North America Big Data and Business Analytics
High spending on big data analytics tools, rising development of the e-commerce sector are the key aspects fueling the big data and business analytics market.
PORTLAND, PORTLAND, OR, UNITED STATE, September 15, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The North America Big Data and Business Analytics Market to Reach USD 169.91 Billion by 2028|Top Players such-AWS, HPE & IBM.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The North America big data and business analytics market size was valued at USD 98.07 billion in 2020, and is projected to reach USD 169.91 billion by 2028, growing at a CAGR of 7.5% from 2021 to 2028.
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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.
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.
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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.
By application, the North America big data and business analytics market size was led by the customer analytics segment in 2020, and is projected to maintain its dominance during the forecast period. Increase in competition among the key players to provide better customer satisfaction and personalized experience fuels the growth of this segment. However, the risk & credit analytics segment is expected to grow at the highest rate during the forecast period, owing to increase in complexities in business process and rise in business process automation.
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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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Covid-19 Scenario:
● The work-from-home trend has led to huge amount of opportunities for data analytics, thereby impacting the North America 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 the business productivity altogether.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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