|By Business Wire||
|January 20, 2014 01:51 PM EST||
Research and Markets (http://www.researchandmarkets.com/research/wkkmwf/global_big_data) has announced the addition of the "Global Big Data Market in the Retail Sector 2014-2018" report to their offering.
The analysts forecast the Global Big Data market in the Retail sector to grow at a CAGR of 33.14 percent over the period 2013-2018. One of the key factors contributing to this market growth is the exponential growth in data stored in the Retail sector. The Global Big Data market in the Retail sector has also been witnessing that social media remains a major source of data. However, the lack of talented professionals to manage big data could pose a challenge to the growth of this market.
Key vendors dominating this space are IBM Corp., Hewlett-Packard Co., Oracle Corp., and Teradata Corp.
Other vendors mentioned in the report are 1010data Inc., Accenture plc, Attivio Inc., Cloudera Inc., EMC Corp., Hortonworks Inc., MapR Technologies Inc., MongoDB Inc., MarkLogic Inc., Microsoft Corp.
Commenting on the report, an analyst from the team said: 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.
For more information visit http://www.researchandmarkets.com/research/wkkmwf/global_big_data
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