USD 49.4 Billion
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 Industry(BFSI, Healthcare, Retail, IT & Telecom), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2141 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
93
|Figures:
76
Business Analytics Software Market Insights
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Finance
Fastest Growth
Executive Management
Growth Rate
10.1% CAGR
Global Business Analytics Software Market ($ Bn)
Country Share for North America Region (%)
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Business Analytics Software Market Segmental Analysis
The Business Analytics Software Market is segmented into Technology, Tool, Function, Industry and region. Based on Technology, the market is segmented into Cloud Business Intelligence, Mobile Business Intelligence, Social Business Intelligence, and Traditional Business Intelligence. By Function, the market is segmented into Executive Management, Finance, Information & Deployment, Sales and Marketing. By Tool, the market is segmented into Dashboards & Scoreboards, OLAP & Visualization Tools, Predictive Analysis & Query, and Reporting & Search Tools. By Industry, the market is segmented into BFSI, Healthcare, Retail, IT & Telecom, Government & Defense, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Function
In 2023, the executive management segment is the dominant in the market, with USD 19.82 billion, with a CAGR of 10.9%. There is an increase in the adoption of BI software for purposes of strategic decision making, the executive management segment is set for remarkable growth. This is because BI plays a crucial part in organizations by being a tool that aids decision-making systems by enabling computer applications for the assessment of choices by executives. The emergence within the last few years of digital inventions equivalent to OLAP, EIS, predictive analysis, and data mining has significantly contributed to the growth of the information industry and has further underlined the importance of the executive management segment in the market.
The Information & Deployment is the growing segment with a CAGR of 10. 7% in the Market deals with the use of analytics solutions in different infrastructures. This segment comprises deployment models on-premises, cloud-based, and hybrid options. The cloud-based deployments are on the rise because they require little capital to initiate, are easy to scale and integrate and are especially suitable for SMEs. This segment also covers data integration and data cleansing, security measures, and real-time data availability. With the right deployment of these practices, an organization can benefit by using business analytics tools to gain key insights and improve organizational decision-making and competitiveness in the business world. The proper implementation and optimization of analytics solutions are crucial for the full realization of ROI and success in achieving organizational goals.
Analysis by Application
In 2023, the cloud business intelligence category commands a significant market share, with a 10.7% CAGR, mainly because of the advantages offered by cloud solutions. These include such benefits as predictive maintenance, which will decrease the costs of troubleshooting the hardware and software. The ability to incorporate cloud business intelligence software into business processes means that enterprises do not have to alter their business models extensively. Also, this software makes it easier to share data across multiple devices, which will propel its consumption in the forecast period.
In 2023, the social business intelligence segment is experiencing robust growth, with a CAGR of 10.6%, and reached a revenue of USD 5.74 billion in 2023. This segment’s growth is propelled by the rising need for complex analysis and effective decision-making solutions. Organizations are using social business intelligence to get insights from large volumes of social media information, improving their marketing, customer relations, and market competition. This growth is further accelerated by the incorporation of artificial intelligence and machine learning features that help to make social business intelligence tools more accurate and insightful, making them an essential part of modern business environments for companies seeking to succeed in today’s data-driven economy.
Global Business Analytics Software Market Size Technology (%)
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Business Analytics Software Market Regional Insights
In 2023, North America stands as a dominant segment, boasting a significant 29.25% share of revenue with a CAGR of 9%. This strong performance is indicative of North America’s strategic position in fueling growth in its markets. These are technology advancement, sound consumer market, and proper investment in different areas. The economic stability in the region is complemented by the availability of reliable infrastructure and a favorable legal environment that makes the region even more attractive to investors seeking to unlock new opportunities. Thus, North America remains on the rise, thereby strengthening its position as one of the key drivers of the global economy’s growth and development.
In 2023, Asia-Pacific is expected to experience significant growth in the social business intelligence segment, with a projected CAGR of 12.5%. This growth is due to enterprises’ emphasis on improving management systems and business operations to sustain competitive advantage. With the growth of digital transformation in Asia-Pacific, the focus on using advanced analytics and business intelligence tools becomes more important to manage decision-making. This is further driven by the evolving economic landscape in the region, highlighted by factors such as urbanization, increase in middle income earners and growth of internet penetration.
