Business Analytics Software - U.S. Industry Research Report, Forecast, to 2018 - 2023

Global Business Analytics Software Market was valued at $45,043 million in 2016, and is expected to reach $86,451 million in 2023, growing at a CAGR of 9.7% from 2017 to 2023. The market is designed to analyze business data to better understand an organization’s strengths and weaknesses. It allows an organization’s management to better see the relationship between the available data for better decision-making and optimal deployment of resources.
Increase in adoption of business analytics software by many organizations due to continuously increasing investments in business intelligence and analytic tools to drive revenue growth and improve service efficiencies fuels the growth of the market. Furthermore, surge in demand for cloud-based business analytics software among small- & medium-sized businesses and increase in awareness about numerous benefits provided by this software have provided the marketers with immense scope to target their customers and enhance the user experience.
Business analytics software conducts predictive analysis to derive decision-making inputs and insights through the application of statistical tools and methods in business performance data. It analyses business data and information through continuous investigation and exploration of historical business performance data to obtain decisive insights for business planning. It helps the organizations to optimize their business operations and facilitates informed & strategic decision-making.
Moreover, it helps to uncover patterns and relationships between data streams and leads to automation of tasks and processes for real-time responses in decision-making. The outputs are mostly used by managers, financial analysts, security personnel, and key decision-makers of organizations. Demand for cloud-based business analytics software is high in small & medium-sized enterprises owing to its low cost and enhanced usability. In addition, demand for social media analytics, which is a part of business analytics, is rising significantly due to increase in popularity of social media marketing, which is driving the growth of the market.
Cloud segment led the market in 2016, and is expected to continue to do so in the near future. Furthermore, the other industry vertical segment dominated overall market, and deploys the business analytics software on a larger scale.
Increase in adoption of business analytics software by many organizations and surge in demand for cloud-based business analytics software among SMEs are the major factors that fuel the business analytics software market growth. However, factors such as lack of skilled labors and high implementation cost hamper the market growth to a certain extent.
The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porter’s Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.
Segment Review
The global business analytics software market is segmented based on deployment model, end user, application, and geography. Based on deployment model, it is divided into on-demand/cloud and on premise. Based on end user, it is classified into IT & telecom, retail, BFSI, manufacturing and others. On the basis of application, the market is categorized into customer analytics, supply chain analytics, marketing analytics, pricing analytics, and others. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA, including country level analysis for each region.
The key players operating in the global business analytics software market include Oracle Corporation, SAS Institute Inc., SAP SE, International Business Machines (IBM) Corporation, Microsoft Corporation, Adobe Systems Incorporated, Tableau Software., Salesforce.com, Inc., QlikTech International AB, and Fair Isaac Corporation.
Business Analytics Software Market by Geography
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Top Impacting Factors
The growth of the market is expected to be driven by continuous increase in adoption of business analytics software, emerging trends such as social media analytics, and increase in awareness about the benefits of business analytics software for decision-making. However, lack of skilled workforce and high implementation cost are expected to hamper the market growth during the forecast period.

Business Analytics Software Market by End User

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Increase in Adoption of Business Analytics Software by Many Organizations
Adoption of business analytics has increased due to continuously increasing investments in business intelligence and analytic tools by many organizations to drive revenue growth and improve service efficiencies. Moreover, emerging importance of business analytics in many regions as senior executives of many organizations are increasingly exploring the different styles of analytics to resolve their business imperatives has increased adoption of business analytics.

Business Analytics Software Market by Application

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Surge in Demand for Cloud-based Business Analytics Software Among SMEs
The increased availability of accessible cheap data centers delivered by cloud vendors has brought down the costs of upfront investment for small- & medium-sized businesses, thereby reducing the market entry barrier. This has resulted in increased demand for cloud-based business analytics software among small- & medium-sized enterprises.
Numerous Benefits Provided by Business Analytics Software
Ability of business analytics software to deliver better & faster decision-making and to provide competitive advantage by analyzing & acting upon information in a timely manner are propelling the growth of the market. In addition, the demand for business analytics software is continuously increasing due to its benefits such as easy access to vital business metrics, useful insight on customer behavior, increased revenue, improved efficiency, and others.
Key Benefits
  • This study includes the analytical depiction of the global business analytics software market along with current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities.
  • The current market is quantitatively analyzed from 2016 to 2023 to highlight the financial competency of the industry.
  • Porter’s Five Forces analysis illustrates the potency of buyers & suppliers in the global business analytics software industry...

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