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The Business Analytics Market is expected to register a CAGR of 7.3% during the forecast period (2018-2023). The rate of production of data from user devices, like mobiles, tablets, and laptops is growing exponentially in line with the growth in the major end-user segments; trends, like online shopping, data from kiosks at malls and fuel stations are also growing due to increase in the purchasing power of consumers. This has led to huge amounts of data to be processed for businesses to understand user behavior and make customized products to gain market share and value.
The scope of the study is segmented by Query Reporting & Analysis Tools, Advanced and Predictive Analytics, Location Intelligence, Content Analytics, Data Warehousing Platform, and Enterprise Performance Management software. The scope is also segmented by deployment model and end-user.
Increased Emphasis on Gaining Insights into Consumer Behavior is the Major Driver for the Market
Companies are increasingly depending on technology to gain competitive advantage over rivals. Sales and marketing teams are expected to continue to keep track of their customers using CRM solutions that collect data from social media and other diverse sources and present them in an actionable manner to the users. The emergence of social media has played a major role in this regard, as firms are forced to adopt a consumer-centric approach, by actively taking feedback and designing campaigns using business analytics. With the increase in growth of IoT of things, the data generated and requirement for business analytics are further expected to increase.
Cloud Segment is Expected to have Highest CAGR
The on-demand deployment model of business analytics tools can be defined as an emerging form of the software delivery model, wherein, the business analytics software is deployed and managed on the provider’s cloud infrastructure. This model offers lucrative benefits to small/medium-scale businesses, by drastically cutting-down the capital expenditure involved in building the required infrastructure on their premises. On-demand software model allows consumers to subscribe to software tools, based on a pay-as-you-go model on a monthly basis; moreover, it eliminates the need for employing personnel for managing the hardware associated with the deployment. On-demand analytics tools can be accessed from any location.
North America is Expected to Have the Largest Market Share
North America is one of the largest markets for technology-based solutions. North America is a strong player is development and implementation of new technologies. This implementation of new technologies is driven by the need for tracking data patterns in order to track the performance of the business and take strategic informed decisions. United States is the major shareholder in the North America region. The industrial sector is on steady growth, along with increasing influence of internet on sales of industrial goods, hence, the increased demand for business intelligence and analytics solutions.
Key Developments in the Market
•March 2018 - Incorta partnered with Business Analytics consulting firm Edgewater Ranzal. With this partnership, Incorta is expected to provide better customer services for customers using Direct Data Mapping platform
•March 2018 - CaliberMind raised USD 3.2 million in a Series Seed round of financing led by Newark Venture Partners & Buran VC
The major players include - ORACLE CORPORATION, IBM, SAP SE, MICROSOFT CORPORATION, TIBCO SOFTWARE, INC., SAS INSTITUTE, INC., INFOR, MICROSTRATEGY INCORPORATED, QLIK TECHNOLOGIES, INC., and TABLEAU SOFTWARE, INC., amongst others.
Reasons to Purchase This Report
•Current and future Business Analytics Market outlook in the developed and emerging markets
•Analysing various perspectives of the market with the help of Porter’s five forces analysis
•The segment that is expected to dominate the market
•Regions that are expected to witness fastest growth during the forecast period
•Identifying the latest developments, market shares, and strategies employed by the major market players
•3-months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
•This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
The scope of the study is segmented by Query Reporting & Analysis Tools, Advanced and Predictive Analytics, Location Intelligence, Content Analytics, Data Warehousing Platform, and Enterprise Performance Management software. The scope is also segmented by deployment model and end-user.
Increased Emphasis on Gaining Insights into Consumer Behavior is the Major Driver for the Market
Companies are increasingly depending on technology to gain competitive advantage over rivals. Sales and marketing teams are expected to continue to keep track of their customers using CRM solutions that collect data from social media and other diverse sources and present them in an actionable manner to the users. The emergence of social media has played a major role in this regard, as firms are forced to adopt a consumer-centric approach, by actively taking feedback and designing campaigns using business analytics. With the increase in growth of IoT of things, the data generated and requirement for business analytics are further expected to increase.
Cloud Segment is Expected to have Highest CAGR
The on-demand deployment model of business analytics tools can be defined as an emerging form of the software delivery model, wherein, the business analytics software is deployed and managed on the provider’s cloud infrastructure. This model offers lucrative benefits to small/medium-scale businesses, by drastically cutting-down the capital expenditure involved in building the required infrastructure on their premises. On-demand software model allows consumers to subscribe to software tools, based on a pay-as-you-go model on a monthly basis; moreover, it eliminates the need for employing personnel for managing the hardware associated with the deployment. On-demand analytics tools can be accessed from any location.
North America is Expected to Have the Largest Market Share
North America is one of the largest markets for technology-based solutions. North America is a strong player is development and implementation of new technologies. This implementation of new technologies is driven by the need for tracking data patterns in order to track the performance of the business and take strategic informed decisions. United States is the major shareholder in the North America region. The industrial sector is on steady growth, along with increasing influence of internet on sales of industrial goods, hence, the increased demand for business intelligence and analytics solutions.
Key Developments in the Market
•March 2018 - Incorta partnered with Business Analytics consulting firm Edgewater Ranzal. With this partnership, Incorta is expected to provide better customer services for customers using Direct Data Mapping platform
•March 2018 - CaliberMind raised USD 3.2 million in a Series Seed round of financing led by Newark Venture Partners & Buran VC
The major players include - ORACLE CORPORATION, IBM, SAP SE, MICROSOFT CORPORATION, TIBCO SOFTWARE, INC., SAS INSTITUTE, INC., INFOR, MICROSTRATEGY INCORPORATED, QLIK TECHNOLOGIES, INC., and TABLEAU SOFTWARE, INC., amongst others.
Reasons to Purchase This Report
•Current and future Business Analytics Market outlook in the developed and emerging markets
•Analysing various perspectives of the market with the help of Porter’s five forces analysis
•The segment that is expected to dominate the market
•Regions that are expected to witness fastest growth during the forecast period
•Identifying the latest developments, market shares, and strategies employed by the major market players
•3-months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
•This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
