Business Analytics Market

Business Analytics Market witnessed USD 91.1 billion in 2022 and is expected to touch USD 207 billion in 2030, growing at a robust CAGR of 10.8% during forecast period.

Business Analytics Market Overview

Business analytics is a term that is used to define how business analysts dig into the data from different directions. They can analyze performance of any organization based on product, process, and customer segment or by delivery channel. It refers to the competencies, processes, technologies, applications, and practices involved in achieving the set goals. Hence business performance management can be enhanced by the business analytics and thereby leading to high adoptions by the organizations.

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Major Business Analytics Market Drivers

Increasing adoption of Business analytics software to draw insights from current as well as historical information about the products, services, business processes, and analyze the information to formulate strategies, is one of the major factors contributing to the business analytics market growth. For example, Amazon gleans over 2,000 historical and real-time data points on every order and leverages machine learning algorithms to find transactions with an elevated likelihood of being fraudulent. In addition, increasing trend of big data, ongoing technological advancements, and growing investment by leading companies to automate and optimize processes to address the consumer demands are projected to expand the business analytics market size over the forecast period. Moreover, the modern data ML-drive business analytics platforms are incorporated with proper data visualization tools and increased data storage capability, over traditional business analytical tools, which will support the market growth. The ability of business analytic software to improve supply chain management, inventory management, fraud detection, measure performance, and develop risk mitigation has driven the market growth. However, insufficient tools with cross organizational capabilities and high capital invested are projected to impede the business analytics market share.

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Component – Segment Analysis

Based on the component, software segment is expected to grow at a higher in the global business analytics market over the forecast period. The software helps the corporations to deliver insights related to any of the business queries that and helps them to comprehend and analyze. Hence, analytics plays a decisive role in strengthening structural efficiency and optimisation of resources. IBM, Oracle, SAP are some of the leading companies catering to this segment and offering different business analytics solutions to meet the growing end-user demand.

Industry Vertical – Segment Analysis

Based on the industry vertical, BFSI is expected to dominate the global business analytic market over the forecast period. This dominance can be credited to enhanced distribution of BI software to enable continuous entry to the client database, secure transactions, and enhanced client experience. The BI software permits financial institutions to research large amounts of customer data to realize insights about their customers, which may act as a driving factor for the BFSI segment growth.

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Regional – Segment Analysis:

Based on the region, North America region is expected to dominate the global business analytics market over the forecast period. The region houses key players such as Oracle, Microsoft, and Slaesforce.com among others. Rapid managing prototypes in business analysis allows to assist batch analytics, shared analytics, database, global messaging, and file-based models in different types of organizations in the United States. Demand for such solutions is contributing to the growth of the market in the region. Furthermore, conferring to Telecom Advisory Services, in 2019, the United States made 41.52 million exabytes per month of internet traffic. According to Cisco, the cloud traffic in North America was expected to be 4,860 exabytes per year in 2019. About 10% of enterprise generated data is generated and processed outside a conventional centralized data center or cloud, which further augments the need for business analytics across organizations in the region.

Top Market Players

Various notable players operating in the market, include, Oracle, IBM, SAP, Microsoft, TIBCO Software Inc., SAS Institute, Inc., Infor., MICROSTRATEGY INCORPORATED., Qlik, Salesforce.com, inc., among others. 

Key Developments:

• • In 2020 – Microsoft declared that Azure Synapse Analytics, the next generation of Azure SQL Data warehouse, is available for public preview. Azure Synapse offers an overwhelming performance over large data volumes and incorporated built-in capabilities for data ingestion, preparation, machine learning, and visualization while increasing time to value and reducing the total cost of ownership (TCO).
  • In 2020, Oracle officially announced the availability of the Oracle Analytics for Cloud HCM provider HR executives
  • In 2019, Salesforce.com, inc. officially completed the acquisition of tableau in UD$ 1.8 trillion which helped the company in delivering powerful AI-driven insights across all types of data and use cases for people of every skill level.

Segments covered in the Report:

The global business analytics market has been segmented based on component, small & medium enterprise and large enterprise, industry vertical, and regions. Based on component, the market is segmented into software and services. Based on enterprise size market is segmented into small & medium enterprise and large enterprise. Based on industry vertical, the market is segmented into telecom and IT, retail, media and entertainment, manufacturing, healthcare, energy and power, education, BFSI, and others. 

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Market Segmentation

Global Business Analytics Market by Component

• • Software
  • Services

Global Business Analytics Market by Enterprise Size

• • Small and Medium Enterprises
  • Large Enterprises

Global Business Analytics Market by Industry Vertical

• • Telecom and IT
  • Retail
  • Media and Entertainment
  • Manufacturing
  • Healthcare
  • Energy and Power
  • Education
  • BFSI
  • Others

Global Business Analytics Market by Region

• • North America Business Analytics Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Small & Medium Enterprise and Large Enterprise
    • By Industry Vertical
    • US Market All-Up
    • Canada Market All-Up

  • Europe Business Analytics Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Small & Medium Enterprise and Large Enterprise
    • By Industry Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Business Analytics Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Small & Medium Enterprise and Large Enterprise
    • By Industry Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Business Analytics Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Small & Medium Enterprise and Large Enterprise
    • By Industry Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Business Analytics (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Oracle
  • IBM
  • SAP
  • Microsoft
  • TIBCO Software Inc
  • SAS Institute, Inc.,
  • Infor
  • MICROSTRATEGY INCORPORATED
  • Qlik
  • com, Inc.