Business Analytics Software Market by 2023: Top Impacting Factors, Key Growth Drivers and Trends

Cloud segment accounted for about 64.06% of the global business analytics software market in 2016.

According to a recent report published by Allied Market Research, titled, Business Analytics Software Market by Deployment Model, End User, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global business analytics software market was valued at $45,043 million in 2016, and is projected to reach at $86,451 million by 2023, growing at a CAGR of 9.7% from 2017 to 2023. In 2016, the 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 and increase in consumer awareness about the benefits of business analytics software such as easy access to vital business metrics, useful insight on customer behavior, increased revenue, improved efficiency, and others drive the growth of the market. However, factors such as high implementation cost and shortage of skilled workforce hamper the business analytics software market growth to a certain extent.

Others industry vertical 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 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 other segment is expected to witness the highest growth, owing to an increase in adoption of business analytics software by many small- & medium-sized businesses for different applications.

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

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Some of the key players operating in the business analytics software market that are profiled in the report include Oracle Corporation, SAS Institute Inc., SAP SE, International Business Machines (IBM) Corporation, Microsoft Corporation, Adobe Systems Incorporated, Tableau Software., Salesforce.com, Inc., QlikTech International AB, and Fair Isaac Corporation.

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