openPR Logo
Press release

Big Data Analytics in Retail Market size is projected to reach $17.85 billion by 2027, growing at a CAGR of 20.4% from 2020 to 2027

03-01-2021 12:51 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Report Ocean

According to a recent report published by Report Ocean, titled, “Big Data Analytics in Retail Market by Component, Deployment, Enterprise Size and Application: Opportunity Analysis and Industry Forecast, 2020-2027,” the global market was valued at $4.43 billion in 2019, and is projected to reach $17.85 billion by 2027, growing at a CAGR of 20.4% from 2020 to 2027.

GET SAMPLE PAGES @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1186

Big data describes a large volume of data that is used to reveal patterns, trends, and associations, especially relating to human behavior and interactions. For the retail industry, big data is used for getting greater understanding of consumer shopping habits and how to attract new customers. Big data analytics in retail enables companies to create customer recommendations based on their purchase history, resulting in personalized shopping experiences. These big data analytics solutions also help in forecasting trends and making strategic decisions based on market analysis.

Rapid growth of the e-commerce sector, growing need to leverage customer data for making data driven business strategies, proliferation of advanced CRM systems among retail companies, and rising investment on big data analytics tools are some of the factors that majorly boost the growth of the big data analytics in retail market. Furthermore, AI-based big data analytics in retail software are expected to experience high demand to help predict future trends in the retail industry. Demand for predicting analytics in retail is expected to offer lucrative opportunities for this market.

According to component, the software segment holds majority of the big data analytics in retail market share in 2019 due to the factors such as its capabilities to enable social media analysis, product pipeline tracking, market basket analysis, pricing analysis. In addition, big data analytics solutions used in retail also help in formulating effective marketing strategies to improve revenue. The rise in need for analyzing historic data to formulate more accurate business decisions, increase in demand for analyzing customer purchasing patterns and predicting trends is further fuelling the growth of this market.

By application, the supply chain operations management segment accounted for the highest share in big data analytics in retail market in 2019, owing to its need for demand forecasting, inventory management, analysing supplier performance and more. However, the customer analytics segment is expected to witness highest growth rate in big data analytics in retail industry.

As per region, the global big data analytics in retail market size was dominated by North America in 2019. Factors such as major presence of leading market vendors developing big data analytics solution for retail industry in North America region and early adoption of big data technology in this region are the major drivers for the big data analytics in retail market growth. In addition, the need of retail companies to manage valuable data stream and transform it into significant information is further propelling the market demand in this region. The adoption of big data analytics in retail has increased in each stage of the retail process to predict market demands, understand the customer behavior, and optimize the pricing.

The outbreak of COVID-19 is anticipated to have a trivial impact on the growth of the big data analytics in retail market. Although, the retail industry is majorly hit by lockdown imposed in many countries, the spending on big data analytics by retail companies is expected to be maintained as planned as per the study conducted by Sisense. Retail industry is witnessing diverging trends for essential and non-essential retail items in most of the countries, particularly in countries such as the U.S., and India, which are the most affected by the pandemic. For instance, in the U.S., sales of clothing retailers dropped by 89.3% in April 2020 year-on-year, and the sales of grocery stores increased by 13.2% according to the Census Bureau. Lockdown and social distancing measures have affected retailers with physical stores more than online retailers, and may in turn accelerate the ongoing shift from brick-and-mortar to online retailing.

Key Findings Of The Study

By component, the services segment is expected to witness the highest CAGR during the forecast period.
On the basis of deployment mode, the on-premise segment accounted for the highest big data analytics in retail market share in 2019.
Depending on enterprise size, the large enterprises segment is accounted for the highest big data analytics in retail market size in 2019.
As per application segment, the customer analytics segment is anticipated to grow at the highest CAGR during the forecast period.
Region wise, North America accounted for the highest revenue in 2019; however, Asia-Pacific is anticipated to exhibit highest growth during the big data analytics in retail market forecast period.
The global big data analytics in retail market analysis includes some of the key market players such as Alteryx Inc., IBM, Microsoft, Microstrategy Inc., Oracle Corporation, Qlik Technologies Inc., RetailNext, SAP SE, SAS institute, and Teradata.

