Increase in spending on big data analytics tools and surge growth of e-commerce sector fuel the growth of the global big data analytics in retail market. Based on enterprise size, the large enterprises segment dominated the market in 2020. Based on region, the region across North America held the largest market share in 2020, and is expected to lead the trail throughout the forecast period.
Portland, OR, June 30, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global big data analytics in retail market generated $4.85 billion in 2020, and is estimated to garner $25.56 billion by 2028, witnessing a CAGR of 23.1% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in expenditure on big data analytics tools, surge in need to deliver personalized customer experience to increase sales, and growth of e-commerce sector drive the growth of the global big data analytics in retail market. However, collecting and collating the data from disparate systems hamper the market growth. Moreover, 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 expected to usher a plethora of opportunities in the future.
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The big data analytics in retail market is segmented on the basis of component, deployment, organization size, application, and region. Based on enterprise size, the large enterprises segment dominated with the largest market share, accounting for nearly four-fifths of the total market share in 2020, and is projected to lead its status throughout the forecast period. Conversely, the SMEs segment is also projected to manifest the largest CAGR of 24.2% from 2021 to 2028.
Based on application, the supply chain operations management segment accounted for the highest share in 2020, holding nearly one-third of the global big data analytics in retail market, and is expected to maintain its lead throughout the forecast period. However, the customer analytics segment is estimated to cite the highest CAGR of 26.3% from 2021 to 2028.
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Based on region, the market is studied across regions including Asia-Pacific, North America, Europe, and LAMEA. The region across North America held the largest market share in 2020, holding nearly two-fifths of the total share, and is expected to dominate in terms of revenue by 2028. Simultaneously, the Asia-Pacific region is estimated to exhibit the largest CAGR of 27.4% during the forecast period.
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