The latest report by IMARC Group, titled “Business Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. 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.
Business analytics is the practice of collecting, processing and analyzing data to make informed business decisions. It combines statistical analysis, data mining, and various modeling techniques to interpret and transform raw data into valuable insights. The primary objective is identifying patterns, trends, and correlations to help businesses understand their operations, customer behavior, and market conditions. By using business analytics, organizations can optimize their strategies, improve operational efficiency, and gain a competitive edge. The process often involves using specialized software and tools for data gathering, visualization, and reporting. At present, business analytics finds extensive applications in retail, healthcare, finance, and manufacturing industries across the globe, helping decision-makers to address specific challenges and capitalize on opportunities.
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Business Analytics Market Trends and Drivers:
The global business analytics market is primarily driven by the rapid proliferation of big data and the increasing need for data-driven decision-making. Moreover, the rising demand for analytics solutions that can convert data into actionable insights as businesses generate enormous volumes of data is positively influencing market growth. Apart from this, the advent of advanced technologies like artificial intelligence, machine learning, and predictive modeling that enhance the capabilities of business analytics has catalyzed market growth. Additionally, the escalating number of companies integrating analytics into their operations to support real-time decision-making and improve customer experiences is another major growth-inducing factor. Furthermore, the heightening adoption of cloud-based solutions that make analytics more accessible for small and medium-sized enterprises is contributing to market growth.
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
Breakup by Deployment Type:
Breakup by End-User:
- Large Enterprises
- Small and Medium Size Enterprises
Breakup by Vertical:
- Energy and Power
- Media and Entertainment
- Telecom and IT
Breakup by Region:
- 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
Competitive Landscape with Key Players:
- 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.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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