Big Data Analytics in Retail Market Key Insights Based on Product Type, End-Use and Regional Demand

DUBLIN - March 23, 2021 - PRLog -- The GMI Research's latest analysis reveals that the Big Data Analytics in Retail Market is slated to register a significant CAGR over the coming years. This is attributed to the introduction of advanced technologies, including artificial intelligence, IoT, machine learning in big data analytics, and the requirement to deliver a customized user experience to increase sales.

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Key Drivers

The global big data analytics in the retail market is predicted to witness an upsurge in demand during the forecast period due to the increasing e-commerce retail platform and the rising retail sector owing to the strong penetration of smartphones and internet services. Furthermore, the introduction of advanced technologies including artificial intelligence, IoT, and machine learning in big data analytics, the requirement to deliver customized user experience to increase sales, the rising demand for prescient analytics in retail will further stimulate the growth of the big data analytics in the retail market. In addition to this, the growing usage of big data analytics tools, such as Tableau by Tableau Software, Llc, ThoughtSpot, WebFOCUS by International Business Machines Corporation, Board BEAM by Board International, Spotfire by TIBCO Software Inc. for predictive analytics and improved decision-making in the business process is expected to create various new growth opportunities to the market in the upcoming yeas. On the other hand, high-cost investment and complexity of big data solutions will hinder the growth of the market during the forecast period. Moreover, the rising concern for data security, issues in capturing customer data, and inconsistency in data collection are restraining the market growth.

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