The North America Big Data and Business Analytics Market would witness market growth of 11.4% CAGR during the forecast period (2021-2027).
Big data is a huge volume of data that is utilized to draw trends, patterns, and associations, particularly related to customer behavior and interactions. In addition, big data is utilized for getting a prominent understanding of customer shopping preferences and gaining more new customers. By using these solutions, organizations can create customer proposals dependent on their buying history, which would result in customized shopping experiences. Additionally, these big data analytics solutions help in recognizing patterns and taking strategic decisions that are based on an analysis of the market.
High spending on big data analytics tools, an increase in the need to deliver customized user experience to expand sales, and the rising development of the e-commerce sector are among the key aspects fueling the big data and business analytics market. However, issues in gathering and combining the data from different datasets and difficulties in capturing customer information are estimated to spur the demand for big data and business analytics solutions in the market. On the other hand, integration of new advancements, for example, IoT, AI, and machine learning in big data and business analytics, and a rise in demand for business analytics would open new growth opportunities for the market over the forecast period.
The growing number of companies in the region with an increasing amount of data generated in both organized as well as unorganized formats is surging the demand for big data and business analytics solutions in the regional market. Along with that, this region is the early adopter of various technologies, solutions, and services, which is supporting the growth of the regional big data and business analytics market over the forecast period.
The regional market would be fueled by the massive adoption of artificial intelligence and growing technological advancements. Moreover, the presence of the leading companies of the big data and business analytics market in this region makes it highly conducive for the existing as well as new players of the market. Also, the existence of well-formed infrastructure that encourages the rapid installation of advanced technologies would fuel the growth of the regional market during the forecast period.
The US market dominated the North America Big Data and Business Analytics Software Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $38598.1 million by 2027. The Canada market is experiencing a CAGR of 14.2% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 13.2% during (2021 - 2027).
Based on Component, the market is segmented into Services, Software and Hardware. Based on Analytics Tool, the market is segmented into Dashboard & Data Visualization, Self-Service Tools, Data Mining & Warehousing, Reporting, and Others. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Application, the market is segmented into Customer Analytics, Marketing Analytics, Risk & Credit Analytics, Workforce Analytics, Supply Chain Analytics, and Others. Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Transportation, Manufacturing, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Big Data and Business Analytics Market is Estimated to reach $448 Billion by 2027, at a CAGR of 13%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon Web Services, Inc., Fair Isaac Corporation, Hewlett Packard Enterprise, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Tibco Software Inc., and Teradata Corporation.
By Component
By Analytics Tool
By Deployment Type
By Application
By Industry Vertical
By Country
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