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Prediction for Cloud-Based Business Analytics Software Market by 2025: Industry Analysis and Growth Drivers

04-12-2019 06:36 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Prediction for Cloud-Based Business Analytics Software Market

According to a recent report published by Allied Market Research, titled, "Cloud-Based Business Analytics Software Market by Deployment Model, End User, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global Cloud-Based Business Analytics Software Market was valued at $28,854 million in 2016, and is projected to reach at $57,055 million by 2023, growing at a CAGR of 10.2% from 2017 to 2023. In 2016, the hybrid cloud segment accounted for the highest revenue share in the business analytics software market.

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Rise in demand for business analytics software over cloud and increase in consumer awareness about the benefits of cloud-based business analytics software such as easy access to vital business metrics, higher performance, lower cost, increased revenue, and others drive the growth of the market. However, factors such as traditional data warehouses as well as data security and availability issues hamper the growth of the cloud-based business analytics software market to a certain extent.

Based on end user, the others segment dominated the global market in 2016, and is expected to remain dominant during the forecast period, owing to surge in adoption of the software by numerous industries. Furthermore, retail is expected to grow at the highest CAGR during the forecast period.

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The global cloud-based business analytics software Market was led by the customer analytics segment in 2016, and the segment is projected to maintain its dominance during the forecast period. However, the others segment is expected to witness the highest growth, owing to increase in adoption of business analytics software by many small- & medium-sized businesses for different applications.

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In 2016, the global market was dominated by the hybrid cloud segment, and is expected to remain dominant during the forecast period. However, the segment is also expected to witness highest growth, owing to increase in deployment of hybrid cloud-based software by multiple organizations.

About Us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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