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Global Big Data Analytics in Retail Market to Reach About USD 20,826.6 Million by 2027, Aided by the Robust Growth of the Retail Industry

According to a new report by EMR titled, ‘Global Big Data Analytics in Retail Market Report and Forecast 2022-2027’, the big data analytics in retail industry attained a value of about USD 5,898.3 million in 2021. The industry is expected to grow at a CAGR of 23.4% between 2022-2027 to reach nearly USD 20,826.6 million by 2027.

North America accounts for a significant share of the big data analytics in retail industry owing to the robust growth of the retail sector. The increasing adoption of the latest technologies in the region is surging data generation, which, in turn, is leading to the adoption of big data analytics. As the ease-of-doing business in the United States and Canada is significantly surging, the penetration of various medium and small-sized enterprises (MSMEs) is escalating, which is propelling the growth of the market. Moreover, the increasing digital transformation of small and medium-sized retails is surging the deployment of big data analytics, hence augmenting the market growth. The market growth can also be attributed to the rising investments in big data analytics by leading retailers as well as the presence of the major companies in the United States and Canada.

Adobe Inc. (NASDAQ: ADBE), one of the leading companies in the market, showcased Customer Journey, a big data analytics solution for retailers, in January 2020. The solution enables brands to accumulate unstructured data to obtain meaningful insights into a shopper’s journey. This aids retailers to understand the data, automate heavy analysis, and obtain meaningful insights to boost consumer engagement. As brands can efficiently gain insights into the intersection of online and offline shopping, they can be deployed to boost their customer experience management (CXM) on both platforms. The solution also enables consumers to enhance their marketing campaigns while providing personalised access across marketing channels. Hence, the development of such innovative solutions is surging the demand for big data analytics in retail, which is driving the growth of the market.

Market Analysis by Component, Deployment, Organisation Size, and Region:

  • The market, on the basis of component, can be divided into software and service.
  • Based on deployment, the industry can be divided into on-premise and cloud.
  • The major organisation sizes of big data analytics in retail include large enterprises and SMES.
  • The regional markets for big data analytics in retail include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing adoption of cloud-based big data analytics in the retail industry owing to its cost-effectiveness and enhanced flexibility is bolstering the market growth.
  • The market is being invigorated by the rising deployment of big data analytics to manage and assess a large amount of data owing to rapid business transformation.
  • The growing utilisation of data in marketing campaigns in the retail sector is surging the adoption of big data analytics, hence augmenting the market for big data analytics in retail.
  • The increasing use of big data analytics to provide personalised recommendations and customised services to consumers in the online retail sector is fuelling the growth of the big data analytics in retail industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for big data analytics in retail for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the components, deployments, organisation sizes, and major regions of big data analytics in retail.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global big data analytics in retail market are Cisco Systems Inc., Adobe Inc., IBM Corporation, Oracle Corporation, and SAP SE, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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