What are the opportunities of using big data in the retail industry?
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This report published by Frost &Sullivan in September 2014, gives an overview of how Big Data can offer valuable insights into consumer behavior and how it can add to the growth of retail business. It specifically lists the huge potential for large volumes of unstructured and structured data to be used in the European market, which is a combination of a growing and nascent market. This report focuses on the market opportunities for software analytics services that are associated with Big Data. It is an expanding industry that has tremendous opportunities within the European market. The report gives information on the big data value chain, the competitive landscape, trends that are driving the usage of big data analytics among retailers and also the growth challenges of the market.
The report shows the Big Data opportunities that exist for the retail industry in Europe as well as its wide range of services. These include hardware (server storage) and software providers (processing and analytics). This report focuses on the market for software analytics services. Although it is a global market, the adoption rates of Big Data practices differ from one region to another. These regional differences alter the opportunities and challenges that each market deals with. This report highlights these factors and gives an overview of the state of the market in Europe.
The methodology of this report relies on secondary research, some of which includes Frost & Sullivan databases on the subject. It also uses primary research from discussions with important global and European providers in the market, which is used to assess the state of the Big Data analytics market in the retail industry.
Some of the key findings include that the term Big Data analytics needs to be differentiated from Business Intelligence (BI). BI lacks the ability to forecast and deliver predictive insights from large, varied and quickly changing data sets. This is where Big Data analytics solutions becomes useful.
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