A new study on the global business analytics software market has been recently published by Report Ocean. The report, titled “Business Analytics Software Market by Component (Software and Service), Deployment Model (On-demand/Cloud and On-premise), Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Risk & Credit Analytics, and Others), Organization Size (Large Enterprises and Small- & Medium-sized Enterprises), and Industry Vertical (IT & Telecom, Retail & E-commerce, BFSI, Manufacturing, Healthcare, Government, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027,” offers a detailed study of this market on the basis of its past and current performance.
The global business analytics software market derives much of its growth from the increasing uptake of business analytics software by a number of organizations, surging demand for cloud-based business analytics software among SMEs, and the rising awareness pertaining to the benefits offered by business analytics solutions. Apart from this, the ability of business analytics software to deliver enhanced and faster decision-making and to offer competitive advantage by assessing and acting upon information in a timely manner is propelling the growth of this market.
Moreover, the global acceleration of digital transformation in organizations, especially due to the Covid 19 outbreak, is fueling the demand for business analytics software across the world. However, budget constraints in SMEs for providing effective data warehousing and the dearth of skilled workforce are expected to limit the market’s growth over the forthcoming years. Nonetheless, emerging trends of text analytics and social media analytics and the increasing need for gaining insights for business planning are likely to create lucrative opportunities for the expansion of this market in the long run.
Impact of Covid 19 on Global Business Analytics Software Market
The ongoing pandemic has been severely damaging for many markets but the global business analytics software market is certainly not one of them. In fact, with cloud computing taking the center stage, the need to gain detailed insights into businesses has increased among companies, which is supporting the growth of this market.
Demand for Cloud-based Business Analytics Software to Rise
The global business analytics software market is analyzed on the basis of the component, deployment model, application, organization size, industry vertical, and region. Depending on component, the market is bifurcated into software and service. The software segment is leading the global market. On the basis of deployment model, it is segregated into on-demand/cloud and on-premise. The demand for cloud-based business analytics software is rising significantly among small- and medium-sized enterprises, thanks to its low cost and enhanced usability.
In terms of the application, customer analytics, supply chain analytics, marketing analytics, pricing analytics, and risk and credit analytics have surfaced as the key application areas for business analytics software. By organization size, the market is fragmented into large enterprises and small- and medium-sized enterprises. As per industry vertical, it is differentiated into IT and telecom, retail and E-commerce, BFSI, manufacturing, healthcare, government, education, and others. Region wise, it is analyzed across North America, Europe, Asia Pacific, and LAMEA.
Key players profiled in this report are IBM Corporation, Fair Isaac Corporation, SAP SE, Microsoft Corporation, Oracle Corporation, Salesforce.com, Inc., SAS Institute Inc., Adobe, Qlik, and Google LLC.
- The software segment is leading the global market.
- The demand for cloud-based business analytics software is rising significantly among small- and medium-sized enterprises, thanks to its low cost and enhanced usability.
The global business analytics software market is segmented to:
By Deployment Mode
- Customer Analytics
- Supply Chain Analytics
- Marketing Analytics
- Pricing Analytics
- Risk & Credit Analytics
By Organization Size
- Large Enterprises
- Small- & Medium-sized Enterprises
By End User
- IT & Telecom
- Retail & E-commerce
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Companies Mentioned in the Report
- IBM Corporation
- Fair Isaac Corporation
- SAP SE
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com, Inc.
- SAS Institute Inc.
- Google LLC
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