Data-Backed Decisions: Big Data Analytics in Retail Market Dynamics 2028

According to the report published by Allied Market Research, the global big data analytics in retail market generated $4.85 billion in 2020, and is estimated to garner $25.56 billion by 2028, witnessing a CAGR of 23.1% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

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Big data analytics within the retail sector empowers the identification of customer behavior, uncovering shopping patterns and trends, enhancing the caliber of customer service, and attaining heightened levels of customer retention and satisfaction. Retailers can employ this technology for tasks such as customer segmentation, analyzing loyalty, pricing evaluation, cross-selling initiatives, streamlining supply chains, forecasting demand, conducting market basket analysis, and managing finance as well as fixed assets.

Rise in expenditure on big data analytics tools, surge in need to deliver personalized customer experience to increase sales, and growth of e-commerce sector drive the growth of the global big data analytics in retail market.

However, collecting and collating the data from disparate systems hamper the market growth. Moreover, 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 expected to usher a plethora of opportunities in the future.

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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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Some of the key players profiled in the report include Alteryx Inc., IBM, Microsoft, Microstrategy Inc., Oracle Corporation, Qlik Technologies Inc., RetailNext, SAP SE, SAS institute, and Teradata. This study includes market trends, Big Data Analytics in Retail Market analysis, and future estimations to determine imminent investment pockets.

Covid-19 Scenario:

• The retail sector has witnessed a decreased growth during the initial stage of covid-19 outbreak. The supply shortage, change in consumer behavior, and lockdown have further created challenges for the market players. This, in turn, has increased the adoption of big data analytics in retail.

• Although the retail sector has witnessed decline in growth rate, the retail companies have focused on studying customer trends and analyzing future market dynamics. Thus, retail companies are expected to continue their investments on big data analytics. The fluoroscopy devices segment held the highest market share.

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