The North American market for big data and business analytics is
Portland, OR, August 25, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the North American Big Data and Business Analytics Market was pegged at $ 98.07 billion in 2020 and is expected to reach $ 169.91 billion by 2028, registering a CAGR of 7.5% from 2021 to 2028. The report provides in-depth analysis of the main investment pockets , top winning strategies, drivers and opportunities, market size and estimates, competitive landscape and changing market trends.
The increasing adoption of big data analytics software by multiple organizations, the increasing demand for cloud-based big data analytics software among SMBs, and the many benefits provided by big data and data solutions. business analytics are driving the growth of the North American big data and business analytics market. On the other hand, the high cost of implementation and the lack of skilled labor hamper 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 trend of working from home has led to a huge amount of opportunities for data analytics thus positively impacting the North American big data and business analytics market.
- This trend is also expected to continue after the pandemic, as organizations have started integrating business analytics solutions to improve data security and completely streamline business productivity.
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The North American Big Data and Business Analytics Market is analyzed by component, mode of deployment, analytics tool, industry vertical, and country. On a component basis, the services segment contributed almost half of the total market share in 2020 and is expected to lead by 2028. The software segment, meanwhile, is reportedly citing the fastest CAGR 9.4% from 2021 to 2028..
Based on industry vertical, the BFSI segment accounted for nearly one-fifth of total market revenue by 2020 share and is expected to reign on the roost by 2028. The healthcare segment, however, would experience the fastest growth of 10.2% compared to 2021 to 2028.
Depending on the country, the United States held the largest share in 2020, generating 95% of the North American market for big data and business analytics. At a time, the market across Canada would cite the fastest CAGR of 12.4% during the forecast period.
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 strengthen their status in the industry.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization towards providing high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.