Global Big Data market is on an upward swing. The industry is maturing and is estimated to do well over the next few years. In the retail sector, the big data market will be growing as well due to the high growth rate by the retail companies in their own sector. More and more people are using big data in retail to use it to their advantage and gain competitive advantages.
This sector offers huge opportunity for firms to grow in future as there is a consistent increase in the customer base. Coupled with that, companies are more than willing to use newer products which will be much more precise and efficient to use. Despite, the high cost of implementation, the revenue earned from the insights given by big data technologies is huge and there is a visible change in revenue of the companies implementing the big data technologies.
Another factor in the industry is the safety and security of the data that is captured by all these retailers. It is expected that the privacy is not breached by them and it should not feel like that the retail company is being too intrusive and are intruding into the personal sphere of the customers. Also, they should be aware of the threat of hackers, who can gain unlawful access to the databases and get away with all the data. So, it is essential that the company should take care of the data that is stored and captured.
Overall the industry will continue to grow. As with any new sector, this industry is also ripe to grow, although a downturn in market might lead to lowering of its growth rate. It’s a mandatory technology for anyone to compete in the retail industry now,the only thing that can differ is the size of the implementation.Customer 360, Fraud detection, recommendations, inventory management, etc. are the various services offered in the retail segment by the big data companies. The number of companies providing big data services are also increasing as the demand is high in this segment.
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Mr. Sudeep Chakravarty
Director – Operations
Market Research Reports, Inc.
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