North America Data Monetization Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Offering (Solution, Services), By Deployment (On-premise, Cloud), By Enterprise Size (Small, Medium, Large), By End-User Industry (Retail, Manufacturing, Automotive, BFSI, Media And Entertainment, Others), And By Country (U.S., Canada, Mexico, Others) - Forecasts From 2022 To 2027

North America data monetization is projected to grow at a CAGR of 6.36% to attain a market size of US$132.658 billion by 2027, from US$86.138 billion in 2020.

The major factors driving the market growth are the growing advancement in big data analytics technology and its growing adoption in the retail sector of the region. Companies are making considerable investments in the cloud infrastructure of the country, which is significantly contributing to the overall market growth. Additionally, major key players in the region will further drive the market growth as the companies like Aws and Google continuously invest in their research and development activities to launch new products. The market is segmented into- By Offering, By Deployment Model, By Enterprise Size, By End-User Industry, and By Country.

North America Data Monetization Market Drivers:

• Advancement in Big Data Analytics

One of the prime reasons supporting market growth is the advancement in big data analytics. The retail sector in North America is vast and is witnessing an increase in sales. Retail sales across the region have increased to more than USD 3.8 trillion during the last few years owing to the rising disposable income and high consumer confidence, which has increased the demand for big data analytics across the retail sector of the region, which in turn is forecasted to drive overall market growth in the coming years (Source: National Retail Federation). Furthermore, the region is considered the leading player in terms of innovation and adoption of big data analytics. The region comprises a large number of Big Data analytics vendors such as IBM Corporation, SAS Institute Inc., Alteryx Inc., and Microstrategy Incorporated, which is creating new data-related challenges such as high volume, variety, and velocity, owing to which there will be a massive demand for data monetization models which in turn is anticipated to drive the overall market growth. Moreover, the growing investments by prominent key players in significant data analytics software or services will further boost the market growth during the forecast period

By Deployment Model:

• Cloud

The deployment model of the market is segmented into On-premises and Cloud. Cloud is anticipated to dominate the segment growth during the forecast period. The main reason supporting the segment growth is the growing adoption of cloud-based IT services and increasing investments by enterprises in their IT infrastructure and research and development of cloud technology. The United States is projected to dominate the segment growth owing to the rising adoption rate of cloud-based services in order to decrease the high costs related to data centers and for the development of business models. Additionally, significant technology key players such as Amazon, Microsoft, and Google and increasing venture capital in cloud technology are other vital factors that significantly contribute to the overall segment growth across the region. Furthermore, the rising adoption of advanced application development technologies has generated a large amount of data volumes which has driven the overall market growth during the forecast period.

COVID-19 Insights

The COVID-19 pandemic has slowed down the overall market growth in the region due to the lack of investments in advanced technologies such as AI, big data analytics, etc. However, the market is witnessing a high growth after 2020 owing to the growing adoption of cloud technology and partnerships between major key players in the country. Many companies in the market are looking forward to expanding their business across the United States, significantly contributing to the overall market growth.

Segmentation

The market has been analyzed through the following segments:

• By Offering
  • Solution
  • Service
• By Deployment Model
  • On-premises
  • Cloud
• By Enterprise Size
  • Small
  • Medium
  • Large
• By End-User Industry
  • Retail
  • Manufacturing
  • Automotive
  • BFSI
  • Media and Entertainment
  • Others
• By Country
  • U.S.
  • Canada
  • Mexico