Organizations operate in a dynamic business environment, which means they must respond to changing client needs. Companies seek to delve into not only current information about their customers, goods, services, and business processes, but also historical data about their prior performances in order to gain insights and learn about previous trends and patterns. As a result, numerous sectors have adopted business analytics market software and solutions to analyses such trends, uncover new business possibilities, and design plans based on fresh insights.
Furthermore, as the big data trend in enterprises grows, there is a growing demand for analytics. Without business analytics, it is no longer possible for enterprises to survive in a fiercely competitive climate, and gaining knowledge of what has happened in the past is similarly difficult. The programme assists organizations in providing answers to business questions such as "what has happened?" and "why it happened?" as well as predicting "what should happen?" As a result, analytics plays a critical role in increasing organizational productivity and resource optimization.
The global Business Analytics market size was estimated to reach over USD 63.7 billion in 2020, and projected to grow significantly with a CAGR of 9.9% over the forecast period. In this context, businesses spend heavily in process automation and optimization in order to better meet customer needs while lowering operational costs. Furthermore, several elements like as supply chain management, inventory management, and accurate information about consumers, employees, and each individual aid analytics in providing valuable insights in a cost-effective manner. As a result, businesses are better positioned to embrace business analytics market solutions in order to detect and mitigate operational risks and errors, which can lead to a drop in profitability.
The adoption of big data analytics software by various companies to deliver enhanced & faster decision-making and to provide competitive advantage by analyzing and acting on information in a timely manner is driving the worldwide business analytics market forward. Furthermore, the market's expansion is aided by a surge in demand for cloud-based big data analytics software among small and medium-sized businesses. The market's expansion is likely to be hampered by high implementation costs and a scarcity of skilled labor.
Business Analytics Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 63.7 billion|
|Growth Rate||CAGR of 9.9% during 2021-2028|
|Segment Covered||Software, Deployment Model, Organization Size, Industry Vertical, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Oracle Corporation, IBM, SAP SE, Microsoft Corporation, Tibco Software, Inc., SAS Institute, Inc., INFOR, Microstrategy Incorporated, QLIK Technologies, Inc. and Tableau Software, Inc.|
Key Segments of the Global Business Analytics Market
Software Overview, 2019-2028 (USD Million)
- Query, Reporting and Analysis Tools
- Advanced and Predictive Analytics
- Location Intelligence
- Content Analytics
- Data Warehousing Platform
- Enterprise Performance Management
Deployment Model Overview, 2019-2028 (USD Million)
Organization Size Overview, 2019-2028 (USD Million)
- Large Enterprises
- Medium and Small Enterprises
Industry Vertical Overview, 2019-2028 (USD Million)
- IT & Telecom
- Retail and E-commerce
- Media and Entertainment
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Business Analytics market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Business Analytics market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Business Analytics industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Software, deployment model, Organization Size and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Business Analytics market. The report will benefit every stakeholder involved in the Business Analytics market.
- Managers within the Business Analytics industry looking to publish recent and forecasted statistics about the global Business Analytics market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global Business Analytics market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
To get a competitive advantage over competitors, businesses are becoming increasingly reliant on technology. CRM solutions, which collect data from social media and other sources and provide it to users in an actionable format, are expected to help sales and marketing teams keep track of their consumers. The rise of social media is playing a significant role in this regard, since businesses are required to take a customer-centric strategy, which includes actively soliciting input and designing actions utilising business data. With the rise of IoT, the amount of data created and the need for business analytics is expected to rise even more.
Business analytics software aids in the interpretation and analysis of business data through continuous exploration and examination of historical business performance to gain significant insights for business planning. Business analytics software conducts predictive analysis to generate decision-making insight by applying statistical methods and tools to business performance data.
Based on the Software segment, the market is classified into Query, Reporting and Analysis Tools, and Advanced and Predictive Analytics, Location Intelligence, Content Analytics, Data Warehousing Platform, and Enterprise Performance Management. The banking and finance industry is changing as a result of technological advancements. With the increased use of the internet and the proliferation of mobile devices and apps, today's financial institutions face increased competition, shifting client needs, and stringent control and risk management in a fast-paced market. Simultaneously, technological advancements have resulted in the development of strong business analytics tools. The banking and finance industry can employ business analytics tools to use customer data for insights that can lead to wiser and more efficient management practises and better business decisions. Business Analytics solutions are being used by banking and finance institutions to increase profitability, reduce risk, and create new opportunities.
Deployment Model Segment
Based on deployment mode, the cloud segment is expected to grow at a higher CAGR in the market during the forecast period, owing to the increasing adoption of a cloud-based Advanced and Predictive Analytics such as Software-as-a-Service among organizations, owing to its ease of access. Furthermore, it has several advantages over on-premises Advanced and Predictive Analyticss, including high scalability, low cost, simple implementation, and adaptability. Small and medium-sized businesses are increasingly embracing cloud Advanced and Predictive Analyticss due to their low cost, round-the-clock support, and ease of maintenance.
Organization Size Segment
Based on the Organization Size, the market is segmented into Large Enterprises and Medium and Small Enterprises. Large organizations spend a lot of money on product management in order to better serve their customers and improve their experience. Marketers can easily analyses customer behavior toward their products and Query, Reporting and Analysis Tools and make changes to retain them. Business Analytics enables these strategies to be changed in real-time, allowing businesses to stay ahead of their competitors.
Industry Vertical Segment
Based on the industry vertical, the market is segmented into BFSI, IT & telecom, retail and E-commerce, Government, healthcare, Media and Entertainment, and others. During the projected period, the BFSI segment's BPO business analytics market share will expand significantly. The demand for data analytics is being fueled by the massive amounts of transactional data generated in the BFSI sector. In addition, the BFSI sector's demand for data analytics is being fueled by the rising requirement for regulatory compliance and transparency. The contribution of all segments to the growth of the BPO business analytics market size is accurately predicted in this analysis.
In terms of region, the global business analytics market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to lead the global business analytics market, due to well-established players in the region who focus on innovations and build capabilities to differentiate their products from their competitors. This factor accelerates the growth of the business analytics market in the North America region.
The major players of the global Business Analytics market are Oracle Corporation, IBM, SAP SE, Microsoft Corporation, Tibco Software, Inc., SAS Institute, Inc., INFOR, Microstrategy Incorporated, QLIK Technologies, Inc. and Tableau Software, Inc. These players have adopted various strategies, such as new product launches, partnerships, agreements, collaborations, mergers & acquisitions, and business expansions to cater to the needs of the Business Analytics market. Renowned companies are offering new and modern Business Analytics Query, Reporting and Analysis Tools Advanced and Predictive Analytics. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic Query, Reporting and Analysis Tools and Advanced and Predictive Analytics and to remain competitive in the global market.