Business Analytics Software Market Size, Share, Growth Analysis, By Technology(Cloud Business Intelligence, Mobile Business Intelligence, Social Business Intelligence, Traditional Business Intelligence), By Function(Executive Management, Finance, Information and Deployment, Sales and Marketing), By Tool(Dashboards & Scoreboards, OLAP & Visualization Tools, Predictive Analysis & Query, Reporting & Search Toolst), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45J2141 | Region: Global | Published Date: March, 2024
Pages: 197 |Tables: 93 |Figures: 76

Business Analytics Software Market Insights

Global Business Analytics Software Market was valued at USD 49.4 Billion in 2022 and is poised to grow from USD 54.0 Billion in 2023 to USD 120.0 Billion by 2031, at a CAGR of 10.1% during the forecast period (2024-2031).

Businesses across industries were increasingly recognizing the value of data-driven decision-making. The growing availability of big data and advanced analytics tools allowed companies to extract insights from their data, enabling them to make informed strategic decisions, optimize operations, and identify new business opportunities.

The integration of artificial intelligence (AI) and machine learning (ML) technologies into business analytics software was accelerating. AI and ML algorithms were enhancing predictive and prescriptive analytics capabilities, enabling businesses to forecast trends, automate routine tasks, and gain deeper insights from their data.

Cloud computing was playing a crucial role in the expansion of the business analytics software market. Cloud-based analytics solutions offered scalability, flexibility, and cost-effectiveness, making it easier for businesses of all sizes to access and deploy powerful analytics tools without the need for significant infrastructure investments.

US Business Analytics Software Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 49.4 Billion

Largest Segment

Finance

Fastest Growth

Executive Management

Growth Rate

10.1% CAGR

Global Business Analytics Software Market ($ Bn)
Country Share for North America Region (%)

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Business Analytics Software Market Segmental Analysis

The global business analytics software market is segmented on the basis of technology, function, tool, deployment, end - use, region. By technology, the market is segmented into cloud business intelligence, mobile business intelligence, social business intelligence, traditional business intelligence. By function, the market is segmented into executive management, finance, information and deployment, sales and marketing. By tool, the market is segmented into dashboards & scoreboards, olap & visualization tools, predictive analysis & query, reporting & search tools. By deployment, the market is segmented into on-premise, hosted. By end – use, the market is segmented into bfsi, government, healthcare, it & telecom, manufacturing, media & entertainment, others. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.

Business Analytics Software Market Analysis By Function

The finance function segment exhibited its dominance in revenue terms, reaching a valuation of USD 7.6 billion. This supremacy emanates from the extensive deployment of financial tools that enable real-time collection, processing, and analysis of financial data. These tools furnish a crucial foundation for enhanced decision-making, thereby propelling the growth trajectory of the finance segment. Capitalizing on Business Intelligence (BI) tools, the finance domain within organizations gains pivotal insights into prospective trends, empowering enterprises to gauge and mitigate risks effectively.

A promising growth trajectory is foreseen for the executive management function over the projected period. The surge in BI software adoption for strategic decision-making purposes positions the executive management segment for remarkable expansion. BI's indispensability for organizations is underscored by its role in supporting decision-making systems, facilitating managerial assessment of potential choices through computer applications. The recent ascent of digital innovations like online analytical processing (OLAP), executive information systems (EIS), predictive analysis, and data mining has notably propelled the information industry, bolstering the executive management segment's significance within the market landscape.

Business Analytics Software Market Analysis By Technology

Notably, the cloud business intelligence category commands a significant market share, primarily attributed to the advantageous offerings of cloud solutions. These solutions encompass predictive maintenance, alleviating the burden of hardware and software troubleshooting costs. Additionally, the inherent ease of integrating cloud business intelligence software into existing operational frameworks empowers enterprises to prioritize their core business functions. This software also facilitates data accessibility across diverse devices like mobile phones, tablets, laptops, desktops, and other network-connected gadgets, further stimulating demand over the projected period.

Equally pivotal within the BI landscape, social business intelligence capitalizes on the burgeoning influx of information generated by a burgeoning user base within specific domains. A notable instance lies within healthcare, where social business intelligence stands poised to yield valuable insights enhancing patient treatment outcomes, treatment plan analysis, and cost-efficient hospitalization. With the escalating utilization of prominent social media platforms such as Twitter, Facebook, LinkedIn, YouTube, and Instagram, the social business intelligence segment is poised to burgeon, effectively managing the burgeoning reservoirs of user-generated data. This trend encapsulates the transformative potential of social business intelligence in harnessing vast information for strategic advantage and informed decision-making.

