Report : North America Big Data Analytics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Software and Services), Analytics Tool (Dashboard and Data Visualization, Data Mining and Warehousing, Self-Service Tool, Reporting, and Others), Application (Customer Analytics, Supply Chain Analytics,
At 14.4% CAGR, the North America Big Data Analytics Market is speculated to be worth US$ 253.55 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America big data analytics market was valued at US$ 113.01 million in 2022 and is expected to reach US$ 253.55 million by 2028, registering an annual growth rate of 14.4% from 2022 to 2028. Rising adoption of big data analytics in supply chain management and growing database across industries are the critical factors attributed to the market expansion.
Firms like IT firms etc can access, store, and process huge amounts of data due to advances in information technologies. Organizations analyze data sets and generate significant insights to apply to their operations, thereby demonstrating the importance of big data in several industries. Due to the broad adoption of digital technology, big data analytics (BDA) has emerged as a vital business competency for firms seeking to extract value from an ever-increasing volume of data to achieve a competitive advantage. BDA in logistics and supply chain management (LSCM) has gotten tremendous attention because of its complexity and the important role of LSCM in improving overall business performance. LSCM experienced significant challenges, such as delayed shipments, rising fuel costs, inconsistent suppliers, and ever-increasing customer expectations, resulting in inefficiency and wastage in supply chains. Businesses of all sizes recognize the importance of data, from financial services to automobile manufacturing, healthcare, and non-profits. It is becoming increasingly important to use big data analytics in a supply chain to provide more meaningful insights. In many omnichannel operations, the retail sector streams a tremendous quantity of data across its supply chains and customer touchpoints. Infosys Limited launched a tailored medication solution for the pharmaceutical industry in June 2020. Pharmaceutical firms can use the SAP C/4HANA suite, SAP S/4HANA, SCI platform, and SAP Analytics Cloud solutions to meet regulatory and business requirements while providing individualized patient experiences. SAP SE announced other products and access to its technology in April 2020 to help companies combat the spread of COVID-19 infection. The Qualtrics Supply Continuity Pulse solution and Planning as a Service (PaaS) with the SAP Integrated Business Planning for Supply Chain solution are untied options. Moreover, Deloitte and SAS announced an agreement in July 2018 to manage complicated risk and regulatory calculations at scale, turning compliance into an opportunity. Thus, increasing the adoption of big data analytics in supply chain management are driving the big data analytics market growth.
On the contrary, stringent data security regulations and data security concerns hurdles the growth of North America big data analytics market.
- Based on component, the North America big data analytics market is segmented into software and services. The software segment held 65.1% market share in 2022, amassing US$ 73.54 million. It is projected to garner US$ 158.14 million by 2028 to expand at 13.6% CAGR during 2022–2028.
- Based on analytics tool, the North America big data analytics market is segmented into dashboard and data visualization, data mining and warehousing, self-service tool, reporting, and others. The dashboard and data visualization segment held 42.8% market share in 2022, amassing US$ 43.35 million. It is projected to garner US$ 107.50 million by 2028 to expand at 14.2% CAGR during 2022–2028.
- Based on application, the North America big data analytics market is segmented into customer analytics, supply chain analytics, marketing analytics, pricing analytics, workforce analytics, and others. The customer analytics segment held 38.9% market share in 2022, amassing US$ 43.98 million. It is projected to garner US$ 105.38 million by 2028 to expand at 15.7% CAGR during 2022–2028.
- Based on end use industry, the North America big data analytics market is segmented into pharmaceutical, semiconductor, battery manufacturing, electronics, and others. The others segment held 78.0% market share in 2022, amassing US$ 88.17 million. It is projected to garner US$ 197.00 million by 2028 to expand at 14.3% CAGR during 2022–2028.
- Based on country, the North America big data analytics market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.7% market share in 2022. It was assessed at US$ 91.16 million in 2022 and is likely to hit US$ 207.11 million by 2028, exhibiting a CAGR of 14.7% during the forecast period.
Key players dominating the North America big data analytics market are Amazon Web Services, FICO, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Teradata, TIBCO Software Inc. among others.
- In 2021, Amazon Web Services Inc. has announced the public availability of Amazon HealthLake, letting enterprises input, store, query, and analyse health data at scale.
- In 2020, Oracle has made the Oracle Cloud Data Science Platform available. Oracle Cloud Infrastructure Data Science is at the heart of the solution, assisting organisations in jointly building, training, managing, and deploying machine learning models to improve the effectiveness of data science initiatives.