Global Business Analytics Software Market Size By Geography
- Largest
- Fastest
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Business Analytics Software Market Dynamics
Business Analytics Software Market Drivers
Increased Demand for Cloud-based Business Analytics Software Among SMEs Globally
- The demand for business analytics software as a service has been growing in the SME market owing to the availability of big data and cheap data center services from cloud providers cutting down on the initial investment required by the SMEs. This trend has led the SMEs to implement cloud-based business analytics software to get more insights of the operations. These solutions also allow SMEs to have one platform for data that increases the chances of having data consistency across devices and decreases the number of data sources per device which in turn reduces cost. The BFSI industry, healthcare, manufacturing, telecom & IT, and media & entertainment industries have quickly adopted cloud-based business analytics to drive the global market.
Rising Awareness of the Benefits Offered by Business Analytics Solutions
- The increasing understanding of advantages that can be obtained from business analytics solutions has also contributed to market expansion. Business analytics software helps to make quicker and more effective decisions due to the immediate analysis of data, which gives a competitive advantage. It provides easy access to some of the most important business indices, useful information on customer trends, higher revenues, and efficiency. Organizations also use the solutions in real-time for forecasting and monitoring of several events that affect organizational performance. Further, the software supports the quick identification of risks and helps to make correct decisions in such situations as cyber threats and others.
Restraints
Data Privacy and Security Concerns
- The issues of data privacy and security are major challenges for business analytics software affecting customers and regulations. Masking or de-identifying sensitive data is always an issue for organizations to address while trying to avoid unauthorized access and protect the anonymity of customers. While attempting to reduce the risk of re-identification by eliminating PII or substituting real data with fake ones, organizations are still vulnerable to re-identification through external data sources as the Netflix example shows. They can result in serious consequences such as fines and sanctions, legal actions, and reputational loss. With the growing use of data analytics in decision-making processes in organizations, the need to protect data through effective data masking solutions cannot be overemphasized due to the rising data protection laws around the world. It is important to address these concerns ahead of time to ensure that data analytics is safe and that stakeholders continue to trust business analytics software.
Integrating Business Analytics Software with Existing IT Systems and Databases
- One of the major issues in the market involves the implementation of business analytics software with other IT systems and databases. This process is usually technical and can take considerable amount of time, requires professionals with abilities in both analysis and IT. The integration process can cause some interruption of the current operations if not well handled hence possible production downtime and low productivity. Also, the integration of various software platforms and data formats may be challenging due to compatibility issues, which would increase the need for customization and testing. While these challenges add costs to the implementation of the chosen analytics solutions, they also slow down the deployment of analytics solutions, which in turn affects the timely availability of analytics insights to support decision-making processes. Managing these integration complexities appropriately is vital for companies that want to optimize the value of business analytics and ensure the minimal impact on business operations and the maximal ROI.
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Business Analytics Software Market Competitive Landscape
The business analytics software market is fragmented with many global and regional vendors offering a wide variety of solutions for different industries and business requirements. These industry players use their large capital base and existing customer base to adapt and diversify their products in the market constantly. Further, there are niche players and startups that also add to the competitive pressure by developing and offering specific analytics solutions for certain industries or with enhanced analytical features. The market is fueled by the ongoing technology improvements, collaborations, and acquisitions that aim to expand product offerings and achieve the position of offering valuable business intelligence to global enterprises.
