Business Analytics Market Research Report by Forecast to 2023
Business Analytics Market Scenario:
Business analytics tools, much like advanced and predictive analysis, are currently trending in the market. The growing need for data visualization and discovery due to the increasing amount of digital data is driving the growth of business analytics market. Growing adoption of smartphones and increase in the amount of time spent on smartphones by consumers has led to generation of valuable user data for businesses to benefit from.
The emergence of smart data discovery capabilities, machine learning, and automation of the entire analytics workflow has led to the increase in the size of the Business Analytics Market making it easier to distribute the data analytics workload at a much reduced time span. Increasing investments to develop data analytics tools which can support analytics of real-time events and streaming data are impacting the growth of the market, positively.
Major Key Players:
Players leading in the global business analytics market include Densify, Inc.(Canada), Cloudability, Inc.(US), Exponea (UK), IBM Corporation (US), Google LLC (US), PanTerra Networks, Inc. (US), Mixpanel, Inc. (US), SAP SE (Germany), Tableau Software, Inc. (US), SAS Institute, Inc. (US), Teradata Corporation (US), Microstrategy Incorporated (US), INFOR (US), Oracle Corporation (US), Salesforce.com (US), Adobe Systems Incorporated (US), Qlik Technologies, Inc. (US), Tibco Software (US), Microsoft Corporation (US), Fair Isaac Corporation (US), and JDA Software Group, Inc. (US), among others.
Business Analytics Market Segments:
The report is segmented into seven key market dynamics to widen the scope of understanding,
- By Deployment: On-cloud and On-premise.
- By Industry: Telecom & IT, Retail, Media & Entertainment, Manufacturing, Healthcare, Government, Energy & Power, Education, and BFSI, among others.
- By Software: Advanced & Predictive Analytics, Data Discovery & Visualization Software, Content Analytics, Corporate Performance Management Suites, Location Intelligence, and Data Warehousing Platform, among others.
Business Analytics Market Geographical Analysis:
North America dominates the global business analytics market. The increasing digitization of business processes and the presence of a number of key players, mainly in the US are two of the important market growth drivers in the region. The US, backed by the vast technological advances and the increasing focus of organizations on adopting business intelligence solutions, is driving the growth of the business analytics market in the region.
The state-of-the-art infrastructure that allows early emergence and uptake of advanced business analytics help North America to gain an edge over other regions. Besides, high technical expertise in technologies such as natural language processing and machine learning are fostering the growth of the business analytics market in the region.
The business analytics market in the European region stands second, heading with the rapid and constant technological advancements and enormous investments in the development of business analytics. Besides, the developing digital technology and increasing demand for business analytics solutions for business intelligence, alongside, the high growth in the retail & consumer goods industry, impacts the market growth, positively.
July 25, 2019 —- Deloitte (the US), a multinational professional services network, announced the acquisition of NeoData (Australia), an IT and data management consultancy to boost digital practice in Australia.
NeoData is Oracle’s strongest and most experienced Business Intelligence and Analytics implementation partner in the ANZ region. It offers support with decision making and planning, in addition to identifying strategic options, operating primarily in the Industry 4.0 domains of data analytics, machine learning, and artificial intelligence, among others.
The move comes at a time when several consulting firms in Australia are ramping up their Oracle expertise, as the cloud market in the country expands substantially. With the addition of NeoData to its technology consulting vertical, Deloitte will be able to boost its Oracle capabilities.