Global Big Data In E-commerce Market Forecast 2020-2028
The global big data in e-commerce market is projected to record growth at a CAGR of 14.17% during the forecasted period, 2020-2028. The estimated factors impacting the growth of the market are the increasing inclination towards several online payment methods, the use of data for enhanced customer service and sales, and the utilization of big data by e-commerce companies for driving product customizations.
Big data is instrumental in identifying and evaluating the target audience, and their preferences and demands. All business organizations need valuable data and insights for the functioning of their business operations. The anticipation and the identification of the customer needs is beneficial for the enterprises for their business and revenue goals, since analyzing the customer patterns leads to higher traffic and sales. The crucial information, like delivery information, inventory, payment data, and sales data, are necessary for the effective operation of the e-commerce business. The integration of big data aids in getting access to voluminous data, which further helps in maximizing revenue generation and acquiring the aforementioned crucial information. As a result, there has been an increase in the adoption of big data by the companies. Such factors drive the growth of the big data in e-commerce market. However, privacy concerns hinder the growth of the market. The competitive nature of the market is deemed to be an oligopoly, with few major players dominating the market.
The global big data in e-commerce market is geographically categorized into Europe, North America, Asia Pacific, and the rest of the world. With the largest revenue share as of 2019, the Asia Pacific region is also evaluated to the fastest-growing market region during the forecast period. The growth prospects are attributed to the rising adoption of technology and the expanding e-commerce applications in countries like China. Also, the organizations of the several countries of the market region are increasingly implementing big data solutions in their business processes.
Some of the well-known companies having their operations in the market include SAS Institute, Data USA, International Business Machines Corporation (IBM), Amazon Web Services Inc, Microsoft Corporation, etc
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