According to the latest report by IMARC Group, titled “Business Analytics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global business analytics market reached a value of US$ 76.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 122.5 Billion by 2027, exhibiting a CAGR of 8.1% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Business analytics (BA) refers to the methodical and iterative study of organizational data via statistical and operational analysis. It utilizes data mining, data aggregation, text mining, data visualization, sequence identification, etc. The business analytical tools are commonly used by organizations to conduct predictive analysis, query reporting, location intelligence, content analysis, data warehousing, enterprise performance management, etc., and understand complex data sets, underlying patterns, micro-segment the data, etc. Furthermore, they incorporate the principles of deep learning, information systems, and artificial intelligence (AI) to provide an accurate analysis. Based on those predictions, innovative solutions are formulated to make data-driven decisions and give organizations a competitive edge.
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Market Trends
The rising utilization of cloud computing is primarily driving the business analytics market. Additionally, the widespread adoption of cloud-enabled BA tools that assist in the real-time analysis of data with enhanced cost and time efficiency is also catalyzing the market growth. Besides this, the shifting consumer preferences from conventionally used spreadsheet modeling and manual calculations towards advanced tools, such as descriptive, diagnostic, and predictive business analytics, are acting as significant growth-inducing factors. Moreover, the escalating demand for business analytics among finance-based security agencies for inspection, monitoring, and preventing fraudulent activities related to large-value accounts is positively influencing the global market. Apart from this, the introduction of the Internet of Things (IoT)-enabled technologies and big data is anticipated to fuel the business analytics market over the forecasted period.
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List of Key Companies Covered in this Market Report:
Adobe Systems Incorporated
International Business Machines (IBM) Corporation
Microsoft Corporation
Microstrategy Incorporated
Oracle Corporation
Salesforce.com Inc.
SAP SE
SAS Institute Inc.
Tableau Software
Tibco Software Inc.
The report has segmented the market on the basis of software, deployment type, end user, vertical and geography.
Breakup by Software:
Query, Reporting and Analysis Tools
Advanced and Predictive Analytics
Location Intelligence
Content Analytics
Data Warehousing Platform
Others
Breakup by Deployment Type:
Cloud-based
On-Premises
Breakup by End-User:
Large Enterprises
Small and Medium Size Enterprises
Breakup by Vertical:
BFSI
Energy and Power
Manufacturing
Healthcare
Government
Education
Media and Entertainment
Telecom and IT
Others
Breakup by Geography:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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