READ FULL REPORT @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1186

Get in Touch with Us:
Report Ocean
Email: sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, IIIinois 60611 – UNITED STATES
Tel: +1 888 212 3539 (US – TOLL FREE)
Website: https://www.reportocean.com/

We are the best market research reports provider in the industry. Report Ocean believe in providing the quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is “one-stop solution” for individuals, organizations, and industries that are looking for innovative market research reports.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Big Data Analytics in Retail Market size is projected to reach $17.85 billion by 2027, growing at a CAGR of 20.4% from 2020 to 2027 here

News-ID: 2250080 • Views:

More Releases from Report Ocean

Japan Internet Advertising Market CAGR of 24.9%, Behind the Scenes Techniques for Deep Understanding of Consumer Behavior
Japan Internet Advertising Market CAGR of 24.9%, Behind the Scenes Techniques fo …
The Japan Internet Advertising Market has demonstrated remarkable growth, reaching a valuation of USD 29.49 Billion in 2021. With the digital landscape continually evolving, it is forecasted to soar to an impressive USD 112.04 Billion by 2027. This surge represents an anticipated compound annual growth rate (CAGR) of 24.9% over the projected period, highlighting the dynamic and rapidly expanding nature of the digital advertising sector in Japan. Internet Advertising are set
Location Analytics Market Through the Looking Glass Techniques for a Profound Understanding of Consumer Behavior
Location Analytics Market Through the Looking Glass Techniques for a Profound Un …
This comprehensive market research report offers an in-depth analysis of the global location analytics market from 2019 to 2026. Valued at USD 10,813.6 million in 2019, the market is forecasted to surge to USD 29,878.5 million by 2026, demonstrating a robust Compound Annual Growth Rate (CAGR) of 15.6% throughout the projection period. This report delves into the key drivers, restraints, opportunities, and challenges that are shaping the market, providing stakeholders
Affiliate Marketing Platform Market Eyes Wide Open Maximizing the Value of Observational Research in Consumer Behavior
Affiliate Marketing Platform Market Eyes Wide Open Maximizing the Value of Obser …
The Global Affiliate Marketing Platform Market, valued at USD 19,217.4 million in 2021, is projected to witness significant growth over the next decade, reaching an estimated value of USD 36,902.1 million by 2030. This report provides an in-depth analysis of the market dynamics, growth drivers, challenges, and opportunities that will influence the affiliate marketing landscape over the forecast period of 2021-2030. With a Compound Annual Growth Rate (CAGR) of 7.7%,
Global Clear Brine Fluids Market Growth Forecast and Trends (2022-2030)
Global Clear Brine Fluids Market Growth Forecast and Trends (2022-2030)
The global clear brine fluids market was valued at US$ 0.95 billion in 2021. It is anticipated to experience growth, reaching a valuation of US$ 1.39 billion by 2030. This growth trajectory translates to a compound annual growth rate (CAGR) of 3.1% during the forecast period from 2022 to 2030. Clear brine fluids, crucial in the oil and gas industry for drilling and completion processes, are poised for increased demand,

All 5 Releases


More Releases for Big

Big Data and Data Engineering Services Market Development Study: Big changes wil …
Advance Market Analytics published a new research publication on "Big Data and Data Engineering Services Market Insights, to 2030" with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Big Data and Data Engineering Services market was mainly driven by the increasing R&D spending across
Nuclear Medicine Market - Big Changes to Have Big Growth
An extensive elaboration of the Nuclear Medicine Market strategy of the industry players in the precision of import/export consumption, supply and demand (2022-2027). The Nuclear Medicine explores a comprehensive study on various segments like opportunities, size, development, innovation, sales, and overall growth of major players. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources. Some of the
Sublimated Sportswear Market | Big Change and Big Impact
Sublimated Sportswear Market Outlook - 2028 Sublimated sportswear is printed clothing that is worn by the athlete. Tracksuits, shorts, t-shirts, skirts and more are the sportswear on which the sublimating dye is used to personalize various kinds of designs and styles. Sublimated sportswear is made through a digital process known as thermal sublimation printing, which uses dispersed ink or dye to create various patterns on the fabric. The sublimation dyes are
Autonomous Buildings Market - Big Changes to Have Big Impact
A new business intelligence report released by HTF MI with title "Covid-19 Impact on Global Autonomous Buildings Market Size, Status and Forecast 2020-2026" is designed covering micro level of analysis by manufacturers and key business segments. The Covid-19 Impact on Global Autonomous Buildings Market survey analysis offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics sources
Cosmetic Surgery Market - Big Changes to Have Big Impact
AMA Research added a comprehensive research document of 200+ pages on 'Cosmetic Surgery' market with detailed insights on growth factors and strategies. The study segments key regions that includes North America, Europe, Asia-Pacific with country level break-up and provide volume* and value related cross segmented information by each country. Some of the important players from a wide list of coverage used under bottom-up approach are Merz Pharma (Germany) Galderma (Switzerland) Valeant Pharmaceuticals
E-pharmacy Market - Big Changes to Have Big Impact
A new independent 150 page research with title 'Global E-pharmacy Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2025' guarantees you will remain better informed than your competition. The study covers geographic analysis that includes regions like North America, South Central & Latin America, Europe, Asia-Pacific, Middle East & Africa, Rest of World and important players/vendors such as CVS Health Corporation (United States), Doc Morris (Ireland),