According to the report published by Allied Market Research, the North America big data and business analytics market was pegged at $98.07 billion in 2020 and is estimated to hit $169.91 billion by 2028, registering a CAGR of 7.5% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in adoption of big data analytics software by multiple organizations, rise in demand for cloud-based big data analytics software among SMEs, and numerous benefits provided by big data and business analytics solutions drive the growth of the North America big data and business analytics market. On the other hand, high implementation cost and lack of skilled workforce impede the 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 component, deployment mode, analytics tool, industry vertical, and countries. Based on component, 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.
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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.
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.
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Key Findings of the Study –
- By application, the customer analytics segment accounted for the North America big data and business analytics market share in 2020.
- Depending on component, the software segment is anticipated to exhibit substantial growth during the forecast period.
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