Regardless of a company’s size or income, the most recent research study offers an exhaustive analysis of the Big Data in Retail market for 2023–2032. This survey study discusses the key market trends and the industry’s outlook for the forecast years.
Global Big Data in Retail Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.
The global big data in retail market size was US$ 5,091 million in 2021. The global big data in the retail market is forecast to grow to US$ 26,799 million by 2030 by growing at a compound annual growth rate (CAGR) of 24.1% during the forecast period from 2022 to 2030.
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Big data analytics in retail help companies develop customer recommendations according to their purchase history. Thus, it aids in offering personalized shopping experiences.
Factors Influencing the Market
The rising need to offer a personalized customer experience is primarily driving the growth of big data in retail market. Moreover, big data analytics help retailers in driving consumer engagement and act according to consumer demand. As a result, it will fuel the growth of the big data in retail market during the study period.
Innovative strategies by industry players will also drive the big data in retail market forward. For instance, Montblanc, in collaboration with RetailNext, completed a project aimed at installing video analytics in their offline retail spaces.
Retail organizations can gain significant profit from big data analytics in retail software as it improves customer interaction. Moreover, companies like Amazon and FedEx are also using data analytics for over ten years, which describes the potential of big data in the retail market.
On the flip side, complexities in capturing customer data may limit the market growth during the study period.
COVID-19 Impact Analysis
Due to the COVID-19 disease outbreak, almost every retail store started operating online to cater to consumer demands while maintaining the safety of the users. As a result, it potentially strengthened the scope of big data in retail market. The pandemic unlocked the potential of big data in retail market due to the rise in the online user base and growing demand for online services. Moreover, the ease of shopping and learning consumer buying patterns further helped companies grow faster. Thus, all of these factors signify how big data in retail market recorded growth in the wake of the COVID-19 pandemic.
Regional Analysis
The Asia-Pacific big data analytics in retail market will hold the highest share, owing to the rising awareness about the benefits of the technology. Apart from that, the rising popularity of fast internet connectivity, including 4G connections, and the rise in smartphone penetration is forecast to fuel the market growth. The growing user base of e-commerce platforms and changes in consumer purchasing patterns will have a positive impact on the big data analytics in retail market. In addition, these technologies have increased the quantity of data that is exchanged on mobile and internet networks, allowing businesses to gather enormous amounts of data about client interactions.
Competitors in the Market
• SAP SE
• SAS Institute
• Microstrategy Inc.
• Alteryx Inc.
• IBM
• Microsoft
• Oracle Corporation
• Qlik Technologies Inc.
• RetailNext
• Teradata
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Big Data in Retail industry experienced notable growth in its workforce. Starting in January, employment within the Big Data in Retail sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Big Data in Retail output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Big Data in Retail output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Big Data in Retail market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Big Data in Retail market.
Market Segmentation
The global big data in retail market segmentation focuses on Component, Deployment, Organization, Application, and Region.
By Component Outlook
• Software
• Services
By Deployment Outlook
• On-Premise
• Cloud
By Organization Size Outlook
• Large Enterprise
• Small & Medium Enterprise
By Application Outlook
• Sales & marketing analytics
• Supply chain operations management
• Merchandising analytics
• Customer analytics
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
Table of Contents:
Chapter 1: Introduction to the Global Big Data in Retail Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Big Data in Retail Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Big Data in Retail Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Big Data in Retail Market Size (2023-2032)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Big Data in Retail market revenues, extending projections until 2032. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Big Data in Retail market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Big Data in Retail business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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