Business Analytics Market Outlook
According to a new report by Expert Market Research titled, “Global Business Analytics Market Share, Size, Growth, Report and Forecast 2024-2032″, the global business analytics market is projected to grow at a CAGR of 8.3% between 2024 and 2032. Aided by the accelerating digital transformation across industries and the increasing need for efficient decision-making processes, the market is expected to grow significantly by 2032.
Business analytics refers to the practice of iterative, methodical exploration of an organisation’s data, with an emphasis on statistical analysis. This discipline has become a crucial tool for businesses aiming to capitalise on data-driven decision-making. It helps companies understand market trends, improve performance, increase operational efficiency, and gain a competitive advantage.
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A pivotal factor driving the global business analytics market growth is the rising significance of data-driven decision-making. With the surge of digitalisation, businesses are dealing with an enormous volume of data that, if properly analysed, can offer valuable insights. Business analytics provides tools and methodologies to process this data and make strategic decisions, thereby leading to increased efficiency and profitability.
The shift towards digital business models across various industries is another primary growth driver. As more businesses adopt digital technologies like artificial intelligence, machine learning, and IoT, the need for effective data management and analysis tools, such as business analytics, has become more pronounced.
Moreover, the escalating demand for cloud-based analytics tools is further contributing to the business analytics market expansion. The integration of cloud computing with business analytics allows for real-time data access, scalability, and cost-effectiveness, making it an increasingly popular choice among businesses of all sizes.
The role of business analytics in enhancing customer experience also aids in business analytics market expansion. It helps businesses understand customer behaviour and preferences, enabling them to personalise their offerings and improve customer satisfaction and loyalty.
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The increasing adoption of advanced technologies, such as predictive and prescriptive analytics, represents a significant opportunity for the business analytics market development. These technologies allow businesses to predict future trends and make proactive, data-driven decisions, thus providing a competitive edge in the market.
Furthermore, the ongoing development of user-friendly analytics tools is expected to boost the business analytics market growth. As businesses strive to empower their employees with data-driven decision-making capabilities, there is a growing demand for intuitive, easy-to-use analytics tools that require minimal technical expertise.
Business Analytics Market Segmentation
The market can be divided based on software, deployment type, enterprise size, industry vertical, and region.
Market Breakup by Software
- Query, Reporting and Analysis Tools
- Content Analytics
- Data Warehousing Platform
- Others
Market Breakup by Deployment Type
- Cloud
- On-premises
Market Breakup by Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
Market Breakup by Industry Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Energy and power
- Education
- Government
- Retail
- Healthcare
- Media and Entertainment
- Manufacturing
- Telecom and IT
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global business analytics companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Oracle Corporation
- IBM Corporation
- Panterra Networks, Inc.
- Teradata Corporation
- Tableau Software, LLC.
- Others
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