Business Analytics Market

Market Overview:

Business analytics can be defined as a process through which the businesses can use various technologies and statistical methods to analyze historical data to gain new insight and drive business planning. It can be used to increase sales, develop marketing strategies, increasing productivity, and improving financial efficiency among others. The global business analytics market was valued at around USD 67.4 billion in 2020 and is expected to register a CAGR of 9.1% during the review period to reach to around USD 135.1 billion by end of 2030.

Market Segmentation:

Based on software, the business analytics market has been categorized into query reporting and analysis tools, advanced and predictive analytics, location intelligence, content analytics, data warehousing platform and enterprise performance management. The query reporting and analysis tools segment accounted for the largest market share in 2020 and is expected to register significant growth during the review period. The segment growth can be attributed to widespread usage of reports or dashboards for analysing certain business parameters.  A query can be defined as a request for certain information from a database. Reporting is the presentation of a data in an organized way for the query. The enterprise performance management segment is projected to register healthy growth during the review period.

Based on end user, the business analytics market has been segregated into small and medium business and large enterprises. The large enterprise segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. The segment growth can be attributed to widespread product usage in large enterprises due to presence of large amount of database. It helps to analyze data easily and enhance their business performance significantly. The small and medium businesses segment is likely to exhibit considerable growth during the review period. Increasing number of small businesses particularly in the developing countries is likely to propel the segment growth at a substantial rate during the review period.

Based on vertical, the business analytics market has been segmented into Banking, Financial Services and Insurance, Energy and Power, Education, Government, Healthcare, Media and Entertainment, Manufacturing, Retail, Telecom and IT and Others. The banking, financial services and insurance segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. The segment growth can be attributed to high product adoption rate in the BFSI sector due to presence of huge amount of database.  The telecom and IT segment is expected to grow at a healthy CAGR during the review period.

Market Dynamics and Factors:

The growth of the global business analytics market is primarily driven by increasing product adoption across sectors such as banking, financial services and insurance, telecom & IT and manufacturing among others. Surge in big data trend in the major end-use industries is likely to propel the global business analytics market growth at a significant rate during the review period.  In addition to this, increasing adoption of business analytics with rising internet penetration and growing digitalization is estimated to bolster the business analytics market growth substantially during the review period.

Rising investment in the optimization and automation of processes to meet the customers demand more effectively is likely to create lucrative opportunities for the players operating in the global business analytics market during the forecast period.

Business Analytics Market Report Scope

Geographical Analysis:

Geographically, the global business analytics market has been segregated into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. The market in North America accounted for the largest share in 2020 and is expected to grow at a significant CAGR during the review period. The regional market growth can be attributed to high product adoption rate and presence of established presence of end-use industries such as baking, financial services and insurance, telecom & IT and healthcare among others. The presence of key established market players such as Microsoft Corporation and Oracle Corporation is another key factor supporting the market growth.

The market growth in Asia-Pacific region is expected to be driven by significant product adoption across verticals particularly in China and India. Increasing government initiatives aimed at supporting the usage of advanced analytical tools is likely to propel the business analytics market growth at a significant rate during the review period.

The European market is expected to grow at a considerable CAGR on account of presence of strong presence of the end-use industries such as healthcare, banking & finance, manufacturing and telecom & IT. The key countries propelling the regional market growth includes Germany, UK and France. Germany dominated the market share in the region.

The market in Latin America and the Middle East & Africa is expected to be driven by increasing product demand across verticals coupled with rising number of start-ups and growing internet penetration.

Key Market Segmentation

Global Business Analytics Market, By Software

o    Query, Reporting and Analysis Tools

o    Advanced and Predictive Analytics

o    Location Intelligence

o    Content Analytics

o    Data Warehousing Platform

o    Enterprise Performance Management

Global Business Analytics Market, By End User

o    Small and Medium Business

o    Large Enterprises

Global Business Analytics Market, By Vertical

o    Banking, Financial Services and Insurance

o    Energy and Power

o    Education

o    Government

o    Healthcare

o    Media and Entertainment

o    Manufacturing

o    Retail

o    Telecom and It

o    Others

Global Application Delivery Network Market, By Region

North America

o    US

o    Canada

o    Mexico

Europe

o    Germany

o    UK

o    France

o    Italy

o    Spain

o    Rest of Europe

Asia-Pacific

o    China

o    India

o    Japan

o    South Korea

o    Rest of Asia-Pacific

Middle East and Africa

South America