worldwide, are propelling Big Data Analytics in Retail Market size.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
Presence of the leading players such as Oracle Corporation, Salesforce.com, Inc., and Microsoft Corporation, increasing penetration of smartphones across United States and Canada, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
Key Development
- In 2019, NPC International (NPC), one of the biggest franchise Pizza Hut and Wendy’s, has implemented SAP SuccessFactors solutions across human capital management (HCM) and SAP S/4HANA Cloud for enterprise resource planning (ERP).
Market Segmentation
Segmentation by Application
- Merchandising and Supply Chain Analytics
- Social Media Analytics
- Customer Analytics
- Operational Intelligence
- Others
Segmentation by Business Type
- Small and Medium Enterprises
- Large-Scale Organizations
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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