Global Big Data Analytics in Retail Market: Overview
Over a period of time, big data analytics has witnessed a major rise in its application in various industries across the globe. The technology has helped businesses unveil multiple prospects to understand customer’s behavior, preferences, and on-going industry trends. One of the subsets of big data analytics market is big data in the retail market which deals with data collection, storing, and processing in retail sector. It aids in information collection and data analysis the entire value chain. Owing to the values such as customer-centric promotions, better customer retention, reduced customer churn, and increased customer satisfaction the global big data analytics in retail market is experiencing a major boost in recent time.
Additionally, analytics in retail improves businesses providing new ways to acknowledge products and channel preferences, a better understanding of inventory demands in real-time. The technology also provides better ways to serve customers ensuring smooth operations and better profits. These factors have also supported the growth of global big data analytics in retail market over a period of time.
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A report by Transparency Market Research explains the progressive dynamics of global big data analytics in retail market. The report offers a detailed analysis of the various facets of the frozen food packaging market. It enlightens the segments such as key developments, major players, notable drivers, and challenging restraints.
Global Big Data Analytics in Retail Market: Notable Developments
The global big data analytics in retail market is highly fragmented and has multiple players who are influencing the dynamics of the market. The overall competitive rivalry among existing competitors has raised to new heights. In order to have an edge over their competitors, the global big data analytics in retail market players are focusing on bringing innovative solutions for their customers. For instance:
- In May 2019, Oracle joined hands with Gap. Inc. to deploy its integration and merchandising services, Oracle Retail Integration Cloud Services and Oracle Retail Merchandizing Cloud Service respectively. Both of the services are powered by Oracle Cloud Infrastructure. This allowed Gap. Inc. to have better operational agility and customer satisfaction.
- In Early 2019, SAP SE provided its human capital management (HCM) solutions SAP SuccessFactors and SAP S/4HANA Cloud for enterprise resource planning (ERP) to NPC International, Pizza Hut, and Wendy’s franchisee.
Some of the major players of global big data analytics in retail market are SAP SE, Oracle Corporation, IBM Corporation, Hitachi Vantara Corporation, and Qlik Technologies Inc.
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Global Big Data Analytics in Retail Market: Key Drivers
The growth of global big data analytics in retail market is majorly driven by persistent availability of data across the various business for faster and better decision-making. Benefits such as real-time data analysis and increased adoption of ERP solutions for the betterment of management in a retail business is also a prime factor that is influencing the growth of global big data analytics in retail market .
Rising technological advancements will pave the road for various business in the big data analytics in retail market to achieve substantial growth. This will also open doors for many ERP market by making analytics tools more accessible to small and medium organization. This will further help the global big data analytics in retail market to grow at substantial over the period of time.
Global Big Data Analytics in Retail Market: Regional Analysis
North America shall be the highest growing region for global big data analytics in retail market. The growth is attributed to the fact that North America is the home for the majority of prominent players. This results in easy development of big data analytics solutions for their customers. Also, the growing trend of e-commerce in the region is one of the prominent factors that is influencing the growth of big data analytics in retail market in North America.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.