Global Business Analytics Software Market is valued approximately at USD 59.46 billion in 2019 and is anticipated to grow with a healthy CAGR more than 9.7% over the forecast period 2020-2026. Business analytics software helps in interpretation and analysis of business data with the help of continuous exploration and investigation of historical business performance in order to gain decisive insights for business planning. A business analytics software conducts predictive analysis to derive decision making insights and inputs for better outcome. A business analytics software is used to uncover patterns and relationships between data streams and leads to automation of tasks and processes for real-time responses in decision making. Increase in adoption of business analytics software by many organizations due to continuously increasing investments in business intelligence and analytic tools for better revenue are the few factors responsible for growth of the market over the forecast period. Furthermore, surge in demand for cloud-based business analytics software among small & medium-sized businesses and increasing awareness about numerous benefits provided by this software seems to be opportunity for market key players to expand their business analytic software solution, will likely to propel the growth of this market. For instance: as per company’s news release, Oracle Corporation announced the expansion of its portfolio of data analytics tools under the product name Oracle Analytics. Oracle’s analytic capabilities are available in the cloud via Oracle Analytics Cloud, on-premise via Oracle Analytics Server, and within applications via Oracle Analytics for Oracle Cloud Applications. However, high implementation cost and lack of skilled workforce is the major factor restraining the growth of global Business Analytics Software market during the forecast period.
The regional analysis of global Business Analytics Software market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world in terms of market share owing to the rising adoption of business analytic software in every business size. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026.
Major market player included in this report are:
SAS Institute Inc.
International Business Machines (IBM) Corporation
Adobe Systems Incorporated
QlikTech International AB
Fair Isaac Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Deployment Model:
IT & Telecom
Supply Chain Analytics
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Business Analytics Software Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers