U.S (New York) – Report Ocean has recently published a comprehensive research report titled “Big Data Analytics in Retail Market” Research Report 2023-2031. This report delves deep into the market and offers valuable insights into (Key Market Trends, Emerging Technologies, Market Drivers and Challenges of the Industry, Regulatory Policies), company profiles of key players, and their strategies. With over 100+ market data tables, pie charts, graphs, and figures, this global market study is now available. The report provides a thorough evaluation of the market, (Encompassing Future Trends, Current Growth Factors, Expert Opinions, Factual Information), and industry-validated market data, with a forecast extending until 2031.
Big data analytics in retail can enable detecting customer behavior, discovering customer shopping patterns and trends, improving the quality of customer service, and achieving better customer retention and satisfaction. It can be used by retailers for customer segmentation, customer loyalty analysis, pricing analysis, cross selling, supply chain management, demand forecasting, market basket analysis, finance and fixed asset management and more. Increase in spending on big data analytics tools, rise in need to deliver personalized customer experience to increase sales, surge in adoption of customer-centric strategies as well as rise in awareness about the benefits of big data analytics in retail are the major factors that fuel the growth of the big data analytics in retail market.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
In addition, increasing growth of e-commerce sector is also propelling the growth of this market. However, issues in collecting and collating the data from disparate systems is expected to hinder the big data analytics in retail market growth. On the contrary, integration of new technologies such as machine learning and AI in big data analytics in retail is expected to provide lucrative opportunities for the market growth in the coming years.
The big data analytics in retail market is segmented on the basis of component, deployment, organization size, application, and region. By component, the market is categorized into software and service. On the basis of deployment, it is classified into on-premise and cloud. As per organization size, market is divided into large enterprises and small & medium sized enterprises (SMEs). Depending on application, it is divided into sales & marketing analytics, supply chain operations management, merchandising analytics, customer analytics and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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KEY BENEFITS FOR STAKEHOLDERS
– The study provides an in-depth analysis of the global big data analytics in retail market along with the current & future trends to elucidate the imminent investment pockets.
– Information about key drivers, restrains, and opportunities and their impact analyses on the market size is provided in the report.
– Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
– The quantitative analysis of the global big data analytics in retail market from 2019 to 2027 is provided to determine the market potential.
KEY MARKET PLAYERS
– Alteryx Inc.
– IBM
– Microsoft
– Microstrategy Inc.
– Oracle Corporation
– Qlik Technologies Inc.
– RetailNext
– SAP SE
– SAS Institute, Inc.
– Teradata
KEY MARKET SEGMENTS
By Component
– Software
– Services
By Deployment
– On-premise
– Cloud
By Enterprise Size
– Large Enterprises
– Small & Medium Enterprises (SMEs)
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By Application
– Sales and marketing analytics
– Supply chain operations management
– Merchandising analytics
– Customer analytics
– Others
By Region
– North America
o U.S.
o Canada
– Europe
o UK
o Germany
o France
o Rest of Europe
– Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific
– LAMEA
o Latin America
o Middle East
o Africa
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Five Forces Analysis: To enhance market understanding, we conduct a comprehensive five forces analysis that includes evaluating the bargaining power of buyers and suppliers, the threat of new entrants, the threat of substitutes, and the level of rivalry within the market.
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