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

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.