According to a new market research report published by Inkwood Research, the Global Big Data in E-commerce Market is projected to register a CAGR of 14.17% during the forecasting years of 2020-2028.

‘’Browse 65 Market Data Tables and 59 Figures spread over 137 Pages, along with an in-depth TOC on the Global Big Data in E-commerce Market Forecast 2020-2028.’’

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Big data are considered as computationally analyzed huge data sets. The computational analysis helps in revealing the patterns, associations, and trends that belong to human behavior and interactions. Variety, velocity, veracity, and volume are the varied aspects of big data. The e-commerce business is benefited from utilizing big data and analytics. It helps the organizations in assessing the choice of product offerings, advertising, and price, so as to maximize profits. There has been considerable growth in the preference for online purchase among the millennials.

Big Data Utilization by E-commerce Companies Fuels Market Growth

The shifting preferences of the consumers call for frequent product upgrades and customizations. The rising use of big data is estimated to aid the e-retails in product recommendation and pending purchase reminders, leading to increased sales. The customer behavior analysis through the use of big data aids the companies and e-retailers in customizing their product offerings and recommendations, resulting in enhanced customer experience. A majority of marketing leaders claim that the customer-centric data like purchase preferences and patterns, become the deciding factors for the companies. Also, promotional campaigns, discounts based on past expenditure, coupon offers, profitable returns, etc. aid online retailers in attracting huge traffic and returns.

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Customer Analytics is the Leading Solution in the Market

Customer analytics is considered as a comprehensive tool for identifying the requirements of the competitive business environment. Many online users become the target of several organizations for information regarding the online behavior of consumers. The customer analytics further aid the e-commerce business in gathering and understanding customer interaction, and the data is further merged with abstract groups for identifying the evolving patterns and trends. Such insights are procured through varied channels like web, emails, mobile, call canter, campaigns, etc. However, with many organizations transitioning from on premise to cloud-based services, customer analytics is projected to gain considerable traction. Moreover, the increasing inclination towards consumer satisfaction is boosting the popularity of customer analytics in the e-commerce industry.

Asia Pacific – The Dominating Region

With the largest market revenue share in 2019, the Asia Pacific region is estimated to record the highest growth rate by the end of the forecast period. The growing penetration of digital connectivity, the rising adoption of technology, and the large-scale expansion of e-commerce applications, in various countries of the region, are considered to be the crucial factors propelling the overall growth of the market. Also, the number of organizations using big data solutions for gaining significant insights into consumer purchase behavioral patterns, has gone up in the region.

Some of the major companies establishing their presence in the market include Microsoft Corporation, SAP SE, International Business Machines Corporation (IBM), Data USA, SAS Institute, Amazon Web Services Inc, etc. The market is oligopoly in nature, and is dominated by few major players. The service providers are estimated to focus more on constant upgrades and advancements as a result of the growing number of customers in the e-commerce industry.

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