The global Business Analytics market size is predicted to reach over USD 63.7 billion in 2020 and projected to grow at a CAGR of 9.9% over the forecast period.
One of the primary challenges impeding the market's growth is the high investment cost of implementing solutions and the unwillingness to use business analytics. Rising demand for mobile analytics, as well as changing trends in analytics implementation, will provide new chances for vendors to thrive in this industry for a long time. The biggest difficulty that marketers encounter within the ecosystem is tool incompatibility across cross-organizational capabilities.
Governments and the WHO (World Health Organization) are increasingly using business analytics during the COVID-19 pandemic epidemic to better understand the effect of coronavirus around the world. As a result, the market for business analytics is predicted to grow. Furthermore, business analytics suppliers are utilising advanced technology in novel methods to assist businesses and customers in battling the coronavirus outbreak. This is fueling the global expansion of the business analytics industry.
Because of fundamental changes in the global business landscape, there has been an increase in demand for business analytics in the global marketplace. The last ten years have seen a flurry of corporate innovations and company disruptions, putting business analytics in the forefront. Furthermore, the need to ensure continuous growth throughout the organisation has fueled the growth of the global business analytics market.
The report also emphasizes several distinctiveness of the global Business Analytics industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the Business Analytics industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The Business Analytics market has tough competition among the new emerging and pre-established market vendors. Besides, the Business Analytics industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
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. Renowned companies are offering new and modern Business Analytics software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of 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 Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America