The Big Data Analytics in Retail Market is to Touch $19.93 Billion by 2030; Growing demand for Big Data Analytics in Large Businesses and Growing demand owing to Predictive Analytics propels market growth.

The Big Data Analytics in Retail Market size is estimated to reach $19.93 Billion by 2030, growing at a CAGR of 21% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Big Data Analytics in Retail Market – By Product Type (Software (Customer Analytics Software, Operational Analytics Software, Fraud Detection Software, Others), Hardware (Data Storage Systems, Processing Units, Others), Services (Consulting Services, Managed Services, Support and Maintenance, Others)), By Business Type (Small and Medium Enterprises, Large-scale Organizations), By Application (Security Intelligence, Predictive Analytics, Customer Relationship Management (CRM) Analytics, Sales and Marketing Analytics, Reporting and Visualization Tools, Merchandising and Supply Chain Analytics, Social Media Analytics, Customer Analytics, Operational Intelligence, Inventory Management, Pricing Optimization, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Enhancing operational efficiency in the retail sector and Opportunities in the retail sector through market basket analysis are expected to create growth opportunities in the market during forecast period.

North America accounted for the largest share of 38% of the Big Data Analytics in Retail Market in 2023. In April 2024, Target adopted machine learning algorithms to refine its marketing strategies and improve customer engagement. These initiatives underscore the strategic adoption of big data analytics to drive efficiency, reduce costs, and deliver superior customer experiences. As the North American market continues to innovate, the integration of advanced data analytics in retail operations is set to expand, reinforcing its leadership in this critical sector.

The escalating demand for software capable of extracting meaningful insights from vast datasets is transforming industries globally. This surge is propelled by the necessity for real-time data analysis, enabling businesses to make informed decisions swiftly. Recent developments underscore this trend. In June 2024, the UGC CARE initiative was launched to promote academic integrity through advanced data processing tools, highlighting the significance of sophisticated software in educational and research sectors. Moreover, advancements in artificial intelligence have been pivotal in cybersecurity, where AI-driven software enhances threat detection by analyzing large volumes of data to identify patterns and anomalies. These initiatives illustrate the growing reliance on software to harness big data, ensuring operational efficiency and strategic advantage.

The rising demand for supply chain analysis is driven by the need to enhance efficiency, reduce costs, and respond swiftly to market changes. Companies are increasingly leveraging advanced analytics to gain insights into their supply chain operations. For instance, in May 2024, IBM introduced a new suite of AI-powered supply chain tools designed to provide real-time visibility and predictive analytics, enabling businesses to anticipate disruptions and optimize logistics. Similarly, In February 2024, SAP launched its updated Supply Chain Control Tower, which integrates machine learning algorithms to streamline operations and improve decision-making processes. These initiatives reflect a broader trend where companies prioritize data-driven strategies to mitigate risks and improve supply chain resilience. As global supply chains become more complex, the adoption of sophisticated analysis tools is crucial for maintaining competitive advantage and ensuring seamless operations, highlighting the critical role of technology in modern supply chain management. 

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• In February 2024, SAP launched its updated Supply Chain Control Tower, which integrates machine learning algorithms to streamline operations and improve decision-making processes.

• In May 2024, IBM introduced a new suite of AI-powered supply chain tools designed to provide real-time visibility and predictive analytics, enabling businesses to anticipate disruptions and optimize logistics.

Key companies profiled in the Big Data Analytics in Retail Market are SAP SE, Oracle Corporation, Qlik Technologies Inc., IBM Corporation, Retail Next Inc., Alteryx Inc., Salesforce.com Inc. (Tableau Software Inc.), Adobe Systems Incorporated, Microstrategy Inc., Zoho Corporation, and Others.