June 01, 2020
According to the research report titled ‘Global Business Analytics Software Market Size study, by Deployment Model (On-demand/Cloud and On-premise), End-User (IT & Telecom, Retail, BFSI, Manufacturing, and Others), by Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global business analytics software market generated revenues worth USD 59.46 million in the year 2019 and is expected to register a y-o-y growth rate of 9.7% between 2020-2026.
For the record, a business analytics software assists in interpreting and analyzing business data by using investigation and exploration solutions of historical performance of business to make informed business decisions and attain better results. The software is used to reveal relationships and patterns between data streams which further allows for automation of processes and tasks for real-time action while making business centric decisions.
High investment on business intelligence and analytical tools for better efficiency have impelled the adoption rates of business analytics software among various organizations, which in turn is a major factor driving the market growth. Increasing utilization of cloud-based business analytics software among medium sized and small business coupled with rising consciousness pertaining to the advantages of the product are further aiding the market expansion. For instance, Oracle Corp. is planning to expand its data analytics tools portfolio under the name Oracle Analysis. However, high installation cost and lack of skilled labor may act as hindering factors to the overall market growth in the ensuing time.
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As per deployment model, the market is divided into on-premise and on-demand/cloud segments. Citing the end-use landscape, the industry is split into manufacturing, BFSI, retail, IT & Telecom and others. Elaborating on the application spectrum, business analytics software industry is bifurcated into pricing analytics, marketing analytics, supply chain analytics, customer analytics, and others.
Considering the geographical landscape, Asia-Pacific accounts for a substantial share of the global revenue and is predicted to expand further in the forthcoming years, primarily due to high adoption of business analytics software solutions across various enterprises.
The prominent companies operating in global business analytics software industry are Fair Isaac Corp., QlikTech International AB, Salesforce.com Inc., Tableau Software, Adobe Systems Inc., Microsoft Corp., International Business Machines Corp. (IBM), SAP SE, SAS Institute, and Oracle Corp. among others.