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.

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