According to the latest report by IMARC Group, titled "Business Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global business analytics market size reached US$ 76.5 Billion in 2021. 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.
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.
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 8.1% during 2022-2027.
- 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, Salesforce.com Inc., SAP SE, SAS Institute Inc., Tableau Software, Tibco Software Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal