Big Data Market in Retail Introduction
Retail has always been a dynamic and high-pressure sector, evolved from medieval stores to modern mega-stores. However, one simple maxim has always remained constant in the sector i.e. Know the customer. Retailer—who understand and analyze its customers perfectly—can easily personalize the offerings and is anticipated to prevail. At present, the retail industry has a massive amount of customer data to analyse—collected from various data sources—and form strategic insights. To sustain in the current competitive environment retailers are anticipated to adopt big data solutions and services.
Adoption of big data software and services can enable retailers to provide personalized offers to customers which can result in higher return on investment. Further, retailers can maximise their operating margins and enhance communication across customer touch points. Moreover, the rise in applications of analytics for sentiment & in-house behavior analysis, price optimization, and placement & design optimization are anticipated to boost the penetration of big data solutions and services in the retail sector. However, IT budget constraint and the shortage of skilled data scientist in the sector are some of the critical issues identified in the market that is anticipated to hinder the big data market growth in the retail sector.
The big data market in retail has been bifurcated into various segments to track market performance from various perspective. Major segments analyzed are offering, software, and services. Key regions covered in this report are North America, Western Europe, Asia Pacific, Latin America, Eastern Europe, and Middle East and Africa. The rise in penetration of mobile devices and growing popularity of social media platform across the globe has increased the demand for social media analytics and customer sentiment analytics among retailers at a rapid pace.
Big Data Market in Retail Competitive Landscape
Prominent players—offering big data solutions for retail sector—have introduced advanced big data solutions that are easy to implement and provides actionable analytics, report, role-based-dashboards, and KPIs to improve business performance and customer experience. Key and emerging players analyzed in the big data market are LNL Systems, Mi9 Retail, Oracle Corporation, HP Enterprise, CA Technologies, Prelert, Fujitsu Ltd., Infosys, ForNova, and Teradata Corporation.
Major Regions/Countries include:
- North America
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on big data market in retail would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.