Global Business Analytics Market to Grow at 8.2% During 2024-2032, Impelled by Growing Adoption of Big Data

October 27, 2020 | Technology & Media

According to the latest report by IMARC Group, titled "Business Analytics Market Report by Software (Query, Reporting and Analysis Tools, Advanced and Predictive Analytics, Location Intelligence, Content Analytics, Data Warehousing Platform, and Others), Deployment Type (Cloud-based, On-Premises), End-User (Large Enterprises, Small and Medium Size Enterprises), Vertical (BFSI, Energy and Power, Manufacturing, Healthcare, Government, Education, Media and Entertainment, Telecom and IT, and Others), and Region 2024-2032," the global business analytics market size reached US$ 89.3 Billion in 2023. Business analytics (BA) is a subset of business intelligence (BI) that is used for sorting, collating, processing and studying business data through statistical and operational analysis. It utilizes statistical models and iterative methodologies for transforming data into business insights. Some of the prominent components of BA include data aggregation, data mining, text mining, forecasting, predictive analytics, data visualization and optimization. BA is essential for analyzing underlying patterns and micro-segmenting the data while offering a competitive edge to the enterprises by facilitating data-driven decisions making. These tools are also widely used by numerous organizations to recognize business patterns, optimize prices according to the current trends, understand consumer needs and maximize ideal outcomes.

Global Business Analytics Market Trends:

The market is primarily driven by the rising adoption of big data by numerous organizations across the globe. There has been a substantial increase in the amount of digital data generation from various business processes, systems and platforms. Along with this, the growing usage of social media platforms has also increased the generation of unstructured data for promotional purposes. Consequently, BA tools are widely employed to analyze the data to get a better understanding of the operations and requirements of the customers. Moreover, the emergence of the Internet of Things (IoT)-enabled technologies and the growing adoption of cloud computing by multiple enterprises are providing a thrust to the market growth. There has been an escalating demand for predictive analytics across various end use industries, which is acting as a major growth-inducing factor. It is essential for predicting market trends for a vast array of products and services, which ultimately aids in improving the overall performance of businesses. Some of the other factors contributing to the market growth include technological advancements in the BI market, growing utilization of BA in finance-based security agencies to prevent fraudulent activities, increasing preference for cloud-enabled BA tools and significant growth in the e-commerce sector. On account of these factors, the market is expected to grow at a CAGR of 8.2% during 2024-2032.

Market Summary:

  • On the basis of the software, the market has been divided into query, reporting and analysis tools, advanced and predictive analytics, location intelligence, content analytics, data warehousing platform, and others.
  • Based on the deployment type, the market has been bifurcated into cloud-based and on-premises.
  • On the basis of the end user, the market has been classified into large enterprises, and small and medium size enterprises.
  • Based on the vertical, the market has been categorized into BFSI, energy and power, manufacturing, healthcare, government, education, media and entertainment, telecom and IT, and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include Adobe Systems Incorporated, International Business Machines (IBM) Corporation, Microsoft Corporation, Microstrategy Incorporated, Oracle Corporation, Inc., SAP SE, SAS Institute Inc., Tableau Software, Tibco Software Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Software, Deployment Type, End-User, Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Adobe Systems Incorporated, International Business Machines (IBM) Corporation, Microsoft Corporation, Microstrategy Incorporated, Oracle Corporation, Inc., SAP SE, SAS Institute Inc., Tableau Software and Tibco Software Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Business Analytics Market to Grow at 8.2% During 2024-2032, Impelled by Growing Adoption of Big Data
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