USD 38 billion
Report ID:
SQMIG45J2141 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
93 |
Figures:
76
Global Business Analytics Software Market size was valued at USD 38 billion in 2022 and is poised to grow from USD 42.18 billion in 2023 to USD 97.21 billion by 2031, growing at a CAGR of 11% in 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.
Global Market Size
USD 38 billion
Largest Segment
Finance
Fastest Growth
Executive Management
Growth Rate
11% CAGR
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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.
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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.
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Business Analytics Software Market Drivers
Demand for Real-Time Insights
Competitive Advantage
Business Analytics Software Market Restraints
Cost and Resource Intensiveness
Data Privacy and Security Concerns
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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
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.
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 2023 | USD 38 billion |
Market size value in 2031 | USD 97.21 billion |
Growth Rate | 11% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Business Analytics Software Market:
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Product ID: SQMIG45J2141