Business Intelligence and Big Data analytics are both driving the growth of businesses all over the world. In the USA, we are seeing heavy investment within Big Data. Companies are turning to Big Data in order to expand into new markets and improve customer relations. Here are future outlook and predictions for USA Big Data market.
Big Data will sweep into every business function and become a key factor of production, alongside capital and labour. It will be a key basis of growth and competition for individual companies. From the standpoint of competitiveness, almost all US companies are expected to take Big Data seriously. In most industries, new entrants and established competitors will leverage data-driven strategies to compete, innovate, and capture value from up-to-real-time information.
According to the International Institute for Analytics (IIA), computing will be microservice-enabled where all things including the analytics will be linked through Application program interface (API). According to another forecast by the IDC, by the year 2020, 50 percent of businesses analytics software will include prescriptive analytics built on cognitive computing functionality. In the next few years, cognitive services will become an important part of all apps. It is estimated that embedded Big Data analytics will offer the U.S. based businesses about 60 billion dollar annual savings by 2020.
The US will account for over half of all revenues generated by sales of Big Data analytics software, services, and technology. By 2019, Market Research firm IDC predicts that revenue generated by the USA Big Data market will exceed $98 billion. Services will represent over 50 percent of Big Data and software will represent the second largest category. Most of the revenue from the software will revolve around analysis, reporting, query, and data warehouse applications.
In Big Data software market, analytics software will hold the highest market share in the USA. Due to its ability to analyse data and extract actionable insights, an increasing number of enterprises will deploy this software solution. Sharpening focus on initiatives that lead to entering new markets, improving operational performance, creating new business models and making enterprises more customer-centric are three main factors that will drive adoption of analytics software.
Organizations will continue to feel the shortage of data talent. According to Deloitte’s Analytics Trends 2016 report, although the number of university data science and analytics programs is rising in the US, companies nonetheless can’t find enough sufficiently trained individuals to meet demand. The US is expected to face a shortage of 140,000 to 190,000 individuals with deep analytical skills as well as about 1.5 million analysts and managers with the knowledge to use the analysis data to make effective decisions.
We are still in the stages of big data adoption, and we have a long way to go before seeing all the benefits that big data-driven technologies have to offer. But looking ahead, it is certain that almost all US businesses believe that Big Data is a key basis of competition, innovation, and productivity.
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