Business Analytics Market Scenario:
The business analytics market has been proliferating, mainly due to the growing volume of digital data generated by businesses. The increasing numbers of enterprises across the world are incorporating business analytics tools to understand their customers better and improve their business. Moreover, developments in business analytics tools led by the advancements in AI and redictive analytics are escalating the market on the global platform.
According to Market Research Future (MRFR), the global business analytics market would witness significant growth by 2023. MRFR also predicts that the market would register a phenomenal CAGR throughout the forecast period (2018 – 2023). The increasing capabilities of analytics tools to analyze complex data from businesses are attributing to the growth of the market.
The emergence of smart data discovery capabilities, machine learning, and automation of the entire analytics workflow has led to the increase in the size of the Business Analytics Market, making it easier to distribute the data analytics workload at a much reduced time span. Increasing investments to develop data analytics tools which can support analytics of real-time events and streaming data are impacting the growth of the market, positively.
Conversely, factors such as the lack of awareness about business analytics and reluctance in its adoption are a major factor restraining the growth of the business analytics market. The continued storage of data by enterprises on-premise rather than on cloud is set to affect the business analytics market in the short term. Nevertheless, the increase in adoption of analytics platform for cloud deployment would support the growth of the market over the forecast period.
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Major Key Players:
Players leading in the global business analytics market include Densify, Inc.(Canada), Cloudability, Inc.(US), Exponea (UK), IBM Corporation (US), Google LLC (US), PanTerra Networks, Inc. (US), Mixpanel, Inc. (US), SAP SE (Germany), Tableau Software, Inc. (US), SAS Institute, Inc. (US), Teradata Corporation (US), Microstrategy Incorporated (US), INFOR (US), Oracle Corporation (US), Salesforce.com (US), Adobe Systems Incorporated (US), Qlik Technologies, Inc. (US), Tibco Software (US), Microsoft Corporation (US), Fair Isaac Corporation (US), and JDA Software Group, Inc. (US), among others.
Business Analytics Market Segments:
The report is segmented into seven key market dynamics to widen the scope of understanding,
- By Deployment: On-cloud and On-premise.
- By Industry: Telecom & IT, Retail, Media & Entertainment, Manufacturing, Healthcare, Government, Energy & Power, Education, and BFSI, among others.
- By Software: Advanced & Predictive Analytics, Data Discovery & Visualization Software, Content Analytics, Corporate Performance Management Suites, Location Intelligence, and Data Warehousing Platform, among others.
- By End-user: SMEs and Large-Scale Enterprises.
- By Application : Finance Analytics, Marketing Analytics, Supply Chain Analytics, and Data Mining, among others.
- By Service: Managed Services and Professional Services.
- By Regions: Asia Pacific,North America, Europe, and the Rest-of-the-World.
Business Analytics Market Geographical Analysis:
North America dominates the global business analytics market. The increasing digitization of business processes and the presence of a number of key players, mainly in the US are two of the important market growth drivers in the region. The US, backed by the vast technological advances and the increasing focus of organizations on adopting business intelligence solutions, is driving the growth of the business analytics market in the region.
The state-of-the-art infrastructure that allows early emergence and uptake of advanced business analytics help North America to gain an edge over other regions. Besides, high technical expertise in technologies such as natural language processing and machine learning are fostering the growth of the business analytics market in the region.
The business analytics market in the European region stands second, heading with the rapid and constant technological advancements and enormous investments in the development of business analytics. Besides, the developing digital technology and increasing demand for business analytics solutions for business intelligence, alongside, the high growth in the retail & consumer goods industry, impacts the market growth, positively.
The Asia Pacific business analytics market is promising. The growing adoption of smartphones and growth in data-driven business are driving the growth of the business analytics market in this region. Additional factors fostering the regional market growth include increasing numbers of enterprises and massive advances in the related technologies. Developing countries such as Japan, China, and India lead the regional market.
Tremendous advancements in digital technology alongside the developments in Business reality, artificial intelligence technology, and increasing expertise in machine learning and natural language processing techniques are fostering the growth in the regional market, majorly.
Business Analytics Market Competitive Analysis:
Fiercely competitive, the business analytics market witnesses the presence of a number of key players. By incorporating several organic and inorganic growth strategies, such as acquisition, collaboration, expansion, and technology launch, these players try to strengthen their position and excel in this market.
Major players in the market are committed to delivering reliable, leading-edge solutions, and services. They invest substantially in R&D to develop unique solutions that are entirely on a different level compared to their competition.
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Industry/Innovation/Related News:
July 25, 2019 – Deloitte (the US), a multinational professional services network, announced the acquisition of NeoData (Australia), an IT and data management consultancy to boost digital practice in Australia.
NeoData is Oracle’s strongest and most experienced Business Intelligence and Analytics implementation partner in the ANZ region. It offers support with decision making and planning, in addition to identifying strategic options, operating primarily in the Industry 4.0 domains of data analytics, machine learning, and artificial intelligence, among others.
The move comes at a time when several consulting firms in Australia are ramping up their Oracle expertise, as the cloud market in the country expands substantially. With the addition of NeoData to its technology consulting vertical, Deloitte will be able to boost its Oracle capabilities.
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