Big Data Analytics in Retail Market

Big Data Analytics in Retail Market was valued at USD 4.2 billion in 2022 and is forecast to touch USD 18.2 billion in 2030, and the market is expected to grow at a CAGR of 20.1% from 2023-2030.

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Market Dynamic

Key Drivers and Emerging Trends

Rapidly growing retail industry and rising e-commerce retail platform owing to the increasing penetration of smartphones and internet services is expected to boost the growth of the global big data analytics in retail market during the forecast period. In addition, integration of advanced technologies such as IoT, artificial intelligence, and machine learning in big data analytics, growth in demand for prescient analytics in retail, and need to deliver customized user experience to expand sales is further anticipated to contribute to the growth of the big data analytics in retail industry. Moreover, increasing utilization of big data analytics tools including Board BEAM by Board International; Tableau by Tableau Software, Llc; WebFOCUS by International Business Machines Corporation; ThoughtSpot; Sspotfire by TIBCO Software Inc. for predictive analysis and better decision-making in the business process is projected to provide lucrative growth opportunities to the market over the forecast period.

Restraint in the Big Data Analytics in Retail Market

However, high cost investment and complexity of big data solutions may hamper the growth of big data analytics in retail market over the forecast period. Additionally, the increasing concern for data security, challenges in capturing customer data, and inconsistency in data collection is further expected to restraint the data analytics in retail industry growth.

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Application – Segment Analysis

Based on application, merchandising and supply chain analytics segment is expected to hold significant share in the market primarily due to use of big data analysis for numerous applications including tracking and tracing product flow in real-time, better accuracy in predicting customer buying patterns, and managing supply chain and product distribution. Various leading retail companies including Walmart Inc., Asos Plc, Starbucks Corporation, Costco Wholesale Corporation, Amazon.com, Inc., and Inter IKEA Systems B.V are utilizing big data analytics for improving their businesses. This is further expected to support the market growth.

Business Type – Segment Analysis

Based on the business type, small and medium enterprise segment is anticipated to grow significantly during the forecast period primarily due to the growing number of small and medium sized business organizations throughout the world, increased volume of data and customer interactions, and increasing demand for forecasting trends and making strategic decisions based on market data analysis. Moreover, according to the World Bank Group, small and medium enterprises represent about 90% of businesses worldwide and estimated to provide 600 million jobs 2030.

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Regional – Segment Analysis:

Based on region, North America is expected to account for a major market share over the forecast period. This can be attributed to the presence of several prominent big data analytics vendors, including International Business Machines Corporation, SAS Institute Inc., Alteryx Inc., and MicroStrategy Incorporated among others. Moreover, according to the National Retail Federation, the retail sales during 2020 will increase between 3.5% and 4.1% to more than USD 3.9 trillion in the region which further contributes to the growth of the market.

Top Market Players

Several Leading players operating in the market, include, Oracle Corporation, International Business Machines Corporation, Tableau Software LLC, QlikTech International AB, SAP SE, Salesforce.com, Inc., Microsoft Corporation, SAS Institute Inc., Adobe, Inc., and Teradata Corporation among others. 

Key Developments:

• • In 2019, SAP SE announced that NPC International (NPC), one of the largest Pizza Hut and Wendy’s franchisee, has implemented SAP SuccessFactors solutions for human capital management (HCM) and SAP S/4HANA Cloud for enterprise resource planning (ERP).

Segments Covered in the Report:

The global big data analytics in retail market has been segmented on the basis of application, business type, and key regions. Based on application, the market is segmented into merchandising and supply chain analytics, social media analytics, customer analytics, operational intelligence, and others. Based on business type, the market is segmented into small and medium enterprises and large-scale organizations. 

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Key questions answered in this research report:

• • At what pace is global Big Data Analytics in Retail Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Big Data Analytics in Retail Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Big Data Analytics in Retail Market?
  • Which application generated maximum revenues in 2021 and identify the most promising application during the forecast period?
  • What are the various business types of global Big Data Analytics in Retail Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Big Data Analytics in Retail Market by Application

• • Merchandising and Supply Chain Analytics
  • Social Media Analytics
  • Customer Analytics
  • Operational Intelligence
  • Others

Global Big Data Analytics in Retail Market by Business Type

• • Small and Medium Enterprises
  • Large-Scale Organizations

Global Big Data Analytics in Retail Market by Region

• • North America Big Data Analytics in Retail Market (Option 1: As a part of the free 25% customization)

    • By Application
    • By Business Type
    • US Market All-Up
    • Canada Market All-Up

  • Europe Big Data Analytics in Retail Market (Option 2: As a part of the free 25% customization)

    • By Application
    • By Business Type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Big Data Analytics in Retail Market (Option 3: As a part of the free 25% customization)

    • By Application
    • By Business Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Big Data Analytics in Retail Market (Option 4: As a part of the free 25% customization)

    • By Application
    • By Business Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Big Data Analytics in Retail Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Oracle Corporation
  • International Business Machines Corporation
  • Tableau Software LLC
  • QlikTech International AB
  • SAP SE
  • com, Inc.
  • Microsoft Corporation
  • SAS Institute Inc.
  • Adobe, Inc.
  • Teradata Corporation