North America Big Data and Business Analytics Market Statistics: 2028
The North America big data and business analytics market size was valued at $98.07 billion in 2020, and is projected to reach $169.91 billion by 2028, growing at a CAGR of 7.5% from 2021 to 2028.
The big data analytics system is to help organizations get better understanding of their customer’s behaviors and help administrations to narrow down their targeted audience. In addition, big data analytics software enables business to uncover useful information such as customer preference, market trends, discover hidden patterns, and various unknown facts from raw data. Moreover, numerous benefits associated with big data and business analytics such as it allows customers to capture & process different services, modifies existing orders, and processes customer moves, which propels the growth of the market in North American countries.
The key factors impacting include surge in adoption of big data analytics software by various organizations to deliver enhanced & faster decision-making and to provide competitive advantage by analyzing and acting upon information in a timely manner. In addition, numerous benefits provided by big data and business analytics such as faster data processing positively impacts the growth of the market. Moreover, high implementation cost and dearth of skilled workforce are expected to affect the market growth. Increase in need to gain better insights for business planning and emerging trends such as social media analytics are further expected to impact the expansion of the market during the forecast period.
On the basis of application, the customer analytics segment dominated the North America big data and business analytics market in 2020, and is projected to maintain its dominance during the forecast period. This is attributed to increase in competition among enterprises to provide better customer satisfaction and personalized experience fuels the adoption of customer analytics software. In recent times, customers can access information anytime & anywhere, which makes it essential to gain customer insights to understand how they respond to different products, so a company can plan accordingly. However, risk & credit analytics segment is expected to grow at the fastest CAGR during the forecast period, owing to increase in complexities in business process and rise in business process automation drive the adoption of risk analytics solutions. Moreover, the need of organizations to curb cost and losses due to various risks and maximize the ROI propels the demand for risk and credit analytics solutions.
By analytical tools, the dashboard & data visualization segment was dominated in 2020, and is expected to maintain this trend during the forecast period. This is attributed to increase in adoption of dashboard & data visualization tools by organizations for managing different unstructured and unused data of the companies and to help organizations to extract report from a diverse and rapidly growing volume of business data. However, others is contributing largest market share during the forecast period owing to rapid adoption of data discovery, data storytelling, and data catalog solutions among the enterprises which provides real-time protection from account hacking and automatic enforcement to combat spam and malicious content. Furthermore, rise in fraudulent activities on social media accounts has led to rise in need to implement these effective solutions, which can help monitor unapproved account changes.
The report focuses on growth prospects, restraints, and trends of the North America big data and business analytics market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the North America big data and business analytics market.
By Component
Service is projected as one of the most lucrative segments.
Segment review
The North America big data and business analytics market is segmented into component, deployment model, analytics tool, application, industry vertical, and region. In terms of component, the market is fragmented into hardware, software, and services. Depending on deployment model, it is bifurcated into on-premise and cloud. On the basis of analytics tool, it is categorized into dashboard & data visualization, data mining & warehousing, self-service tools, reporting, and others. The applications covered in the study include customer analytics, supply chain analytics, marketing analytics, pricing analytics, spatial analytics, workforce analytics, risk & credit analytics, and transportation analytics. As per industry vertical, the market is segregated into BFSI, manufacturing, healthcare, government, energy & utilities, transportation, retail & e-commerce, IT & telecom, education and others.
The report analyses the profiles of key players operating in the big data and business analytics industry such as Amazon Web Services, Fair Isaac Corporation, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Teradata Corporation and TIBCO Software Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the big data and business analytics industry.
By Application
Customer Analytics is projected as one of the most lucrative segments.
COVID-19 impact analysis
The North America big data and business analytics market has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a slight sudden downfall in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and the shutdown of travel across the world to prevent the transmission of virus. The North America big data and business analytics market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Various organizations have initiated work-from-home culture for their employees, which is creating demand for the cloud-based big data analytics to manage critical information of organizations, thus creating lucrative opportunity for the market expansion during the forecast period. Increase in volume of data generated by different industries and the need to manage this data are the key factors driving the growth of the market. In addition, governments of numerous countries are adopting big data analytics to update real-time data of coronavirus and to make actionable insights from the data.
