Big Data in Retail Market Opportunities and Challenges - Gaining competitive advantage through better understanding retailers: Radiant Insights
August 11, 2017 --
The global Big Data in retail market is anticipated to net high revenues by 2020, according to a report on Radiant Insights, Inc. It is driven by the need to process and analyze huge volumes of data and gain metrics to identify potential consumers in future. Proliferation of the Internet and abundance of information are factors expected to drive future market growth. Retail stores can control data flow with the help of Big Data solutions and reduce unnecessary expenses in the process.
Big Data can help end users discover the potential of large data sets to create customer profiles, optimize processes, and increase sales. The information can be used to eliminate any redundancies in supply chain management and provide superior customer experience. Data from social media and popular search terms can be used to glean valuable insights into customer mindsets.
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Big Data solutions are expected to scale up due to continuous influx of new mobile applications in the market. The software needs to be proficient enough to analyze large files, which may include videos, Extended Markup Language (XML), audio files, and images. Recent upgrades can even register geolocation information, demographics, and other e-mail-related information to contribute to analytics. Compression algorithms can eliminate any bottlenecks and provide optimized results rapidly. For instance, InfoScout, a U.S. market researcher, has collaborated with Amazon Web Services and HP Vertica platform to gain faster insights on consumer shopping trends.
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Costco, one of the largest retailers in the U.S., used the data constructively by warning consumers of a possible listeria contamination in stone fruits. It sent a message to only those consumers relying on timestamps and shopping history and saved many people from potential infection. It could lend a hand to the Centers for Disease Control and Prevention (CDC) to detect a salmonella outbreak in 2010. Recently, IBM launched a new solution, Elastic Storage Server (ESS) and Spectrum Scale storage services, which accelerate workloads and predict business insights astutely.
The worldwide Big Data in retail market can besegmented by deployment and region. Deployments may be bifurcated into Cloud and on premise.The cloud segment is anticipated to gain a large market share due to lower infrastructure expenses and increased capacity to analyze large data volumes. The on-premise segment is adopted by small enterprises or startups and is expected to account for a relatively smaller share in the market.
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Regions in the market include Asia Pacific (APAC), Latin America, North America, the Middle East and Africa (MEA), and Europe. North America is expected to dominate the global Big Data in retail market till 2020, but MEA can exhibit a robust growth rate. Europe may display a significant growth rate to pinpoint any operation inefficiencies and form feasible solutions.
Notable market players includeMicrosoft Corporation, Oracle Corporation, SAP SE, Tableau Software, and Angoss Software Corporation. The main strategy of these players is to focus on developing their existing software to gain an upper hand in predictive analytics. Majority of the players are expected to invest in other verticals depending on the expenditure and asset-intensive industries like supply management chain.
About Radiant Insights, Inc
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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