Business Analytics Market
The Business Analytics Market size is expected to grow from USD 88.83 billion in 2023 to USD 130.95 billion by 2028, at a CAGR of 8.07% during the forecast period (2023-2028).
Business analytics is the practice of methodical and interactive exploration of data with an emphasis on statistical analysis. It is used by companies in order to facilitate a more data-driven decision-making process. Business analytics process depends on the quality of the data as well as the skill of the analyst who understands the business.
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Business Analytics Market Drivers
Rise in adoption of business analytics in various sectors such as BFSI, Energy & Power, Healthcare, Manufacturing, Retail, IT & Telecommunication is the key driving factor which is expected to boost the global business analytics market growth.
Furthermore, increase in investments in business intelligence and analytic tools by various enterprises will have a positive impact on market growth. Moreover, increase in demand for cloud-based analytics will fuel the market growth during this forecast period. Ability of business analytics offers better & faster decision making and provides competitive advantage by analysing and acting upon information in a timely manner which is expected to drive the market growth.
Business Analytics Market Analysis
The Business Analytics Market is expected to grow from USD 88.83 billion in 2023 to USD 130.95 billion by 2028, at a CAGR of 8.07% during the forecast period (2023-2028).
The Business Analytics Market is primarily driven by the increasing digitalization across end-user industries and the need to improve their businesses with a better understanding of the customers. In addition, the integration of advanced technologies by market vendors in business analytics solutions is expected to drive the market in the coming years.
The Business Analytics Market is evolving quickly. Increasingly, the emphasis is on real-time Business Intelligence (BI) to enable faster decision-making and on Data Visualization, which enables data patterns to be seen more clearly. Additionally, it is anticipated that in the upcoming years, demand for more efficient business analytics solutions would be driven by the increasing usage among various end users.
Traditionally, strategic decisions in many organizations were powered by business analytics that relied on big, centralized-managed data servers or warehouses. However, things have been changing recently, and business analysts are pulling data from dozens of heterogeneous data sources.
In addition, visualization and explorative data analysis for the business user have been evolving into one of the most important trends in the Business Analytics Market. Various end-user industries are also leveraging the power of business analytics to make strategic business decisions. While business analytics solution helps in supply chain management, inventory management, measuring the performance of targets, and risk mitigation plans in manufacturing, it is extended to include fraud detection and defense.
Further, the vendors are introducing innovative business analytics solutions by integrating advanced technologies for better data storage facilities and visualization. For instance, modern Machine Language (ML) - powered business analytics platforms offer improved data visibility and comprehension. Furthermore, the proliferation of data has enabled startups to compete successfully with established blue-chip firms in the market by building customized and superior analytics offerings.
Business Analytics Market Restraints
High investment cost is the major challenging factor which is expected to hamper the global Business Analytics Market growth. Also, incompatibility between tools having cross- organizational capabilities will affect the market growth.
Impact of COVID-19 on Big Data and Business Analytics Market-
The big data and business analytics market has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to exhibit a sudden downfall in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and shutdown of travel to prevent the transmission of virus. The big data and business analytics market is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic. Various organizations across the globe have initiated work-from-home culture for their employees, which is creating demand for the cloud-based big data analytics to manage critical information of organizations, thus creating lucrative opportunity for the market.
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Business Analytics Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global business analytics market, along with forecasts at the global, regional and country level from 2022-2030. Our report has categorized the market based on software, deployment type, end-user and vertical.
Business Analytics Market by Software:
Query, Reporting and Analysis Tools
Advanced and Predictive Analytics
Location Intelligence
Content Analytics
Data Warehousing Platform
Others
Business Analytics Market by Deployment Type:
Cloud-based
On-Premises
Business Analytics Market by End-User:
Large Enterprises
Small and Medium Size Enterprises
Business Analytics Market by Vertical:
BFSI
Energy and Power
Manufacturing
Healthcare
Government
Education
Media and Entertainment
Telecom and IT
Others
Market Key Players
Various key players are discussed in this report such as Oracle Corporation, IBM, SAP SE, Microsoft Corporation, Tibco Software, Inc., SAS Institute, Inc., INFOR, and Microstrategy Incorporated, and Others.
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