The increase in the adoption of big data analytics software by multiple organizations, the rise in demand for cloud-based big data analytics software among SMEs, and the numerous benefits provided by big data and business analytics solutions drive the growth of North America big data and business analytics market.
On the other hand, high implementation costs and a lack of skilled workforce impede growth to some extent. However, emerging trends such as social media analytics are expected to create lucrative opportunities in the industry.
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The North America big data and business analytics market is analyzed across components, deployment modes, analytics tools, industry verticals, and countries. Based on components, the service segment contributed to nearly half of the total market share in 2020 and is expected to lead the trail by 2028. The software segment, on the other hand, would cite the fastest CAGR of 9.4% from 2021 to 2028.
Based on industry vertical, the BFSI segment accounted for nearly one-fifth of the total market revenue in share in 2020, and is anticipated to rule the roost by 2028. The healthcare segment, however, would grow at the fastest CAGR of 10.2% from 2021 to 2028.
Based on country, the U.S held the major share in 2020, generating 95% of the North America big data and business analytics market. At the same time, the market across Canada would cite the fastest CAGR of 12.4% during the forecast period.
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The leading market players analyzed in the North America big data and business analytics market report include Fair Isaac Corporation, IBM Corporation, TIBCO Software Inc., Microsoft Corporation, Amazon Web Services, Oracle Corporation, SAP SE, SAS Institute Inc., Hewlett Packard Enterprise Development LP, and Teradata Corporation. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
COVID-19 scenario-
- The work-from-home trend has led to a huge amount of opportunities for data analytics, thereby impacting the North American big data and business analytics market positively.
- This trend is likely to continue post-pandemic as well since organizations have started incorporating business analytics solutions to improve data security and streamline business productivity altogether.
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