Big Data in Food and Beverage Market Forecast to Reach $2.1billion by 2026
The market for Big Data In Food and Beverage is forecast to reach $2.1billion by 2026, growing at a CAGR of 34.3% from 2021 to 2026 due to rapid increase in consumer and machine data developments. Big Data is referred as the collection of data sets so large and complex that it is not possible to process it in traditional way. The market will be driven by growing number of food and beverage retailers. Big Data in Food and Beverages Industry has dynamically changed the way of doing business. It eliminates the decisions based on gut feeling and intuition by providing analytical data to run the business with result-oriented decision making. Big Data can transform the Food and Beverage industry right from production to consumer consumption. Manufacturers, Retailers and Restaurant Chains can leverage from big Data analytics for their business to know the consumer preference, pricing, product making and others. Big Data can increase the business as well as the revenue generation. So to stay competitive in the industry, food and beverages companies consider implementing Big Data analytics tool.
Big Data In Food and Beverage Market Report Coverage
The report: “Big Data In Food and Beverage Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Big Data In Food and Beverage Market.
By Type – Products, Solutions, Services.
By Deployment – Cloud, On-Premises, Hybrid.
By Application– Precision Agriculture, Customer & Supplier Analytics, Quality Control, Smart supply chain, Demand forecasting, Waste & Spoilage control & Food safety.
By Organization Size – SMEs and Large Enterprises.
By End User – Agriculture, Manufacturers, Retailers, Supply Chain, Hospitality, Dairy and Livestock Farmers.
By Geography – North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa).
Big Data In Food and Beverage Market Segment Analysis – By Applications
The Big Data market for food and beverage is dominated by the quality control segment with a CAGR of 30.1%. In Quality control segment, Big data makes it easier for restaurants to maintain quality of their products. The taste of the food not only depends on the measurement of ingredients used, but also in their storage and quality. Big data insights are used to analyse these changes and predict the quality of the food. The data analysed will find faults and suggests measures for improvement. Big Data can analyse the impact of factors such as storage and transportation on the quality of packaged foods.
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Big Data In Food and Beverage Market Segment Analysis – By End Use Industry
The Food and Beverages industries are leveraging Big Data to make strong presence in competitive market. But leveraging data analytics is not only the sole part, addressing the challenges will lead industries towards growth. Complex and multi scale nature of food system, Supply Chain and quality are some of the challenges in Food and Beverage Industries. These challenges can be monitored by mapping and visualizing food system flows with integration of Big Data analytics. According to report by United States Congressional Research Services, the usage of Big Data in Agriculture and operations can benefit the food industry in production, environment, business opportunity and real time decision making approach. The data analytics can also be implemented in other application of food and beverages industries such as supply chains, restaurant chains, wastage and spoilage control and Dairy.
Big Data In Food and Beverage Market Segment Analysis – By Geography
North America will dominate the Big Data Market in Food & Beverage industry due to presence of food and beverage industries which use big data analytics in the region. The North America region will generate share of 39% in Food and beverage market in 2020. Asia Pacific will be the fastest-growing region due to the increasing demand from consumers to know about their food and the technological developments in the region.
Big Data In Food and Beverage Market Drivers
Rising Analytical Capabilities of Big Data in Food and Beverage industry
The usage of big data in food and beverages industry can be leveraged in process such as On-time delivery where food can be optimized and timed using various big data analysis tools and techniques. In operational efficiency big data can be utilized to analyze the impact of market trends on stock consumption to the effect temperature has on food quality to provide better quality to the consumer. The sentimental analysis is done to monitor the customer emotions over social networks to know the review of the product from consumer end. This technique is beneficial for large scale food and beverages retailers. Quality, itself denotes the meaning and why it is being taken into consideration in food and beverages industry. In personalization and market analysis the big data provides the analytical result on customer views and the prediction of next product which they are preferring to buy. Last not the least customer service is the most difficult part to optimize. Big data in food industry can help analyze inputs from all these factors to give meaningful insights.
Growing Adoption of Cloud Computing
One of the current trend in the Big Data in food and beverages industry is the usage of Cloud computing as a storage to cut short the investment made on building a new infrastructure. Cloud computing has made big data analytics approachable to everyone. This technology will certainly grow and revolutionize the working of many industries. A food program has been created based upon original recipes mentioned on food items. The program uses big data analytics to study different aspects of food like the taste, combinations, chemical properties and others to suggest new and innovative recipe. The utilization of cloud storage and computing has made this much simpler. Thus, the ease of use of cloud computing will propel the market growth.
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Big Data In Food and Beverage Market Challenges
Concerns Regarding Data Privacy
The biggest challenge with Big Data is the sensitive issue of data privacy and security, which most organizations are facing. With the implementation of GDPR regulations, consumer data privacy issues have been put to the forefront. Privacy concerns are cropping up as companies feed more and more consumer and vendor data into advanced, AI-fuelled algorithms to create new bits of sensitive information, unbeknownst to affected consumers and employees. This is especially prevalent in the restaurant and retail sector, where consumer data collection has been at the forefront in terms of big data challenges. These data privacy concerns will hinder the adoption of Big Data in Food and Beverage solutions.
Big Data In Food and Beverage Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Big Data In Food and Beverage Market. Accenture, Amazon Web Service, Dell, HP, IBM, Oracle, SAP, Teradata Corporation Sisense, and Farmers Edge are considered to be the key players of the Big Data In Food and Beverage Market.
Acquisitions/Technology Launches/Partnerships
Amazon Web Services is positioning in marketplace of big data helping enterprises to leverage more business value. Hadoop, DynamoDB and Elastic MapReduce are in major platforms used and AWS is making it easier for companies to manage, store and analyze their data.
Accenture acquired Byte Prophecy, an automated insights and big data analytics company from India. The acquisition will help Accenture meet what it sees as growing demand for enterprise-scale AI and digital analytics solutions across the region. As part of the deal, nearly 50 data science and data engineer experts will join Accenture Applied Intelligence, the global IT in Consulting firm’s team and service for artificial intelligence, data, analytics and automation.
Key Takeaways
Increasing demand from consumers to know about their food will drive the growth of the Big Data Market in food & beverage industry.
Ability of big data analytics tools to keep a track on the quality of food products enhances the Big Data Market in Food & Beverages industry.
Big Data solutions can be used to understand customer preferences and help to deliver the right products at the right time.
Big Data market in food & beverage industry helps in evaluation of new data technologies for meeting the customer demands
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