Global Business Analytics Software Market

Global Business Analytics Software Market Size, Share, Growth Analysis, By Technology(Cloud Business Intelligence, Mobile Business Intelligence), By Function(Executive Management, Finance), By Tool(Dashboards & Scoreboards, OLAP & Visualization Tools) - Industry Forecast 2024-2031

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

Global Business Analytics Software Market Insights

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.

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FAQs

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).

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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