Global Business Analytics Software Market By Function, 2022 (%)

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Business Analytics Software Market Regional Insights

The Asia-Pacific region is poised to demonstrate remarkable growth in the business analytics software market, projecting an impressive CAGR of 12.9%. This forecasted surge underscores the region's dynamic economic landscape, rapid technological advancements, and increasing adoption of data-driven strategies across industries. The Asia-Pacific's ascent as a key player in the global business analytics software market can be attributed to its burgeoning economies, burgeoning digitalization, and a burgeoning need for insightful decision-making.

Notably, North America remains a formidable contender in this growth trajectory. While Asia-Pacific takes the lead, North America closely follows with its own substantial growth prospects. The region boasts an established technological infrastructure, a thriving innovation ecosystem, and robust data analytics adoption. As organizations in North America strive to harness the power of data for competitive advantage, the market's growth potential remains strong.

These trends signify a global shift towards recognizing the pivotal role of business analytics software in steering organizations towards data-driven success. The interplay between the rapidly expanding Asia-Pacific market and the well-established North American arena mirrors the global urgency to leverage analytics solutions for informed decision-making, underscoring the transformative influence of this market on the global business landscape.

Global Business Analytics Software Market By Geography, 2024-2031
  • Largest
  • Fastest

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Business Analytics Software Market Dynamics

Business Analytics Software Market Drivers

Demand for Real-Time Insights

  • In today's fast-paced business environment, the ability to access real-time insights is crucial. Business analytics software offers the capability to analyze data in real-time, enabling prompt decision-making.

Competitive Advantage

  • Businesses recognize that effective utilization of analytics can provide a competitive edge. Enhanced insights into customer behavior, market trends, and operational efficiency drive the adoption of analytics software.

Business Analytics Software Market Restraints

Cost and Resource Intensiveness

  • Developing and conducting cell-based assays can be resource-intensive, with costs associated with reagents, equipment, and skilled personnel posing barriers, particularly for smaller research entities.

Data Privacy and Security Concerns

  • The collection and analysis of vast amounts of data raise concerns about data privacy and security. Regulatory compliance challenges, potential breaches, and data misuse may hinder the adoption of business analytics solutions.

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Business Analytics Software Market Competitive Landscape

The competitive landscape of the global business analytics software market is characterized by dynamic players striving to assert their prominence in this rapidly evolving domain. Established technology giants and innovative start-ups engage in intense competition, each vying to capture a significant market share. Key players such as Microsoft, SAP, IBM, and Oracle leverage their extensive resources, brand recognition, and comprehensive product portfolios to maintain a competitive edge.

Innovation remains a cornerstone of competition in this market. Companies continuously develop and enhance their analytics software offerings, integrating cutting-edge technologies like AI, machine learning, and cloud computing. They aim to provide users with advanced features, user-friendly interfaces, and customizable solutions that cater to a diverse range of industries and business needs.

Strategic partnerships and collaborations further shape the competitive landscape. Players often form alliances with other technology providers, data analytics firms, and industry-specific experts to augment their offerings and extend their market reach. These partnerships enable the delivery of comprehensive end-to-end solutions that address complex business challenges.

Business Analytics Software Market Top Player’s Company Profiles

  • IBM Corporation
  • Microsoft Corporation
  • SAP SE
  • Oracle Corporation
  • SAS Institute Inc.
  • Tableau Software (acquired by Salesforce)
  • QlikTech International AB
  • Adobe Inc.
  • Teradata Corporation
  • MicroStrategy Incorporated
  • TIBCO Software Inc.
  • Domo, Inc.
  • Alteryx, Inc.
  • Informatica Corporation
  • Sisense Inc.
  • IBM Corporation
  • Google LLC
  • RapidMiner, Inc.
  • GoodData Corporation
  • ThoughtSpot, Inc.

Business Analytics Software Market Recent Developments

  • In September 2023, Oracle announced the release of a next-generation platform for data, analytics, and artificial intelligence (AI) that will enable clients of Oracle Fusion Cloud Applications to improve business outcomes by fusing data-driven insights with wise choices and actions. An advancement over Oracle Fusion Analytics Warehouse, the Fusion Data Intelligence Platform will offer business data as a service along with AI/ML models, rich interactive analytics, 360-degree data models for important business entities, automated data pipelines, and intelligent applications.

     

  • The first software-based enterprise resource planning (ERP) solution was announced by SAP SE in September 2023, and it has since transformed business and our clients' capacity to provide value.

