Business Analytics Market 2021 Global Insights and Business Scenario – Oracle Corporation, IBM Corporation, SAP SE, Microsoft Corporation, Tibco Software
The Business Analytics Market was valued at USD 67.92 billion in 2020 and is expected to reach USD 103.65 billion by 2026 and work at a CAGR of 7.3% over the forecast period (2021-2026)
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Top Key Players in the Global Business Analytics Market: Oracle Corporation, IBM Corporation, SAP SE, Microsoft Corporation, Tibco Software, Inc., SAS Institute, Inc., Infor, Inc., Microstrategy Incorporated, QLIK Technologies, Inc., Salesforce.com Inc. (Tableau Software Inc.), and Others.
- May 2020 - Microsoft announced that Azure Synapse Analytics, the next generation of Azure SQL Data warehouse, is now available for public preview. Azure Synapse provides overwhelming performance over large data volumes. It has built-in capabilities for data ingestion, data preparation, machine learning, and visualization while accelerating time to value and reducing the total cost of ownership (TCO).
- May 2020 - Oracle announced the availability of Oracle Analytics for Cloud HCM which is built on Oracle Analytics Cloud and Oracle Autonomous Database, Oracle Analytics for Cloud HCM provides HR executives, analysts, and people related to business with better insights into workforce management by providing a comprehensive view into data from across the organization. The self-service analytics capabilities help customers get the maximum value of Oracle Cloud HCM.
North America is Expected to Hold Major Share
- The region houses significant players such as Microsoft, Oracle, and Salesforce.com, to name a few. With the growth of rapid processing, models enabled the same instance of data to support batch analytics, interactive analytics, global messaging, database, and file-based models in different types of organizations in the United States. A 2019 survey by Alteryx with 350 retailers and brand manufacturers suggested that almost 81% of respondents are gathering shopper insights. While 76% consider insights to be critical to their sales/revenue performance. However, a mere collection of data does not suffice. According to the study, only 16% have been able to actively move onto data harnessing, while 24% and 60%, respectively, are yet to discover and have just started.
- As of January 2020, Microsoft announced new retail products related to its Microsoft Dynamics 365 line. This is in line with offering retail customers to improve operational efficiency and measure saleable items in their stores while accurately determining who is buying and how to get more buyers. Therefore, the company launched a new Dynamics 365 Customer Insights, which maximizes customer lifetime value by surfacing a 360-degree view of the customer. This 360-degree approach drives retailers to curate personalized engagements at scale. The Dynamics 365 Connected Store application overlooks real-time and predictive insight into the retail space by analyzing data from video cameras and IoT sensors.
- Multiple vendor activities have been tracked towards acquisition. For instance, in June 2019, Google Cloud acquired a Data Analytics firm, named Looker. Looker’s analytics platform provides applications for business intelligence and use-case specific solutions which include Sales Analytics and a flexible, embedded analytics product to give a conclusion on business decisions. The acquisition will deepen the integration of Looker into Google Cloud Platform, so that the customers benefit from Looker’s multi-cloud functionality and data analytics from SaaS applications like Salesforce, Marketo, and Zendesk.
- Also, according to Telecom Advisory Services, in 2019, the United States generated 41.52 million exabytes per month of internet traffic. According to Cisco, the cloud traffic in North America was expected to be 4,860 exabytes per year in 2019. About 10% of enterprise generated data is generated and processed outside a conventional centralized data center or cloud, which suggests the need for analytics across organizations in the region.
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Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
Analytical Tools: The Business Analytic Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
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