Global Business Analytics Software Market

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

Business Analytics Software Market size was valued at USD 49.42 Billion in 2022 and is poised to grow from USD 54.02 Billion in 2023 to USD 120.07 Billion by 2031, growing at a CAGR of 10.1% in the forecast period (2024-2031). 

Business analytics software assists in analyzing business data to make continuous research and investigation of the past business performance to develop strategies for business. It assists in identifying relationships between different data flows and automating many tasks and operations for real-time analysis. The reason behind the acceptance of cloud-based business analytics software is that it is affordable and can be easily implemented in small and medium business enterprises. Cloud storage adoption will increase 39% of businesses store data in a cloud storage infrastructure (such as on Azure or AWS), and a further 20% are set to by 2022. Also, social media marketing is increasingly becoming popular, and this has created a huge demand for social media analytics which is a subsegment of business analytics, thus expanding the market. 

The COVID-19 pandemic has affected various sectors of industries, making many companies, especially SMEs, transform their business models at an unprecedented pace during the crisis. While there are assertions that technologies such as analytics can enable such quick shifts, there is scarce evidence regarding whether business analytics (BA) enables the adaptation or the creation of new SME business models, especially under severe time constraints and volatility. This study fills this gap through an exemplary case of an SME that effectively used location-based business analytics for fast business model adaptation and innovation in the context of COVID-19 crisis. The paper also provides a set of propositions, an outline of the future research, and a self-checking tool for the analytics use in the transformation of the business models among SMEs. 

The growing understanding of the numerous opportunities offered by business analytics solutions and the COVID-19 pandemic’s impact on the globalization of digitalization are driving the market. Nevertheless, high implementation costs of business analytics software and the absence of skilled workforce hinder market growth. On the other hand, the trends like social media analytics and text analytics coupled with the increasing demand for insights for business planning purpose are anticipated to bring multiple opportunities for market growth during the forecast period.

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

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Business Analytics Software Market size was valued at USD 49.42 Billion in 2022 and is poised to grow from USD 54.02 Billion in 2023 to USD 120.07 Billion by 2031, growing at a CAGR of 10.1% in the forecast period (2024-2031). 

The business analytics software market is fragmented with many global and regional vendors offering a wide variety of solutions for different industries and business requirements. These industry players use their large capital base and existing customer base to adapt and diversify their products in the market constantly. Further, there are niche players and startups that also add to the competitive pressure by developing and offering specific analytics solutions for certain industries or with enhanced analytical features. The market is fueled by the ongoing technology improvements, collaborations, and acquisitions that aim to expand product offerings and achieve the position of offering valuable business intelligence to global enterprises.  'Adobe (US) ', 'Fair Isaac Corporation (FICO) (US) ', 'Google LLC (US) ', 'IBM Corporation (US) ', 'Microsoft Corporation (US) ', 'Oracle Corporation (US) ', 'Qlik (US) ', ', Inc. (US) ', 'SAP SE (Germany) ', 'SAS Institute Inc. (US) ', 'Tableau (US) ', 'Microsoft Power BI (US) ', 'Looker (US) ', 'Domo (US) ', 'Sisense (US) ', 'MicroStrategy (US) ', 'Zoho Analytics (India) ', 'Splunk (US) ', 'Yellowfin Business Intelligence (Australia) ', 'Datapine (Germany)'

The demand for business analytics software as a service has been growing in the SME market owing to the availability of big data and cheap data center services from cloud providers cutting down on the initial investment required by the SMEs. This trend has led the SMEs to implement cloud-based business analytics software to get more insights of the operations. These solutions also allow SMEs to have one platform for data that increases the chances of having data consistency across devices and decreases the number of data sources per device which in turn reduces cost. The BFSI industry, healthcare, manufacturing, telecom & IT, and media & entertainment industries have quickly adopted cloud-based business analytics to drive the global market. 

Rising of Advanced Analytics and Artificial Intelligence (AI): The availability of big data analytics and artificial intelligence are some of the most important developments in the use of data in organizations. Analytical tools include several complex methods such as predictive modeling, machine learning, and data mining, which allow for obtaining more detailed information from large and diverse data sets. AI improves these capabilities through automation of data processing, pattern recognition, and predictive analysis with minimal human involvement especially through its subfields like machine learning and natural language processing. This integration of advanced analytics and AI does not only enhance operational efficiency but also enables the businesses to foresee the trends and enhance the processes and customer experience. These technologies are still in their development stage and are expected to disrupt industries and open up new prospects for companies and alter the competitive environment. 

In 2023, North America stands as a dominant segment, boasting a significant 29.25% share of revenue with a CAGR of 9%. This strong performance is indicative of North America’s strategic position in fueling growth in its markets. These are technology advancement, sound consumer market, and proper investment in different areas. The economic stability in the region is complemented by the availability of reliable infrastructure and a favorable legal environment that makes the region even more attractive to investors seeking to unlock new opportunities. Thus, North America remains on the rise, thereby strengthening its position as one of the key drivers of the global economy’s growth and development. 

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Global Business Analytics Software Market

Report ID: SQMIG45J2141