Business Analytics Software Market Top Player’s Company Profiles
- Adobe (US)
- Fair Isaac Corporation (FICO) (US)
- Google LLC (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
- Oracle Corporation (US)
- Qlik (US)
- Salesforce.com, Inc. (US)
- SAP SE (Germany)
- SAS Institute Inc. (US)
- Tableau (US)
- Microsoft Power BI (US)
- Looker (US)
- Domo (US)
- Sisense (US)
- MicroStrategy (US)
- Zoho Analytics (India)
- Splunk (US)
- Yellowfin Business Intelligence (Australia)
- Datapine (Germany)
Business Analytics Software Market Recent Developments
- In March 2024, Oracle announced enhanced artificial intelligence (AI) capabilities within Oracle Fusion Data Intelligence, aimed at enhancing decision-making for Oracle Fusion Cloud Applications users. This advanced solution integrates data-driven insights with intelligent actions, leveraging Oracle Cloud Infrastructure (OCI) services such as Oracle Autonomous Database, OCI Data Lake, and Oracle Analytics Cloud. Oracle Fusion Data Intelligence represents a next-generation platform for data, analytics, and AI, empowering organizations to achieve improved business outcomes through more informed decision-making processes.
- In March 2024, Pyramid Analytics, the premier business and decision intelligence platform, is thrilled to announce the launch of its new conversational analytics technology. By leveraging the power of Generative AI, Pyramid is introducing the first Generative BI solution to the market through its Business and Decision Intelligence platform. This groundbreaking technology aims to make data more accessible to non-technical users, revolutionizing the way people interact with data and transforming the landscape of data analytics.
- In November 2022, IBM introduced new software aimed at assisting enterprises in dismantling data and analytics silos, enabling rapid data-driven decision-making amidst unpredictable disruptions. Known as IBM Business Analytics Enterprise, this suite integrates business intelligence planning, budgeting, reporting, forecasting, and dashboard capabilities, offering a comprehensive view of data sources across organizations. This solution includes IBM Planning Analytics with Watson and IBM Cognos Analytics with Watson, alongside the new IBM Analytics Content Hub.
Business Analytics Software Key Market Trends
- Rising of Advanced Analytics and Artificial Intelligence (AI): The availability of big data analytics and artificial intelligence are some of the most important developments in the use of data in organizations. Analytical tools include several complex methods such as predictive modeling, machine learning, and data mining, which allow for obtaining more detailed information from large and diverse data sets. AI improves these capabilities through automation of data processing, pattern recognition, and predictive analysis with minimal human involvement especially through its subfields like machine learning and natural language processing. This integration of advanced analytics and AI does not only enhance operational efficiency but also enables the businesses to foresee the trends and enhance the processes and customer experience. These technologies are still in their development stage and are expected to disrupt industries and open up new prospects for companies and alter the competitive environment.
- Growing Emphasis on Data-driven Decision-making :The increasing focus on analytics as a key to decision-making is altering the business environment as more companies incorporate data analysis into their management frameworks. This approach requires the gathering of large amounts of data, the subsequent processing of the collected data and the provision of insights that can be used to make the right decisions, which would enable the achievement of efficiency, innovation and competitiveness. Using analytics and business intelligence tools, it becomes possible to find new patterns and trends, as well as to measure business performance with enhanced precision. It also makes business strategies more accurate and creates a culture of responsibility and constant work on improvement. Therefore, the use of data in making business decisions can be seen as a necessity for companies interested in performing well in an environment that is ever-changing and highly competitive.
Business Analytics Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the market is growing at a high rate, mainly because of the increasing demand for analytic solutions for decision-making and the application of big data in various fields. This market contains numerous tools and applications for business data analysis and for the generation of insights that enhance a firm’s strategies and operations. There are several factors defining this market, including the constantly rising volumes of big data, the shifting trend towards the cloud, and the emergence of AI and machine learning. Executive management and business managers consider business analytics solutions as a high-priority application since it can improve the firm’s competitiveness, customer satisfaction, and resource optimization. The market is expected to expand even more in the future as many organizations realize the significance of data analytics, and the advantages that are associated with it in particular fields. It is evident from this growth trajectory that business analytics are critical in the development of new business models and guaranteeing sustainable business success in a digital economy.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 49.42 Billion |
| Market size value in 2031 | USD 120.07 Billion |
| Growth Rate | 10.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Business Analytics Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Business Analytics Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Business Analytics Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Business Analytics Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Business Analytics Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Business Analytics Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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