Global Business Analytics Market was valued at US$ 10 Bn in 2019 and is expected to reach US$ 32 Bn by 2026, at a CAGR of 15.65 % during forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Rate of production of data from user devices, like mobiles, tablets, and laptops is rising exponentially in line with the growth in the major end-user segments, trends, like online shopping, data from kiosks at malls and fuel stations are also increasing because of rise in the purchasing power of customers. This is directed to huge amounts of data to be processed for businesses to recognize user behavior and make customized products to gain market share and value.
Companies are increasingly dependent on technology to increase competitive advantage over competitors. Sales and marketing teams are projected to continue to keep track of their customers using CRM solutions which collects data from social media and other varied sources and present them in an actionable way to the users. Emergence of social media is playing major role in this regard, as firms are mandatory to adopt a consumer-centric approach, by actively taking feedback and designing movements using business analytics. With the rising growth of IoT, the data produced and requirement for business analytics are further estimated to increase.
Factors which are influencing the market growth contains rising demand for the analytics by the organizations owing to the growing big data trend, quickly changing business environment and customer choices. Still, high execution costs and unwillingness in acceptance of business analytics are some factors limiting the growth of market. Also, lack of skilled workers with sound technical capabilities poses major challenge to the market.
Amongst applications, Banking, financial services & insurance (BFSI) and retail industries holding the largest market share. Tableau is the fastest growing business analytics software company, growing around 90% in a year. North America held the largest market share as this region encourages the implementation of business analytics across its various organizations followed by Europe. Asia Pacific is widely witnessing rise in the adoption of business analytics.
Business analytics software is helping in interpretation and analysis of business data over continuous exploration and examination of historical business performance to gain significant insights for business planning, by the application of statistical methods and tools in business performance data, a business analytics software is conducting predictive analysis to originate decision making insights and inputs. So that, business analytics software is helping an organization to improve its business operations and enables informed and strategic decision making. It is also helping uncover patterns and relationships in data streams and leads to automation of tasks and procedures for real-time responses in decision making. Outputs are mostly used by managers, security personnel, financial analysts, and key decision makers of association.
Demand for cloud-based business analytics software is highly increasing in small and medium sized enterprises due to its low cost and improved usability. Also, demand for social media analytics, a part of business analytics, is rising significantly because of the increase in popularity of social media marketing.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Business Analytics market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in Business Analytics market.
Scope of Global Business Analytics Market:
Global Business Analytics Market by Deployment Type:
Global Business Analytics Market by Application:
• Telecom and IT
Global Business Analytics Market by Software:
• Search And Altering
• Advanced And Predictive Analytics
Global Business Analytics Market by Service:
• Managed Services
• Professional Services
Global Business Analytics Market by Geography:
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operated in Market Include:
• Tibco Software, Inc.
• Microsoft Corporation
• Microstrategy Incorporated
• Oracle Corporation
• QLIK Technologies, Inc.
• SAP SE
• SAS Institute, Inc.
• Tableau Software, Inc.
• Adobe Systems Incorporated
• International Business Machines Corporation
• Fair Isaac Corporation
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