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.
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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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
Breakup by Deployment Type:
Breakup by End-User:
- Large Enterprises
- Small and Medium Size Enterprises
Breakup by Vertical:
- Energy and Power
- Media and Entertainment
- Telecom and IT
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
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