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Growing need to enhance customer experience with personalized offerings and increasing demand for price optimization in the retail industry

VANCOUVER, BC, CANADA, May 4, 2022 /EINPresswire.com/ -- The big data analytics in retail market reached a market size of USD 4.56 Billion in 2020 and is expected to register a robust CAGR of 21.2% over the forecast period, according to latest analysis by Emergen Research. Growing need to enhance customer experience with personalized offerings in the retail industry is among some of the key factors expected to drive growth of the global big data analytics in retail market during the forecast period.

Retail businesses analyze in-store surveillance recordings and data from sensors to enhance consumer experience. Retailers calculate how many buyers tend to move to a storage area and better represent the products individuals are more likely to choose initially. It is not a modern idea that retailers purposefully plan their layout, thus letting customers come away with far more products than they initially planned to purchase.

The report discusses in detail the growth opportunities, challenges, market drivers and restraints, limitations, threats, and demands of the Big Data Analytics in Retail market. The study further assesses the regional market as well as the international market to garner an insight into the scope of the market. The report also provides deeper insights into the technological advancements, industrial landscape, and emerging product and technological developments in the Big Data Analytics in Retail market. It offers fruitful insights into the business sphere to help businesses capitalize on the lucrative growth opportunities.

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The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry. It also covers strategies adopted by prominent players such as mergers and acquisitions, collaborations, joint ventures, product launches, and brand promotions, among others. The report aims to offer the readers a holistic understanding of the relevant features of the industry.

Key Players Profiled in the Report are:

Oracle Corporation, Zoho Corporation, SAP SE, Qlik Technologies Inc., International Business Machines Corporation, Retail Next Inc., Salesforce.com Inc., Microstrategy Inc., Alteryx Inc., and Fuzzy Logix LLC.

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Some Key Highlights

Increasing adoption of big data analytics software in the retail industry is driving revenue growth of the software segment currently, which is expected to register a significantly high CAGR over the forecast period.

In terms of market share, the on-premises segment is expected to lead during the forecast period due to increasing implementation of on-premises-based big data analytics solutions for better data privacy in the retail industry.

In terms of revenue, the customer analytics segment is expected to register significant growth with a high CAGR during the forecast period due to increasing usage of big data analytics software in the retail industry for customer-based analysis.

Due to high presence of international players such as Oracle Corporation, Zoho Corporation, and International Business Machines Corporation in countries in North America, the market in the region is expected to account for comparatively higher revenue share among other regional markets during the forecast period.

Furthermore, the report provides a comprehensive overview of the Big Data Analytics in Retail market along with product portfolio and market performance. The report offers key insights into market share, supply chain analysis, demand and supply ratio, import/export details, and product and consumption patterns. To gain a better understanding, the report is further segmented into sections such as product types offered by the market, application spectrum, companies, and key geographical regions where the market has established its presence.

To know more about the report, visit @ https://www.emergenresearch.com/industry-report/big-data-analytics-in-retail-market

Emergen Research has segmented the global big data analytics in retail market on the basis of component, deployment, application, and region.

Component Outlook (Revenue, USD Billion; 2021–2028)

Services

Software

Deployment Outlook (Revenue, USD Billion; 2021–2028)

Cloud-Based

On-Premises

Application Outlook (Revenue, USD Billion; 2021–2028)

Customer Analytics

Sales & Marketing Analytics

Merchandising Analytics

Supply Chain Operations Management

Social Media Analytics

Others

Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Big Data Analytics in Retail market expected to boost the growth of the industry in the coming years.

Key Questions Answered in the Report:

What is the growth rate of the Big Data Analytics in Retail market? What is the anticipated market valuation of Big Data Analytics in Retail industry by 2028?

What are the key growth driving and restraining factors of the Big Data Analytics in Retail market?

Who are the prominent players operating in the market? What are the key strategies adopted by these companies?

What are the key opportunities and growth prospects of the Big Data Analytics in Retail industry over the forecast period?

Which region is expected to show significant growth in the coming years?

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Emergen Research
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