Big Data a Big Deal

So, “Big Data” is possibly one of the most over-used terms of 2013.

But what’s all the fuss? Well, when you consider that there are around 6 billion people on this planet and roughly 4 billion connected devices constantly generating a continuous supply of data, then it’s no wonder why Big Data has become such a phenomenon.

Due to the considerably large size of Big Data (around 2.5 billion gigabytes [of data] being created per day) it’s too difficult for enterprises to manage and analyze it using traditional data processing tools, hence why the need for Big Data solutions to store and manage this data is so great.

Big Data storage is a booming market and the International Data Corporation (IDC) has forecasted growth from $3.2 billion in 2010 to $17 billion in 2015. It’s no surprise why this market is expanding when you take a look at companies such as ASOS, an online fashion retailer who claimed a 37% revenue increase in the last quarter of 2013 thanks to the improved management of data.

ASOS signed up for 200 of its fashion buyers to receive access to London start-up - Editd, which accumulates trending fashion and retail information from retail sites, social media and blogs. According to ASOS, the information provided by Editd in regards to pricing have helped the brand structure its’ pricing competitively and have helped to boost sales. And ASOS aren’t the only ones reaping the benefits of Big Data, with Vera Bradley generating a 101% increase in shopping click throughs, despite a 63% reduction in emails sent, after Big Data provided insights to into what shoppers want. 

In the retail sector, Big Data solutions are used for a wide range of applications, such as analysis of conversations on social networking websites, merchandising, sales and marketing, monitoring social media sentiments, and logistics. It is essential, for your business to be well informed on the current key market trends within this sector. The Industry Report Store has a newly written report comprehensively covering the global Big Data market. The report provides essential insight into the market trends, drivers, challenges and opportunities, as well as SWOT overviews of the major companies operating within the market.

To find out more about this report click here: Global Big Data Market in the Retail Sector 2014-2018 

About Industry Report Store:Industry Report Store is one of the world’s most comprehensive libraries of market intelligence, with the perfect report for every business need at every budget. Business information is paramount for companies seeking to stay ahead amid challenging economic conditions and intense competition. Contact us today to take advantage of our premium intelligence insights and keep up with your industry competitors.

Robyn Jones

Marketing

T: +44(0)20 3220 0812

M:  robyn.jones@progressivemediagroup.com

Headquarters: John Carpenter House, John Carpenter Street | London, EC4Y 0AN, United Kingdom

Why not take a moment to browse our site www.industryreportstore.com. We cover over 50 industries, 130 countries and include over 30,000 company profiles.