Covering Disruptive Technology Powering Business in The Digital Age

Home > DTA news > News > Supply chain big data analytics Market to Reach $110 billion with 45% CAGR Forecast to 2020
Supply chain big data analytics Market to Reach $110 billion with 45% CAGR Forecast to 2020

 

The big data analytics market is set to grow at a phenomenal CAGR of 45% in the period of 2014-2020. The market is expected to grow from $17 billion to more than $110 billion in the same time period.

Big data basically means lots of data. It refers to the huge data sets that are produced which cannot be processed by one computer alone. Often the data sets run into gigabytes or terabytes. When we apply logic, statistics and math to the data, we can come up with a conclusion from the data collected. The data being collected from various fields is being increasingly used by companies to improve various aspects of how their company functions. Supply chain of a company is one of the most important parts of a company. Generally, when a company gets accustomed to one type of supply chain which it has been using for some years, it is hard for it to change. This may have been the case in earlier times when big data was not being used by the other companies, but now every vendor must have a flexible supply chain which keeps changing according to the demands of the consumers and the suppliers. Many companies who have tried to remain rigid on their model of supply chain have earned heavy losses. These companies have either changed their model or closed down or acquired by another company. This huge market is growing because of the increased usage by lot of companies.

Companies which heavily depend on supply chain like Wal-Mart, Zara, Google, eBay etc. use big data to regularly improve their supply chain. E-commerce giants like Amazon stores customers’ information and preferences which creates huge amount of data. This helps the site to be personalized according to the user, have the regular items user searches for or get related products when the user is looking at a product. It also helps them to improve their warehouse storage, inventory management and transportation of goods. The market for big data analytics in supply chains is increasing at a fast pace with more and more companies using this to improve their supply chain.

Companies like Google, IBM, HP, Adobe, Accenture, Cloudera, SAP, TCS, Cisco and Intel are the big players in this market.

Huge growth in big data analytics market and the increasing number of companies making software for big data analytics are the possible drivers for the supply chain big data analytics market.

There are few technical challenges associated with this market and also, highly skilled analysts are required to operate on the same, so the demand for this market might be unsteady.

This article was originally publshed on www.einnews.com and can be viewed in full

(0)(0)