Market Highlights
According to Market Research Future (MRFR), the global software analytics market is projected to grow at approximately USD 11.5 billion at a 10% CAGR between 2017 and 2023 (forecast period). The study offers a precise assessment of the effects of COVID-19 on current / future market conditions. The report also highlights key market factors that will affect the growth of this sector, such as market share, top region, and global companies.
Software analytics can be described as a branch of data analytics. Software analytics is designed to conduct a specific kind of analytics related to software systems. The software monitors, predicts, and improves the performance and effectiveness of software development.
Market Dynamics
The key drivers of the market for software analytics include increasing competition between companies and the demand for improved software analytics. Increasing competition creates an opportunity for businesses to collect efficient data related to software development, thereby, boosting the software analytics market.
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Segmentation:
The global software analytics market has been segmented on the basis of service, deployment, organization size, and vertical.
On the basis of service, the global software analytics market has been segmented into professional service and support and maintenance services.
Based on deployment, the global software analytics market has been segmented into cloud and on-premise.
Based on organization size, the global software analytics market has been segmented into small & medium enterprises and large enterprises. Small and medium enterprises account for the largest market share.
On the basis of vertical, the global software analytics market has been segmented into government & defense, BFSI, IT & Telecommunication, healthcare, retail, travel & hospitality, manufacturing, transportation & logistics, media & entertainment, others. BFSI sector is predicted to account for the highest market share in the software analytics market.
Regional Analysis
The regional analysis of the software analytics market is being studied for regions such as the Asia Pacific, Americas, Europe, and the Rest of the World.
The North American region has the largest market share in the market for software analytics due to the involvement of major players in the region and the adoption of software analytics solutions by small and large companies. Countries like the United States and Canada contribute a substantial amount of revenue to the software analytics industry. The Asia Pacific region is expected to rise at the highest CAGR. Enterprises in the area are investing heavily in software analytical tools to increase business performance and competitiveness, and rising software companies in the region are improving the demand in the region.
Key Players
The industry giants in the global software analytics market are – SAP SE (Germany), Tableau Software (U.S.), SAS Institute (U.S.), International Business Machine (U.S.), Oracle Corporation (U.S.), Microsoft Corporation, Qlik (U.S.), Teradata Corporation (U.S.), Microstrategy, Inc. (U.S.), Informatica (U.S.) and others.
International Business Machine is one of the leading industry participants in the market for software analytics. IBM has developed an analytics software that offers a complete data and analytics solution. It provides an analytical approach that generates possibilities for all forms of data from different sources, both within and outside the enterprise. SAP SE, a major player in the market for software analytics, provides a wide variety of solutions in analytics. It offers business intelligence, predictive analytics, and business performance management solutions.
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Global Software Analytics Market, By Service (Professional Service, Support and Maintenance Service), By Deployment (Cloud, On-Premise), By Vertical (IT & Telecommunication, Healthcare, BFSI, Retail) - Forecast 2023
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