     

  • In August 2023 Pyramid Analytics, a provider of next-generation business intelligence (BI) software, and global retail experts Smollan officially signed an international reseller and implementation collaboration agreement. Through the agreement, Smollan will be able to offer more services, including the sale of Pyramid Analytics licenses and the implementation of Pyramid Analytics software, through its data and technology company, DataOrbis. 

Business Analytics Software Key Market Trends

  • Rise of Advanced Analytics and AI: The integration of advanced analytics techniques, including machine learning and artificial intelligence (AI), is becoming more prevalent. These technologies enhance predictive capabilities, automate processes, and drive more accurate and real-time insights.
  • Growing Emphasis on Data-Driven Decision Making: Organizations across industries are increasingly recognizing the value of data-driven decision making. Business analytics software enables them to extract actionable insights from vast data sets, leading to informed strategic choices.

Business Analytics Software Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global business analytics software market analysis, the global business analytics software market stands at the forefront of transformative technological advancements, fueling data-driven decision-making across industries. The market's impressive growth trajectory is driven by the increasing recognition of data's intrinsic value and the imperative to extract actionable insights. Organizations worldwide are harnessing advanced analytics tools to unlock hidden patterns, enhance operational efficiency, and gain a competitive edge. As industries embrace digital transformation, the demand for business analytics software continues to surge, fostering innovation, optimizing resource allocation, and steering strategic planning. Moreover, the integration of AI, machine learning, and predictive analytics further propels the market's expansion, promising to reshape traditional business paradigms.

Report Metric Details
Market size value in 2022 USD 49.4 Billion
Market size value in 2031 USD 120.0 Billion
Growth Rate 10.1%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Technology
    • Cloud Business Intelligence, Mobile Business Intelligence, Social Business Intelligence, Traditional Business Intelligence
  • Function
    • Executive Management, Finance, Information and Deployment, Sales and Marketing
  • Tool
    • Dashboards & Scoreboards, OLAP & Visualization Tools, Predictive Analysis & Query, Reporting & Search Toolst
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • IBM Corporation
  • Microsoft Corporation
  • SAP SE
  • Oracle Corporation
  • SAS Institute Inc.
  • Tableau Software (acquired by Salesforce)
  • QlikTech International AB
  • Adobe Inc.
  • Teradata Corporation
  • MicroStrategy Incorporated
  • TIBCO Software Inc.
  • Domo, Inc.
  • Alteryx, Inc.
  • Informatica Corporation
  • Sisense Inc.
  • IBM Corporation
  • Google LLC
  • RapidMiner, Inc.
  • GoodData Corporation
  • ThoughtSpot, Inc.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Business Analytics Software Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Business Analytics Software Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Business Analytics Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Business Analytics Software Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Business Analytics Software Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Business Analytics Software Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Business Analytics Software Market was valued at USD 49.4 Billion in 2022 and is poised to grow from USD 54.0 Billion in 2023 to USD 120.0 Billion by 2031, at a CAGR of 10.1% during the forecast period (2024-2031).

The competitive landscape of the global business analytics software market is characterized by dynamic players striving to assert their prominence in this rapidly evolving domain. Established technology giants and innovative start-ups engage in intense competition, each vying to capture a significant market share. Key players such as Microsoft, SAP, IBM, and Oracle leverage their extensive resources, brand recognition, and comprehensive product portfolios to maintain a competitive edge. 'IBM Corporation', 'Microsoft Corporation', 'SAP SE', 'Oracle Corporation', 'SAS Institute Inc.', 'Tableau Software (acquired by Salesforce)', 'QlikTech International AB', 'Adobe Inc.', 'Teradata Corporation', 'MicroStrategy Incorporated', 'TIBCO Software Inc.', 'Domo, Inc.', 'Alteryx, Inc.', 'Informatica Corporation', 'Sisense Inc.', 'IBM Corporation', 'Google LLC', 'RapidMiner, Inc.', 'GoodData Corporation', 'ThoughtSpot, Inc.'

In today's fast-paced business environment, the ability to access real-time insights is crucial. Business analytics software offers the capability to analyze data in real-time, enabling prompt decision-making.

Rise of Advanced Analytics and AI: The integration of advanced analytics techniques, including machine learning and artificial intelligence (AI), is becoming more prevalent. These technologies enhance predictive capabilities, automate processes, and drive more accurate and real-time insights.

The Asia-Pacific region is poised to demonstrate remarkable growth in the business analytics software market, projecting an impressive CAGR of 12.9%. This forecasted surge underscores the region's dynamic economic landscape, rapid technological advancements, and increasing adoption of data-driven strategies across industries. The Asia-Pacific's ascent as a key player in the global business analytics software market can be attributed to its burgeoning economies, burgeoning digitalization, and a burgeoning need for insightful decision-making.

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