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Big data analytics is the process of examining large set of data or varied set of data for uncovering useful information, which can help organizations make informed business decisions. In addition, it analyzes business data and information through continuous investigation and exploration of old business performance data to obtain conclusive insights for business planning. Furthermore, big data analytics helps businesses better understand the information contained within the data and provide data that is important for the organization. In addition, demand for cloud-based big data analytics is increasing among small- and medium-sized enterprises due to its low cost and enhanced usability.

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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by$1.9 billion from $68.7 billionin January 2023to $70.5 billion in February.The increase in the goods and services deficit in February was due toa $2.7 billion increase inthe goods deficitto $93.0 billion and a $0.8 billion increasein the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by$35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billionmore was spent on imports.

Increase in adoption of big data and business 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 drive the growth of the market. In addition, surge in demand for cloud-based big data and business analytics software among the small & medium enterprises fuels the growth of the market. However, high implementation cost and lack of skilled workforce hamper the growth of the market. Furthermore, increase in need to gain better insights for business planning and emerging trends such as social media analytics are expected to provide lucrative opportunities for the growth of the global market.

The global big data and business analytics market is segmented on the basis of component, deployment model, analytics tools, application, industry vertical, and region. In terms of component, it is bifurcated into software and services. Based on deployment model, the market is segmented into on-premise and cloud. As per analytics tools, it is segmented into dashboard & data visualization, self-service tools, data mining & warehousing, reporting, and others. In terms of application, the market is segmented into customer analytics, supply chain analytics, marketing analytics, pricing analytics, spatial analytics, workforce analytics, risk & credit analytics, and transportation analytics. As per industry vertical, it is divided into manufacturing, BFSI, healthcare, government, energy & utility, transportation, retail & consumer goods, IT & telecom, education, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Key Benefits for Stakeholders The study provides an in-depth analysis of the global big data and business analytics market forecast along with the current & future trends to elucidate the imminent investment pockets. Information about key drivers, restrains, and opportunities and their impact analysis on the global big data and business analytics market size is provided in the report. Porters five forces analysis illustrates the potency of the buyers and suppliers operating in the industry. The quantitative analysis of the market for the period 2018-2026 is provided to determine the market potential.

KEY MARKET PLAYERS IBM Corporation Oracle Corporation Microsoft Corporation SAP SE Fair Isaac Corporation SAS Institute Inc. TIBCO Software Inc. Teradata Corporation Amazon Web Services Hewlett Packard Enterprise Development LP

Key Market SegmentsBy Component Software Service

By Deployment Mode On-Premise Cloud

By Analytics tools Dashboard & Data Visualization Self-Service Tools Data Mining & Warehousing Reporting Others

By Application Customer Analytics Supply Chain Analytics Marketing Analytics Pricing Analytics Spatial Analytics Workforce Analytics Risk & Credit Analytics Transportation Analytics

By Industry Vertical Manufacturing BFSI Healthcare Government Energy & Utility Transportation Retail & Consumer Goods IT & Telecom Education Others

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By Region North Americao U.S.o Canada Europeo UKo Germanyo Franceo Rest of Europe

Asia-Pacifico Chinao Indiao Japano Rest of Asia-Pacific

LAMEAo Latin Americao Middle Easto Africa

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Big Data and Business Analytics Market Overview, Size, Top ... - Chatfield News-Record