Reportstack has announced a new market research publication on Global Big Data Market in the Retail Sector 2014-2018. The following companies are the key players in the Global Big Data Market in the Retail Sector: IBM Corp., Hewlett-Packard Co., Oracle Corp., and Teradata Corp. “Over the last few years, social media has been a major data source for retail organizations. This is because organizations can obtain instant feedback about their products and services through blogs and social networking sites. With the rapid increase in the number of social media sites, there is high demand to track user interactions on these sites. Organizations have realized the need to augment their data warehouses with external data sources. Additionally, the increased importance of sentiment analysis and advancements in text analytics are encouraging organizations to include social media in their business process. Social media increases the amount of data in enterprises; therefore, this is a positive trend in the market and it is expected to drive the growth of the Global Big Data market in the Retail sector in the coming years.”
According to the report, one of the major drivers in the market is the exponential growth in data stored by the Retail sector. Due to the presence of a large amount of data, organizations in the Retail sector need big data solutions to automatically track the performance and behavior of the information stored in their IT systems. In addition, they require data analytics to develop innovative business strategies and improve overall operational efficiency. Big data solutions help in identifying the risks and opportunities in organizations, enabling them to plan and perform accordingly.
Further, the report states that one of the major challenges is the lack of skilled workforce to manage big data. The requisite technical skills for handling big data vary from one project to another with respect to data storage and data retrieval. As a result, there is a high possibility of failure in the implementation of big data solutions. Additionally, in spite of a large number of big data projects, companies are not ready to invest in professionals with the required analytical skills for managing big data.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit http://www.reportstack.com/product/148257/global-big-data-market-in-the-retail-sector-2014-2018.html.
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