North America Big Data Market: Industry Analysis and Forecast (2024-2030) by Component, Deployment Mode, Application and Industry Vertical

North America Big Data Market Definition:

North America Big Data Market is projected to grow during the forecast period at a significant rate. Big Data has mostly been used in North America's healthcare, defence, industrial, retail, and media & entertainment industries. The government financing for big data projects and the growing use of big data in the financial industry are likely to drive the growth of the North American big data market. The growth of e-commerce market is also expected to contribute to the growth of the Big Data Market in this region during the forecast period. The main driving factors include the rapid use of big data analytics software by numerous enterprises to deliver improved and faster decision-making and to create competitive advantage by analysing and acting on information quickly. Numerous advantages of big data and business analytics, such as faster data processing, also contribute to the growth of North America Big Data Market.

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North America Big Data Market Dynamics:

The North American Big Data Market has had rapid growth in recent years; but, as a result of the COVID-19 epidemic, the region's development came to a halt. This is a result of the majority of governments putting their citizens under lockdown and stopping all international travel to stop the spread of the virus. Following the COVID-19 pandemic's recovery, the North American big data market is expected to flourish and grow at a significant CAGR of 11.75%. Many companies have established a culture of work-from-home for their employees, which is driving demand for cloud-based big data analytics to manage businesses' important information and generating a profitable potential for the market's growth throughout the forecast period.

The growth of Big Data Market in North America region is driven due the fact that by employing cloud-based big data analytics, businesses can store all of their data on a single platform, extending information consistency to all devices while spending less on various sources for each device. Anywhere and at any time, this data can be used. Many end users, including those in the banking, financial services, and insurance (BFSI), retail, healthcare, manufacturing, telecommunication & IT, and media & entertainment industries, are adopting cloud services at a rising rate, which has greatly aided the market's expansion. Additionally, a number of data analytics platform companies from the US and Canada have introduced cloud-based big data platforms that assist SMBs in solving challenging business problems. For instance, Kyligence, one of the top U.S. providers of data analytics software platforms, launched its Big Data technology product on cloud deployment model in January 2022, increasing the acceptance of Big Data analytics software among SMEs.

Another driver of the growth of Big Data Market is the reduction in cost of upfront investment for small and medium sized firms that has decreased with respect to Big Data technology adoption because of the increased accessibility of affordable data centres provided by cloud vendors, which lowers the barrier to entrance into the market. Small- and medium-sized businesses now have a higher demand for big data analytics software that is hosted in the cloud. One of the biggest competitors in the market, Oracle Corporation, for instance, stated that 75% of its 400K+ clients are small- to medium-sized firms, which is creating a lot of chances in the market. Additionally, cloud services have made it simpler for businesses to use their big data analytics solutions by resolving the difficulty of storing and accessing data. The requirement to handle the generated data and the growing volume of data produced by various businesses are the main drivers of the Big Data Market in the North America region. Additionally, Big Data analytics is being used by many governments to update real-time coronavirus data and derive useful insights from the data.

In terms of market restraints, a high implementation cost and a staffing shortage are two other factors that are predicted to impede market progress. New trends like social media analytics and a rise in the demand for better insights for business planning are also projected to have an impact on the market's growth throughout the course of the projection period.

North America Big Data Market Segment Analysis:

On the basis of Component, services segment is projected to dominate the North America Big Data Market during the forecast period. Increasing efficiency and productivity is the primary objective of every organisation in current times and the same problem statement can be resolved by the Big Data products that are offered as services. Additionally, one of the major advantages of organisation opting for Big Data services is the fact that no up-front investment is required to be done in terms of infrastructure, based on cloud-based services the organization can continue to avail the benefits at cost effective prices thereby increasing the productivity and the overall efficiency of the company. Depending on the requirements of the customer, these solutions can be implemented on public, private, or hybrid clouds. Given that it gives clients cost-efficiency, the public cloud-based system is estimated to have the biggest market size. The hybrid cloud enables enterprises to take benefit of both private and public clouds as it offers both cost-efficiency and increased security. The private cloud enables organisations to have complete control over their systems and data with enhanced security.

On the basis of application, Customer analytics was the dominant segment in the Big Data Market in North America in 2023, and it is anticipated that it will continue to hold this position during the forecast period as well. The adoption of customer analytics software is fuelled by an increase in enterprise competitiveness to offer higher customer satisfaction and customised experiences. Since customers may now access information at any time and from any location, it is crucial to understand how they react to various items in order for businesses to create the best possible plans. However, the risk and credit analytics market is anticipated to expand at the quickest CAGR over the course of the forecast period as a result of rising business process complexity and business process automation.

On the basis of Industry Vertical, IT and Telecom segment is projected to dominate the Big Data Market in North America region. This is due to the presence of major organisation in the United States and Canada which deal in the Information Technology and Telecommunication space and hence require Big Data services and products in order to stay competitive.

The objective of the report is to present a comprehensive analysis of the North America Big Data market to the stakeholders in the industry. The report provides trends that are most dominant in the North America Big Data market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Big Data Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

The qualitative and quantitative data provided in the North America Big Data market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the North America Big Data market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the North America Big Data market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the North America Big Data market. The report also analyses if the North America Big Data market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the North America Big Data market. Economic variables aid in the analysis of economic performance drivers that have an impact on the North America Big Data market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the North America Big Data market is aided by legal factors.

North America Big Data Market Scope:

North America Big Data Market Key Players:  

• IBM (US)
• Google (US)
• Oracle (US)
• Microsoft (US)
• SAS(US)
• Alteryx (US)
• TIBCO(US)
• Cloudera (US)
• Teradata (US)
• AWS(US)