|SAS Institute. SAP SE|
|Adobe Systems Incorporated|
|Fair Isaac Corporation|
|JDA Software Group|
|Market Driving Forces|
|An increase in social media analytics|
The business analytics market is projected to register a CAGR of 8.50% from 2022-2030. An organization's performance measurement tools and processes are called business analytics. Due to its ability to spot flaws in current procedures and highlight important data, business analytics may also be used to review an entire organization to position it for future development and problems. As hosted BI platforms and IoT devices produce an abundance of different data, advanced data cataloging solutions are becoming more popular. The business analytics market size is expected to reach approximately USD 78.12 Billion Value by 2030. As an illustration, Alation, a startup specializing in cataloging data in the enterprise, introduced an analytics tool within its Data Catalog service in December 2019 to provide its clients with better stewardship and governance. Several important sectors also use business analytics to help them make crucial business decisions.
COVID-19 Impact Analysis
Businesses worldwide need help to adapt to the COVID-19 impact. The right priorities must be established, managers must act swiftly to adapt their decisions to continuing developments, and they must control expenses and retain liquidity. In a recent survey by Burtch Works and the International Institute for Analytics of 300 analytics professionals across the United States, 43% of participants said that analytics is at the forefront of their activities, assisting their organizations in making crucial decisions in response to the COVID-19 crisis. More than 26% of the respondents reported dealing with a sizable volume of COVID-19-related requests, and more than 10% were instructed to concentrate solely on the analytics relating to the impact of coronavirus.
Businesses require data analytics because it improves their ability to make data-driven decisions and allows them to manage, process, and simplify enormous datasets in real-time. Big data and business analytics' primary goals are to aid companies in better understanding their target markets and customers and to improve marketing initiatives. These characteristics are projected to increase the big data market's acceptability by multiple businesses from various industries.
As businesses want to harness information assets to enhance customer interactions, business results, and operational efficiency, big data analytics is in great demand. However, keeping up with the evolving needs and expectations of expanding big data analytics customers has grown more difficult. On the other hand, new big data analytics trends like text analytics and social media analytics are expected to open up a lot of business prospects. Additionally, due to social media's superior effectiveness over more conventional forms of advertising, many businesses have chosen it as their primary source for various advertising campaigns, product promotions, and event promotions.
Although there are many benefits to business analytics, the high starting costs and operational complexity have become a top worry for all organizations, which poses a significant obstacle to the market expansion of business analytics platforms. Because the operational budget is the primary consideration when businesses invest in cutting-edge tools and technologies, the price of adequate business analytics platforms and the maintenance and training costs connected with their use hinder the market's expansion.
The need to maximize their expansion is driving businesses to use big data analytics due to the steadily rising level of competition among them. Furthermore, as big data analytics software enables businesses to study the factors influencing outcomes and provides the power of decision optimization, it is anticipated that an increase in the need for insights for business planning has presented lucrative opportunities for market expansion. Additionally, big data analytics enables businesses to improve consumer engagement and operational efficiency through real-time data. Various decision-makers also use big data analytics to enhance organizational decision-making and optimize sales techniques.
Based on deployment, the business analytics market segmentation is on-cloud and on-premise. The business analytics market growth was prominently high under the on-cloud category in 2021. Due to various variables, including the rapid uptake of cloud computing, the shifting focus toward cloud-based data management, and others. Compared to on-premise models, business analytics platforms hosted in the cloud offer benefits, including flexible pricing with subscriptions, streamlined mobile access, high security, and simplicity of file sharing among clients or consumers, increasing their adoption. However, on-premise is anticipated to be the fastest growing. Businesses have more freedom and control over customizing their IT infrastructure with on-premise installations, reducing their reliance on the internet and protecting confidential company data from fraud and theft.
