IMARC Group, a leading market research company, has recently releases report titled “Business Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global business analytics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the business analytics market?
The global business analytics market size reached US$ 82.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 132.1 Billion by 2028, exhibiting a growth rate (CAGR) of 8% during 2023-2028.
What is business analytics?
Business analytics (BA) refers to the methodical and iterative study of organizational data via statistical and operational analysis. It utilizes data mining, data aggregation, text mining, data visualization, sequence identification, etc. The business analytical tools are commonly used by organizations to conduct predictive analysis, query reporting, location intelligence, content analysis, data warehousing, enterprise performance management, etc., and understand complex data sets, underlying patterns, micro-segment the data, etc. Furthermore, they incorporate the principles of deep learning, information systems, and artificial intelligence (AI) to provide an accurate analysis. Based on those predictions, innovative solutions are formulated to make data-driven decisions and give organizations a competitive edge.
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What are the growth prospects and trends in the business analytics industry?
The rising utilization of cloud computing is primarily driving the business analytics market. Additionally, the widespread adoption of cloud-enabled BA tools that assist in the real-time analysis of data with enhanced cost and time efficiency is also catalyzing the market growth. Besides this, the shifting consumer preferences from conventionally used spreadsheet modeling and manual calculations towards advanced tools, such as descriptive, diagnostic, and predictive business analytics, are acting as significant growth-inducing factors. Moreover, the escalating demand for business analytics among finance-based security agencies for inspection, monitoring, and preventing fraudulent activities related to large-value accounts is positively influencing the global market. Apart from this, the introduction of the Internet of Things (IoT)-enabled technologies and big data is anticipated to fuel the business analytics market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Software:
- Query, Reporting and Analysis Tools
- Advanced and Predictive Analytics
- Location Intelligence
- Content Analytics
- Data Warehousing Platform
- Others
Breakup by Deployment Type:
- Cloud-based
- On-Premises
Breakup by End-User:
- Large Enterprises
- Small and Medium Size Enterprises
Breakup by Vertical:
- BFSI
- Energy and Power
- Manufacturing
- Healthcare
- Government
- Education
- Media and Entertainment
- Telecom and IT
- Others
Breakup by Geography:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Adobe Systems Incorporated
- International Business Machines (IBM) Corporation
- Microsoft Corporation
- Microstrategy Incorporated
- Oracle Corporation
- Salesforce.com Inc.
- SAP SE
- SAS Institute Inc.
- Tableau Software
- Tibco Software Inc.
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