Business Analytics Market by Size & Forecast

 

Business Analytics Market

Business Analytics Market size was valued at USD 67 billion in 2019 and is forecast to grow at a vigorous CAGR of 10.8%. Business analytics is used to explore and investigate the past performance of the businesses to gain significant insights to plan business decisions accordingly.

The elementary changes in the global business environment are propelling the business analytics market to produce improved business models and outcomes based on the past trends and data. The last decade has disrupted the business operations and corporate advancement, which led the business analytics in the spotlight. Companies like Amazon uses real time analytics which leverages their machine learning algorithms to find transaction which might be related to fraudulent to enhance the efficiency of business. The increasing use of big data in the organization has increased the demand for business analytics. Thus, making the competition more intense and without business analytics many organizations might not survive as they won’t be able to gather the knowledge which has happened in the past without using business analytics tools. Business analytics uses information related to supply chain management, inventory management, and information related to the customers, employees to provide the profitable insight in a cost-efficient way. Thus, organizations are adopting business analytics market solutions, to detect and reduce the risks and errors to maintain the profitability of the organizations. However, high capital investment and lack of tools with cross-organizational capabilities are seems to restrain Business Analytics Market share.

By constituent, software segment is expected to grow at a higher CAGR in the global business analytics market over the forecast period. This is because the software helps corporations to deliver insights related the business queries helps them to interpret and analyze. Thus, analytics plays a crucial role in strengthening structural efficiency and optimization of resources. Organizations such as IBM, Oracle, SAP are some of the leading companies involved in this segment to offer different business analytics solutions to meet the growing end-user demand.

By industry vertical, BFSI is expected to dominate the global business analytics market over the forecast period, as the software allows continuous entry to the client database to secure transactions, and enhance client experience. In addition, it authorizes the financial institutions to research on large amounts of customer data to realize insights about their customers, which may push the BSFI Segment growth.

By region, North America region is expected to dominate the global business analytics market over the forecast period. The key players in North America being Oracle, Microsoft, and Slaesforce.com among others. However, Asia-Pacific is expected to witness significant growth during the forecast period, which will enhance the management system in the enterprises in Asia-Pacific and increase overall efficiency to stay competitive in the market.

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:
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

Location: United States

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to inv
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B
Read more