Business analytics encompasses methodologies from applied mathematics, applied probability, applied statistics, computer science, and signal processing for using data to gain insights into business performance and drive business planning. Globalization is encouraging businesses to use similar technologies and resources which is causing business processes to converge to similar standards. This convergence has left the businesses with only quality of decision making as their means for outperforming their competitors. Business analytics provides tools to companies that makes the task of decision making easier. Business analytics is provided in terms of software and services. Data generated by businesses is analyzed and converted into forms that allow businesses to derive useful insights and drive the business growth.
The growing volume of digital data generated by businesses has led to the growth of business analytics market. Businesses all over the world are incorporating business analytics tools to better understand their customers and improve their business. Development in business analytics tools due to the development in AI and predictive analytics has led to growth in Business Analytics Market. The emergence of smart data discovery capabilities, machine learning and automation of the entire analytics workflow has led to reduction of time for deriving insights and has made it easier to distribute the data analytics workload among a broader set of people. The increasing capability of analytics tools to analyze complex data from businesses is also driving the growth of business analytics market. There is an increase in investments to develop data analytics tools which can support analytics of real-time events and streaming data. Cloud deployment using business analytics platforms has resulted in reduced costs and time.
The increase in adoption of analytics platform for cloud deployment can be considered as a driving factor behind the growth of business analytics market. Availability of active marketplaces of businesses is projected to create new opportunities for business analytics solution providers to offer tools that provide better and faster insights. Increasing use of smartphones and increasing digitization across all industry verticals can be a driving factor for the growth of business analytics market. However, lack of awareness about business analytics and reluctance in its adoption can be considered as restraining factors behind the growth of business analytics market. The continued storage of data by enterprises on premise rather than on cloud is set to affect the business analytics market in the short term.
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Major Key Players:
• Cloudability, Inc.(US)
• Densify, Inc.(Canada)
• EXPONEA (UK)
• Google LLC (US)
• International Business Machines Corporation (IBM) (US)
• Mixpanel, Inc. (US)
• PanTerra Networks, Inc. (US)
• SAP SE (Germany)
• SAS Institute, Inc. (US)
• Tableau Software, Inc. (US)
• Teradata Corporation (US)
• INFOR (US)
• Microstrategy Incorporated (US)
• Oracle Corporation (US)
• Adobe Systems Incorporated (US)
• Salesforce.com (US)
• Qlik Technologies, Inc. (US)
• Microsoft Corporation (US)
• Tibco Software (US)
• Fair Isaac Corporation (US)
• JDA Software Group, Inc. (US)
The global business analytics market is segmented based on deployment, industry, software, end-user, application, service, and region.
• By deployment, the global business analytics market is segmented into on-cloud and on-premise.
• By industry, the global business analytics market is segmented into telecom and it, retail, media and entertainment, manufacturing, healthcare, government, energy and power, education, BFSI, and other.
• By software, the global business analytics market is segmented into advanced and predictive analytics, data discovery and visualization software, content analytics, corporate performance management suites, location intelligence, data warehousing platform, and other.
• By end user, the global business analytics market is segmented into SMEs and Large-Scale Enterprises.
• By application, the global business analytics market is segmented into finance analytics, marketing analytics, supply chain analytics, data mining, and others.
• By service, the global business analytics market is segmented into managed services and professional services.
• By region, the global business analytics market is segmented into North America, Europe, Asia-pacific, and RoW.
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The regional analysis for global business analytics market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the global business analytics market during the forecast period. Increasing digitization of business processes and presence of majority key players in the US are driving the growth of business analytics market in the region.
Asia-Pacific is expected to grow significantly in the global business analytics market during the forecast period. The growing adoption of smartphones and growth in data driven business are driving the growth of the business analytics market in this region.
• Business analytics solution providers
• Cloud providers
• Software integrators
• Marketing firms
• Application developers
• IT enterprises
• Technology investors
• Regulatory industries
• Associations and forums related to business analytics
• Government bodies
• Market research firms
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