As many competitors in the marketing sector globally are now realizing the importance of a rapidly growing market, big data analytics is the answer to the organizations that aim to outperform their rivals.
FREMONT, CA: As there is an increasing swarm in the rise of competitors discovering the importance of a rapidly accelerating market globally, big data analytics is now becoming the solution for organizations to outperform their many rivals. Over the next five years, the big data market is expected to reach a top 100 billion dollars, suggested Statista.
While ecommerce continues its growth amidst the COVID'19 pandemic, it indicates that the marketing industry's early analytical adopters are potentially paving the way for greater prosperity in the age of the new normal. The market volume of big data has significantly increased in recent years, and this growth might be sustained throughout the decade owing to the pandemic. The widespread consumer adoption of online shopping and this ecommerce boom period brought on by the pandemic has presented a plethora of opportunities for marketers to assist their growth.
Further, compared to any other sector, big data analytics has been considered a vital part of the sales and marketing department of the pharmaceutical sector. Big data plays the same role in this industry like artificial intelligence. Maxim Manturov, head of investment research at Freedom Finance Europe, explained how the pandemic has boosted the digital revolution and accelerated the world's transition into digital space.
Many financial transactions related to huge amounts were processed electronically, and this trend is expected to continue further. PayPal and Square have played a vital role in the growth of ecommerce as they offer a speedy and convenient way to transfer funds. Undoubtedly, the COVID'19 pandemic has left a dreadful impact on a humanitarian scale. However, lockdown measures and social distancing arrived when emerging digital services like the aforementioned payment providers–PayPal and Square–made their way for a successful digital transformation across the retail landscape.