Big Data Analytics in Retail Market to Reach $17.85 Billion, Globally, by 2027 at 20.4% CAGR: Allied Market Research
Increase in spending on big data analytics tools, surge in need to deliver personalized customer experience to increase sales, and rise in growth of the e-commerce sector drive the growth of the global big data analytics in retail market
PORTLAND, Ore., Oct. 8, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Big Data Analytics in Retail Marketby Component (Software and Services), Deployment (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Application (Sales & Marketing Analytics, Supply Chain Operations Management, Merchandising Analytics, Customer Analytics, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global big data analytics in retail market size was valued at $4.43 billion in 2019, and is estimated to reach $17.85 billion by 2027, registering a CAGR of 20.4% from 2020 to 2027.
Increase in spending on big data analytics tools, surge in need to deliver personalized customer experience to increase sales, and rise in growth of the e-commerce sector drive the growth of the global big data analytics in retail market. However, issues in collecting and collating the data from disparate systems and challenges in capturing customer data restrain the growth to some extent. On the other hand, 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 would create new opportunities in the coming years.
During COVID-19 the demand for big data analytics in retail has been accelerated owing to the increasing trend of e-commerce platforms. In addition, the change in the buying behavior of the customers has further enhanced demand.
On the other hand, the optimization of business continuity has increased the adoption of big data analytics in retail, during the lockdown.
The software segment to dominate the market throughout the forecast period-
Based on component, the software segment contributed to the largest market share in 2019, holding more than two-thirds of the global big data analytics in retail market, and is expected to continue to dominate in terms of revenue throughout the forecast period. The increase in need to improve personalization at a transformational scale by allowing retail companies to enhance customer experience and growing requirements to provide more customized recommendations to the customers drive the growth of the segment. However, the services segment is estimated to maintain the highest CAGR of 23.1% from 2020 to 2027. This is owing to its adoption to ensure effective functioning of software and platforms throughout the big data analysis process.
The on-premise segment to retain its lead position throughout 2027-
Based on deployment, the on-premise segment accounted for around two-third of the global big data analytics in retail market in 2019, and is expected to continue its lead position throughout the forecast period. The use of on-premise data analytics in retail to ensure data security majorly drives the growth of the segment. However, the cloud segment would register the highest CAGR of 23.2% during the forecast period. Increase in adoption of big data analytics in retail has been witnessed for manufacturing of high-precision components. Less investment needs on hardware infrastructure, flexible plans from vendors according to enterprise usage, and greater scalability augment the growth of the segment.
Based on region, North America attributed to nearly two-fifths of the global big data analytics in retail market in 2019, and is expected to maintain its dominant share by 2027. Adoption of AI integrated big data analytics in retail software by the service providers, continuous advancements in technology, and presence of major number of big data analytics in retail vendors drive the market growth in this province. On the other hand, the Asia-Pacific region is estimated to portray the fastest CAGR of 23.5% from 2020 to 2027. The adoption of cloud-enabled big data analytics in retail software, increase in popularity of fast internet connectivity, ever growing smartphone penetration, and rising popularity of e-commerce companies are the major factor propel the growth in this region.
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