Dallas, Texas (PRWEB) January 04, 2014
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 (http://www.reportsnreports.com/reports/272141-global-big-data-market-in-the-retail-sector-2014-2018.html) in the coming years.
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. 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.
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The report recognizes the following companies as the key players in the Global Big Data Market in the Retail Sector: 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.
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Other Related Reports on Big Data Market:
Global Big Data Market in the Oil and Gas Sector 2012-2016 (http://www.reportsnreports.com/reports/256161-global-big-data-market-in-the-oil-and-gas-sector-2012-2016.html): Global Big Data market in the Oil and Gas sector to grow at a CAGR of 57.08 percent over the period 2012-2016. Data explosion in enterprises is one of the key factors contributing to this market growth. The Global Big Data market in the Oil and Gas Sector has also been witnessing the growth of user-friendly predictive modeling. However, the lack of awareness of big data could pose a challenge to the growth of this market.
Global Big Data Storage and Server Market 2012-2016 (http://www.reportsnreports.com/reports/267401-global-big-data-storage-and-server-market-2012-2016.html): Global Big Data Storage and Server market to grow at a CAGR of 31.87 percent over the period 2012-2016. One of the key factors contributing to this market growth is the rapid increase in the amount of data being transmitted across networks. The Global Big Data Storage and Server market has also been witnessing the increasing adoption of social media for data collection. However, the increasing confusion on choosing the right technology for data centers could pose a challenge to the growth of this market.
Global Big Data Market in the Financial Services Sector 2012-2016 (http://www.reportsnreports.com/reports/253603-global-big-data-market-in-the-financial-services-sector-2012-2016.html): Global Big Data market in the Financial Services Sector to grow at a CAGR of 56.69 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need to meet financial regulations. The market has also been witnessing the emergence of social media. However, the lack of skilled resources to manage big data could pose a challenge to the growth of this market.
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