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Big Data Analytics in Retail Market Revenue, Insights, Overview, Outlook, Analysis | Valuates Reports
Big Data Analytics in Retail MarketThe global big data analytics in retail market size was valued at US$ 4854 million in 2020 and is projected to reach US$ 25560 million by 2028 registering a CAGR of 23.1% from 2021 to 2028. Key drivers of big data analytics in the retail market include increased spending on big data analytics tools, a rise in the need to deliver a personalized customer experience to increase sales, and an increase in the growth of the eCommerce sector. Big data analytics is used in every stage of the retail industry to understand customer behavior, predict demand and optimize pricing.
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Report Scope
The size of the big data analytics in retail market is estimated to grow from 5,955 million in 2021, and is projected to reach $25,560 million by 2028, at a CAGR of 23.1%. The current estimation of 2028 is projected to be higher than pre-COVID-19 estimates. COVID-19 pandemic has bought a positive impact on the big data analytics in retail market, achieving a growth rate of 3-5% in 2021. . Covid 19 had a positive impact on the retail analytics market due to the widespread adoption of AI.machine learning and big data analytics tools by healthcare professionals and researchers in order to study, analyze and collate large volumes of data to interpret the spread of the virus and find ways to contain it. Thus, increased usage of big data during the covid 19 outbreak will accelerate the growth of big data analytics in the retail market during the forecast period.
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Segment by Type
• Large Enterprises
• Small & Medium Enterprises (SMEs)
Segment by Application
• Sales and marketing analytics
• Supply chain operations management
• Merchandising analytics
• Customer analytics
By Companies
Alteryx Inc., IBM, Microsoft, Microstrategy Inc., Oracle Corporation, Qlik Technologies Inc., RetailNext, SAP SE, SAS institute, and Teradata
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