The Latin America, Middle East and Africa Big Data Market would witness market growth of 14.6% CAGR during the forecast period (2021-2027).
The increased adoption of big data analytics software by various companies to deliver superior & speedier decision-making and to provide a competitive edge by analyzing and acting on information in a timely manner is driving the worldwide big data and business analytics market forward. Furthermore, the market's growth is aided by a surge in demand for cloud-based big data analytics software among small and medium businesses. On the contrary, the growing need for greater insights for corporate planning, as well as rising trends like social media analytics, are expected to provide the lucrative potential for market expansion throughout the forecast period. Each of these variables is expected to have a significant impact on the market for big data and business analytics.
Numerous innovations, such as neuromarketing, have struggled to find traction, big data business models will become increasingly important in the value chain. Consumption of items and information is increasingly being tracked electronically, making it quantifiable on a broad scale. Big data is already well-established in several fields, with social media analytics and the use of cookie data to gauge internet coverage being two famous examples. Big data also includes the use of panels for passive measurement of media consumption via the internet, television, and radio.
Gulf countries have distinct advantages in terms of being able to capitalize on Big Data prospects, such as an efficient legislative system, strong leadership commitment, and cutting-edge technology and infrastructural basis. As a result, it is vital for GCC (Gulf Cooperation Council) countries to move fast past the planning stage and begin implementing the basic foundations needed to allow government-wide Big Data applications.
In both the public and private sectors, GCC governments have recognized the promise of Big Data to fuel economic growth, improve decision-making, and create competitive advantages. They've laid out specific plans for embarking on their Big Data transformation missions. As a result, when compared to global standards, GCC countries have reached various stages in their plan and still have more goals to reach.
A lot of work has gone into defining tactical directions and developing complete Big Data plans and programs. Dubai's Smart City Strategy, Qatar's Smart Program (TASMU), Bahrain's Open Data, and the Kingdom of Saudi Arabia's Open and Big Data strategies are just a few examples. The GCC countries have made Big Data a priority on their agendas in anticipation of it being a major lever in accomplishing national ambitions.
The Brazil market dominated the LAMEA Big Data Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $6,731.2 million by 2027. The Argentina market is estimated to grow at a CAGR of 15.2% during (2021 - 2027). Additionally, The UAE market would showcase a CAGR of 14.3% during (2021 - 2027).
Based on Component, the market is segmented into Solution (Data Discovery, Big Data Analytics, Data Visualization, and Data Management) and Services. Based on Business Function, the market is segmented into Marketing & Sales, Finance, Human Resources, Operations, and Others. Based on Deployment Type, the market is segmented into On-premise and Cloud (Public, Private, and Hybrid). Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on Vertical, the market is segmented into BFSI, Retail & Consumer Goods, Telecom & IT, Government & Defense, Healthcare & Life Sciences, Manufacturing, Media & Entertainment, Transportation & Logistics, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Big Data Market is Predict to reach $300.7 Billion by 2027, at a CAGR of 10.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Google LLC, Oracle Corporation, Microsoft Corporation, SAS Institute, Inc., SAP SE, Alteryx, Inc., Teradata Corporation, Salesforce.com, Inc., and TIBCO Software, Inc.
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