Top impacting factors
Increase in demand for cloud-based big data analytics software among SMEs
Increase in availability of accessible cheap data centers delivered by cloud vendors has brought down the costs of upfront investment for small- & medium-sized businesses, which eases the market entry barrier. This has led to increased demand for cloud-based big data analytics software among small- & medium-sized enterprises. For instance, Oracle Corporation, one of the major players in the market, mentioned that 75% of its 400K+ customers are small- to medium-sized businesses, which are creating numerous opportunities in the market. Furthermore, cloud services have solved the complexity of storing and accessing data for companies to simplify the use of their big data analytics solutions.
By using cloud-based big data analytics, organizations can store all their data in a single platform that extends consistency of information to all the devices by reducing the investment cost in different sources for every device. This data can be used anywhere, anytime. Several end users such as banking, financial services, and insurance (BFSI); retail; healthcare; manufacturing; telecommunication & IT; and media & entertainment increasingly adopt cloud services, which has significantly contributed toward the growth of the market. In addition, several data analytics software platform providers across the U.S. and Canada have launched cloud based big data platform which helps small medium sized enterprises to solved complex business problem. For instance, in January 2021, Kyligence, one of the leading data analytics software platform providers in the U.S. have introduced its big data technology on cloud deployment model, which increases adoption of big data analytics software among the SMEs.
Numerous benefits provided by big data and business analytics solutions
Ability of big data analytics software to deliver better and faster decision-making and to provide competitive advantage by analyzing & acting upon information in a timely manner propels the growth of the market. In addition, the demand for big data analytics software is continuously increasing, owing to the benefits offered such as easy access to vital business metrics, useful insight on customer behavior, increased revenue, and improved efficiency of organizations and employees. Furthermore, companies are adopting big data and business analytics for real-time forecasting and monitoring various occasions that may affect the performance of organizations. In addition, the ability of the solution to mitigate risks by optimizing complex decisions about unplanned events such as cyberattack and other crisis more quickly augments the growth of the market.
By Country
Canada would exhibit the highest CAGR of 12.4% during 2021-2028.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the North America big data and business analytics market share along with current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the North America big data and business analytics market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the North America big data and business analytics market.
- An extensive analysis of the key segments of the industry helps to understand the North America big data and business analytics market trends.
- The quantitative analysis of the North America big data and business analytics market forecast from 2021 to 2028 is provided to determine the market potential.
Key Market Segments
By Component
- Hardware
- Software
- Service
By Deployment Mode
- On-premise
- Cloud
By Analytics Tool
- Dashboard & Data Visualization
- Self-service Tools
- Data Mining & Warehousing
- Reporting
- Others
By Industry Vertical
- BFSI
- Manufacturing
- Healthcare
- Government
- Energy & Utilities
- Transportation
- Retail & E-commerce
- IT & Telecom
- Education
- Others
Key Market Players
- Amazon Web Services
- Fair Isaac Corporation
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Teradata Corporation
- TIBCO Software Inc.
North America Big Data and Business Analytics Market Report Highlights
| Aspects | Details |
 By Component |
|
 By Deployment Mode |
|
 By Analytics Tool |
|
 By Application |
|
 By Industry Vertical |
|
 By Region |
|
 Key Market Players | TIBCO Software Inc., Microsoft Corporation, SAS Institute Inc., Hewlett Packard Enterprise Development LP, SAP SE, Oracle Corporation, Amazon Web Services, IBM Corporation, Fair Isaac Corporation, Teradata Corporation |
Analyst Review
The adoption of big data and business analytics has increased over the years as it examines large amounts of data to uncover hidden patterns, correlations and other insights. In addition, it helps organizations harness their data and use it to identify new opportunities in the business. Furthermore, it allows to improve decision making with analytics in a wide realm of activities. Moreover, using text mining of big data analytics it allows business to analyze text data from the web, comment fields, books and other text-based sources to uncover insights is expected to drive the growth of the market.
Key providers of big data and business analytics market such as Amazon Web Services, Fair Isaac Corporation, IBM Corporation and Oracle Corporation account for a significant share in the market. For instance, Oracle Corporation, one of the major players in the market, mentioned that 75% of its 400K+ customers are small- to medium-sized businesses, which are creating numerous opportunities for it in the market. Furthermore, cloud services have solved the complexity of storing and accessing data for companies to simplify the use of their big data analytics solutions. According to the industry experts, the North America big data and business analytics market has witnessed increased adoption in the recent years, owing to rise in adoption of cloud-based solutions in various enterprises to store all their data in a single platform that extends consistency of information to all the devices at the same time. In addition to this, growing investment by various SMEs and large organization in big data and business analytics software is expected offer significant growth opportunities for the market.
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