Based on the industry, the business analytics market segmentation is retail, telecom & IT, media & entertainment, healthcare, manufacturing, energy & power, government, BFSI, education, and others. In 2021, BFSI accounted for the largest market share of the market. Due to technological improvements, the banking and financial sectors are going through substantial changes. Today's financial institutions must contend with greater competition, fluctuating client expectations, strict control, and risk management in a highly dynamic market due to rising internet usage and the proliferation of mobile devices and apps. However, the retail category is estimated to register the highest growth rate during the forecast period. The increasing popularity of online shopping, the necessity to increase sales profitability due to market competition, and the rise in fraud and other criminal activity are some of the main factors contributing to the market's expansion.
Based on software, the market is divided into advanced & predictive analytics, content analytics, data discovery & visualization software, corporate performance management suites, data warehousing platform, location intelligence, and others. The content analytics category dominated the market for business analytics in 2021. The expansion of this market is driven by increased competition among the major competitors to deliver higher customer satisfaction and a more individualized experience. The advanced and predictive analytics category was the fastest-growing segment due to increased customer satisfaction.
Global Business Analytics Market Share, by Region, 2021 (%)
Market Overview, by Region
By region, the business analytics market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021. Increasing reliance on cloud computing and cloud-based environments, the growth of the retail and e-commerce industries, and fraud and other criminal activity, particularly in the BFSI sectors, are all contributing factors to the market's expansion. Additionally, significant R & D spending by some of the region's top market players, including IBM Corporation, Microsoft Corporation, Oracle Corporation, and others, as well as the availability of technological know-how, have contributed to the industry's steady expansion.
Asia-Pacific accounted for the second-largest market share in 2021. Due to the vast population in the Asia-Pacific area, the usage of smartphones is increasing, and data-driven businesses are developing. These factors fuel the growth of this region's market.
Market Competitive Landscape
The presence of several small and medium-sized businesses that compete with one another, as well as with giant corporations, has led to a highly fragmented market for business analytics. The market also sees several collaborations and acquisitions, and technological improvements give businesses a competitive advantage. For instance, in April 2022, Bausch + Lomb launched Revive's custom soft business analytics, a new addition to its customizable soft business analytics available in spherical, toric, multifocal, and multifocal toric options.
Prominent players in the business analytics market research include Cloudability, Inc, EXPONEA, Densify, Inc., Google LLC, Mixpanel, Inc., IBM, SAS Institute, Inc., SAP SE, Tableau Software, Inc., Microstrategy Incorporated, Teradata Corporation, Oracle Corporation, Adobe Systems Incorporated, Qlik Technologies, Inc., Tibco Software, Microsoft Corporation, Fair Isaac Corporation, JDA Software Group, Inc. among others.
Scope of the Business Analytics Market Segmantation
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Business Analytics Market Forecast & Size:
To identify and estimate the market size for the business analytics market report segmented by deployment, industry, and software by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the business analytics market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the market growth
Market Influencing Factors:
To find out the factors which are affecting the business analytics market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 78.12 billion|
|(CAGR)||8.50% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Deployment, Industry, and Software|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Cloudability, Inc, EXPONEA, Densify, Inc., Google LLC, Mixpanel, Inc., IBM, SAS Institute, Inc., SAP SE, Tableau Software, Inc., Microstrategy Incorporated, Teradata Corporation, Oracle Corporation, Adobe Systems Incorporated, Qlik Technologies, Inc., Tibco Software, Microsoft Corporation, Fair Isaac Corporation, JDA Software Group, Inc.|
|Key Market Opportunities||Greater demand for understanding to inform business planning|
|Key Market Drivers||An increase in social media analytics|
The business analytics market forecast period is 2022-2030
The market is expected to register a CAGR of 8.50% over the next 10 years, according to business analytics market research.
Asia-Pacific is expected to register the highest CAGR during 2022-2030
North America held the largest share in 2021
The market size is expected to be USD 78.12 by 2030.
Cloudability, Inc, EXPONEA, Densify, Inc., Google LLC, and Mixpanel, Inc., are the major companies operating in the global