Business Analytics

According to Stratistics MRC, the Global Business Analytics Market is accounted for $44.7 billion in 2023 and is expected to reach $90.0 billion by 2030 growing at a CAGR of 10.5% during the forecast period. Business Analytics is the systematic application of statistical analysis, predictive modeling, and data-driven decision-making processes to extract valuable insights from organizational data. It involves examining historical performance to gain a deeper understanding of business trends, identifying areas for improvement, and making informed decisions to optimize operations and achieve strategic objectives. 

Market Dynamics: 

Driver: 

Rising awareness of data’s value

Businesses are realizing that data can be a strategic asset with transformative potential. The adoption of advanced analytics solutions is being driven by the realization that data contains critical insights that can help make informed decisions and provide a competitive advantage. Furthermore, companies are aware that using data wisely can improve customer experiences, streamline processes, and reveal untapped opportunities. This increased awareness encourages a cultural shift toward adopting a data-driven mindset and motivates investments in business analytics tools, putting organizations in a position to maximize the value of their data resources.

Restraint:

High initial cost

The initial investment in acquiring the necessary hardware, software, and analytics tools can be substantial. These costs can be prohibitive for many organizations, particularly small and medium-sized enterprises (SMEs) with limited financial resources. Additionally, ongoing expenses such as maintenance, upgrades, and licensing fees further contribute to the overall cost of implementing and sustaining a robust business analytics system. Hence, high costs serve as a significant restraint in the Business Analytics market.

Opportunity:

Advancements in cloud computing

The evolutions of cloud technologies have revolutionized how organizations access, store, and analyze data. Businesses can leverage the power of analytics without the need for extensive on-premises infrastructure, allowing for rapid deployment and easier integration with existing systems. Furthermore, the cloud's agility enables real-time data processing and collaborative analytics, empowering organizations to harness the full potential of business analytics in a dynamic and responsive manner, driving efficiency, innovation, and accessibility across diverse industries.

Threat:

Lack of skilled expertise

This scarcity can be attributed to several factors. Firstly, the field of business analytics requires a unique combination of technical expertise and domain knowledge, making it challenging to find individuals with the right skill set. The shortage is further exacerbated by the fact that professionals are not updating their skills. Therefore, the lack of skilled professionals in the business analytics market poses a significant challenge for organizations aiming to leverage data effectively.

Covid-19 Impact

The COVID-19 pandemic has had profound negative impacts on the business analytics market. The economic disruptions and uncertainties triggered by the crisis led many organizations to reassess their priorities, resulting in delayed or cancelled analytics projects. Budget constraints and a focus on immediate operational challenges forced companies to trim discretionary spending, affecting investments in analytics solutions. Moreover, industries directly hit by the pandemic, such as travel and hospitality, experienced a reduced demand for analytics solutions. The overall slowdown in business activities and heightened risk aversion further hindered the adoption of advanced analytics.

The data discovery & visualization software segment is expected to be the largest during the forecast period

The data discovery & visualization software segment is estimated to hold the largest share, due to the tools that make it easier to explore and understand data through interactive dashboards and visualizations fall under this category. These software programs help businesses find correlations, patterns, and trends in their data so they can make well-informed decisions. Additionally, these tools' simple layouts enable business users to find pertinent information on their own and promote a data-driven culture. The data visualization and discovery software segment is essential for improving communication, speeding up decision-making, and guaranteeing that actionable insights are readily available at all organizational levels.

The marketing analytics segment is expected to have the highest CAGR during the forecast period

The marketing analytics segment is anticipated to have highest CAGR during the forecast period. This involves analyzing consumer behavior, market trends, and the efficacy of marketing campaigns using sophisticated data analytics tools. Marketers utilize this segment to obtain practical insights into consumer preferences, optimize resource allocation, and customize campaigns for optimal effect. Furthermore, businesses can increase overall business growth and competitiveness by using marketing analytics to improve targeting, personalize customer experiences, and ultimately drive more successful and cost-effective marketing initiatives. Thus, it mainly focuses on measuring, managing, and analyzing marketing performance to optimize strategies, enhance return on investment, and significantly propel market expansion.

Region with largest share:

North America commanded the largest market share during the extrapolated period. Advanced machine learning algorithms, artificial intelligence, and natural language processing are shaping the next generation of analytics solutions. Platforms that are cloud-based are becoming more popular because they are flexible and scalable. Additionally, there's a noticeable emphasis on augmented analytics, which incorporates machine learning for automated insights into the analytics workflow. North American companies are using these innovations to improve decision-making, find valuable patterns in large datasets, and gain a competitive edge. This demonstrates the region's dedication to staying at the forefront of technological advancements in the business analytics sector.

Region with highest CAGR:

Europe is expected to witness highest CAGR over the projection period, owing to numerous programs which are designed to increase industry competitiveness, innovation, and digital transformation. Governments are addressing the shortage of analytics professionals by providing funding for skill development initiatives. Furthermore, in order to guarantee the ethical and responsible use of data, compliance standards and data governance frameworks are also prioritized. Incentives and financial support for companies implementing cutting-edge analytics technologies help the region achieve its strategic objectives of becoming a global leader in the application of business analytics to advancement in society and economic growth.

Key players in the market

Some of the key players in the Business Analytics Market include Adobe Systems Incorporated, Cloudability, Inc, Exponea, Densify, Inc, Google LLC, Infor, International Business Machines (IBM) Corporation, Microsoft Corporation, Microstrategy Incorporated, Mixpanel, Inc., Oracle Corporation, Qlik Technologies, Inc, SAP SE, SAS Institute, Inc., Tableau Software, Inc. and Teradata Corporation.

Key Developments:

In October 2023, Microsoft Corp. and Submittable, announced a strategic partnership to collaborate and innovate together to enable Submittable to develop new solutions powered by Microsoft Azure and Azure OpenAI Service, to provide public, private and nonprofit organizations with the solutions to accelerate social impact and better serve their communities.

In September 2023, SAP SE and LeanIX GmbH announced that SAP has entered into an agreement to acquire LeanIX, a leader in enterprise architecture management (EAM) software, with the intended acquisition, SAP is extending its comprehensive transformation suite to help customers navigate change more easily and permanently improve their business processes.

In August 2023, IBM and Salesforce announced a collaboration to help businesses worldwide across industries accelerate their adoption of AI for CRM. Together, the two companies support clients to revolutionize customer, partner and employee experiences, while helping safeguard their data.

In June 2022, Oracle announced a partnership with Kyndryl, the world’s largest IT infrastructure services provider to help customers accelerate their journey to the cloud by delivering managed cloud solutions to enterprises around the world.

Enterprises Sizes Covered:
• Small and Medium Enterprise
• Large Enterprises

Deployment Types Covered:
• On-Premises
• Cloud

Softwares Covered:
• Content Analytics 
• Advanced & Predictive Analytics 
• Location Intelligence 
• Corporate Performance Management Suites 
• Data Discovery & Visualization Software 
• Data Warehousing Platform 
• Other Softwares 

Applications Covered:
• Finance Analytics
• Supply Chain Analytics
• Data Mining
• Marketing Analytics
• Other Applications

End Users Covered:
• Healthcare
• Education
• Telecom and IT
• Media and Entertainment
• Energy and power
• Manufacturing
• Banking, Financial Services, and Insurance (BFSI)
• Government
• Retail
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances